- Higher-than-expected depreciation and a kitchen sinking exercise in 4Q23 caused Genting Singapore (SGX:G13)'s results to come in below our expectations. Yet, depreciation is non-cash in nature and many of the kitchen sinking items were one-off.
Disappointed on ‘high-ish’ depreciation
- - Read this at SGinvestors.io -
- The shortfall in core net profit was due to Genting Singapore's FY23 depreciation and amortisation coming in 21% above our expectation driven by accelerated depreciation as some attractions were discontinued to make way for the S$6.8b ‘RWS 2.0’ expansion plan.
‘Kitchen sinking’ weighed on 4Q23
- - Read this at SGinvestors.io -
- That said, Genting Singapore's 4Q23 non-gaming revenue seasonally eased 10% q-o-q following the peak summer holidays in 3Q23 and was within our expectations even though it negatively impacted EBITDA.
Still cautiously optimistic for FY24
- 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://www.maybanktrade.com.sg/.
Yin Shao Yang Maybank Research | https://www.maybank-ke.com.sg/ 2024-02-23
Read also Maybank's most recent report:
2024-11-08 Genting Singapore - Was Not A Great Quarter But Still Deep In Value.
Previous report by Maybank:
2024-08-15 Genting Singapore - Sequentially Weaker But Was Expected.
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 Dividends & Corporate Actions,
Genting Singapore News Articles
