- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Yin Shao Yang Maybank Research | https://www.maybank-ke.com.sg/ 2023-11-13
Read also Maybank's most recent report:
2024-05-13 Genting Singapore - Back With A Bang.
Previous report by Maybank:
2024-02-23 Genting Singapore - 4Q23 Could Have Been Better But Still Optimistic On FY24.
Price targets by 3 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
