Genting Singapore - DBS Research 2024-02-23: Tourism Revival, New Attractions To Drive Growth

• 4QFY23 trailed expectations due to a spike in bad debt losses. Genting Singapore (SGX:G13) reported an adjusted EBITDA of S$228m for 4QFY23 (- 34.0% q-o-q, -9.8% y-o-y), with a full-year adjusted EBITDA of S$1,026m, 5.5% below the consensus' full-year estimate of S$1,085m.
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Overall business momentum remains sound.

• See Genting Singapore's announcement dated 23 Feb 2024. Total revenue in 4QFY23 grew by 19.3% y-o-y to S$647m, reaching 107% of 4QFY19 levels. Both gaming and non-gaming segments exhibited strong y-o-y growths of 18.7% and 21.0%, respectively, fuelled by a favourable luck factor (VIP win rate of 3.6% for the quarter), increased footfall, and higher average spending per visitor.
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Operating margin compression largely due to bad debt losses; other cost components remain stable.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-05-16 Genting Singapore - Renovations On Track To Deliver A Better 2H25.

Previous report by DBS:
2025-02-21 Genting Singapore - New Rooms & Attractions In 2H25.

Price targets by 2 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