- 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.
- - Read this at SGinvestors.io -
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.
- - Read this at SGinvestors.io -
Operating margin compression largely due to bad debt losses; other cost components remain stable.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Jason SUM CFA DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-02-23
Previous report by DBS:
2023-11-14 Genting Singapore - Rolling The Dice On Growth; Upgrade To BUY.
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
