Genting Singapore - OCBC Investment 2024-02-27: A Miss In 2H23

Genting Singapore - A Miss In 2H23

Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • Genting Singapore (SGX:G13)’s 2H23 revenue rose 26% y-o-y to S$1.3b, driven by higher contribution from both gaming (+19% y-o-y) and non-gaming (+42% y-o-y) segments. Adjusted EBITDA and net profit grew 13% and 31% y-o-y to S$573.2m and S$334.9m respectively, below market consensus and our expectations.
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Weaker 4Q23 performance

  • On a q-o-q, 4Q23 revenue and adjusted EBITDA fell 6.2% and 34% q-o-q to S$647.3m and S$227.8m respectively. The q-o-q weaker performance was mainly due to seasonality, stronger Singapore dollar, elevated airfares and accommodation costs, a slower recovery of Chinese outbound travel as well as higher bad debt provisions.

A final dividend of 2 Singapore cents were declared (flat y-o-y)

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  • A final dividend of 2 Singapore cents per share was declared (same as last year), bringing full-year dividend to 3.5 Singapore cents (+17% y-o-y) for FY23, representing a payout ratio of 69% (vs 106% in 2022). See Genting Singapore's dividend dates.

Hopeful to see a stronger growth trajectory from 2025 with new offerings

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

OCBC Research Team OCBC Investment Research | 2024-02-27

Previous report by OCBC:
2023-11-14 Genting Singapore - Another Strong Quarter.

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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