Genting Singapore - Maybank Research 2024-02-23: 4Q23 Could Have Been Better But Still Optimistic On FY24

Genting Singapore - 4Q23 Could Have Been Better But Still Optimistic On FY24

Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • 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

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  • 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

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  • 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

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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 | 2024-02-23

Previous report by Maybank:
2024-01-06 Genting Singapore - Main Beneficiary Of Chinese Tourism Revival.

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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