Genting Singapore - CGS-CIMB Research 2024-01-25: A Positive Surprise Could Be On The Table

Genting Singapore - A Positive Surprise Could Be On The Table

Published:
Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • Marina Bay Sands (MBS)’s hold-adjusted EBITDA (adjusted for win-rate) grew 22.5% y-o-y and 3.5% q-o-q to a record-high of US$473.0m in 4Q23. A comparable set of financials from Genting Singapore (SGX:G13) should see q-o-q growth instead of our expected q-o-q decline in hold-adjusted EBITDA.

MBS continues to sustain profitability above pre-COVID levels

  • - Read this at SGinvestors.io -
  • 4Q23 non-gaming revenue grew 14.3% y-o-y to reach US$320.0m in 4Q23 but was stable q-o-q as better F&B (+3.4% q-o-q) and events (7.8%) revenue was offset by a softer rooms revenue (-6.4% q-o-q) due to lower RevPar of US$611 in 4Q23 vs 3Q23’s US$656 (-6.9% q-o-q).

What we expect for Genting Singapore’s 4Q23F

  • - Read this at SGinvestors.io -
  • Our 4Q23F estimates translate into a set of results that is comparable to Genting Singapore’s 4Q19 financial performance of S$607.2m in revenue and S$287.6m in adj. EBITDA.

Positive surprise is possible

  • Read more at SGinvestors.io.




Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.




TAY Wee Kuang CGS-CIMB Research | https://www.cgs-cimb.com 2024-01-25



Previous report by CGS-CIMB:
2023-11-13 Genting Singapore - Surpassing Pre-COVID-19 Profit Levels.

Price targets by 5 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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