- Genting Singapore (SGX:G13)’ 3Q23 results reflect operational refinement across both gaming and non-gaming segments. Earnings exceeded pre-pandemic levels, boosted by higher operating capacity following Hotel Ora’s reopening in May, ramp-up of regional tourist arrivals, the F1 event and RWS’ premiumisation.
- - Read this at SGinvestors.io -
3Q23 results beats consensus’ expectations but within ours.
- Resort World Sentosa’s (RWS) 3Q23 revenue (+16% q-o-q, 33% y-o-y) and EBITDA (+33% q-o-q; +39% y-o-y) leapt impressively as hoped. This was the best quarter since COVID-19 with revenue and net profit at ~124% and 138% of pre-pandemic (3Q19) levels.
- - Read this at SGinvestors.io -
Both gaming and non-gaming statistics on a winning streak.
- On a hold-adjusted basis, GGR improved ~27% q-o-q to S$715m, bolstering gaming revenue by ~13% q-o-q and at 127% of the pre-pandemic level. This was despite VIP win percentage being lower at 3.19% (2Q23: 3.95%).
- Meanwhile, non-gaming revenue also resumed its winning streak and surged 22% q-o-q to S$230m.
- Hotel occupancy rate of 91% (2Q23: 75%) was also remarkable on the back of higher average daily available rooms of ~1530 rooms (boosted by Hotel Ora), besides sharply higher average room rate of S$480.
Earnings strength attributed to confluence of catalysts.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jack Goh UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-11-14
Previous report by UOB:
2023-10-19 Gaming Sector - Strong Earnings Momentum Continues With MBS' Record High 3Q23 Revenue.
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
