Genting Singapore - Maybank Research 2024-01-06: Main Beneficiary Of Chinese Tourism Revival

Genting Singapore - Main Beneficiary Of Chinese Tourism Revival

Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • Despite higher tax rates, we expect Genting Singapore (SGX:G13)'s earnings to recover to pre-COVID levels this year thanks to higher than pre-COVID gaming revenues. We expect most of the growth in gaming revenue this year to come from Chinese tourists.
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  • We maintain our earnings estimates but roll forward our valuation base year to end-FY24E from end-FY23E, leading to a higher DCF-based Genting Singapore's target price of S$1.21 vs S$1.16.

Gaming operations already exceeded pre-COVID levels

  • Even before 3Q23, Genting Singapore's mass market (which traditionally contributes ~75% of earnings) was already hitting pre-COVID levels despite the lack of Chinese tourists due to new migrants and wealth created by higher property prices.
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  • In fact, the 3Q23 VIP volume of S$11.3b was the highest since 2Q15.

En masse return of Chinese tourists to drive growth

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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 | 2024-01-06

Read also Maybank's most recent report:
2024-02-23 Genting Singapore - 4Q23 Could Have Been Better But Still Optimistic On FY24.

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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