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

• 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 an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2026-05-13 Genting Singapore - Another Transitional Year?.

Previous report by Maybank:
2026-02-25 Genting Singapore - Weak End To FY25; Downgrade To HOLD.

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