Genting Singapore - UOB Kay Hian 2023-11-14: 3Q23 Painting A Vibrant Landscape

Genting Singapore - 3Q23 Painting A Vibrant Landscape

Published:
Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • 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 an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.



Jack Goh UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-11-14



Read also UOB's most recent report:
2025-02-21 Genting Singapore - 4Q24 A Strong Finish.

Previous report by UOB:
2024-11-08 Genting Singapore 3Q24 - Unexpected Setbacks.

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 Dividend Payout Dates & Corporate Actions,
Genting Singapore News






Advertisement

You May Also Like



SGX Stock / REIT Search

Advertisement

Most Read

Trust Bank Referral Code

Advertisement