- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- In fact, the 3Q23 VIP volume of S$11.3b was the highest since 2Q15.
En masse return of Chinese tourists to drive growth
- 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://maybanktrade.com.sg/.
Yin Shao Yang Maybank Research | https://www.maybank-ke.com.sg/ 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 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
