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

• 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.
• - Read this at SGinvestors.io -

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)

• - Read this at SGinvestors.io -
• 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

• Read more at SGinvestors.io.

OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-02-27 SGinvestors.io

---