Genting Singapore - Maybank Research 2023-11-13: VIP Surge Drives Profit Beat

Genting Singapore - VIP Surge Drives Profit Beat

Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • Genting Singapore (SGX:G13)'s VIP volume surged to an 8-year high and drove 3Q23 results to exceed our expectations. Equally, if not more importantly, mass market GGR also continues to grow after years of stagnation during pre-COVID times.
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  • On another note, the budget for ‘RWS 2.0’ has been raised by ~50% to S$6.8b but with a longer runway to completion.

Beat on higher-than-expected VIP volume

  • Genting Singapore's 3Q23 core net profit of S$215.5m (+63% y-o-y, +34% q-o-q) brought 9M23 core net profit to S$507.4m (+111% y-o-y) which was above our expectation at 80% of our FY estimate.
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  • The outperformance was due to 3Q23 VIP volume surging ~65% q-o-q to S$11.3b, or 55% higher than we expected. According to our records, Genting Singapore's 3Q23 VIP volume was the highest since 2Q15.

Mass market also performed well

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Yin Shao Yang Maybank Research | 2023-11-13

Previous report by Maybank:
2023-10-11 Genting Singapore - Business As Usual; No Discernible Impact From AML Case.

Price targets by 4 other brokers at Genting Singapore Target Prices.

Listing of research reports at Genting Singapore Analyst Reports.

Relevant links:
Genting Singapore Share Price History,
Genting Singapore Announcements,
Genting Singapore Dividends & Corporate Actions,
Genting Singapore News Articles


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