Genting Singapore - UOB Kay Hian 2024-02-23: Ending 2023 With A Slight Bump

Genting Singapore - Ending 2023 With A Slight Bump

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Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • Tracing Marina Bay Sands, Genting Singapore’s 4Q23 results reflect operational normalisation from 3Q23’s high base due to an absence of mega entertainment events and lower visitations.
  • That said, we observed higher regional tourist arrivals and consumption moving into 2024, especially during the CNY period.
  • - Read this at SGinvestors.io -

4Q23 results well within our expectations, but below consensus’.

  • Genting Singapore (SGX:G13) reported 4Q23 revenue (-6% q-o-q, +19% y-o-y) and EBITDA (-34% q-o-q; -11% y-o-y). 2023 net profit represented 101% and 92% of our and consensus full-year forecasts respectively.

Qoq earnings weakness attributed to absence of crowd-pulling events.

  • - Read this at SGinvestors.io -
  • The absence of mega entertainment events such as the F1 events in 3Q23 resulted in normalisation of gaming volume on fewer VIP high rollers, besides lower hotel and F&B contributions.
  • To note, Singapore’s 4Q23 total visitor arrivals of 3.47m declined about 10% q-o-q and merely represented around 73% of 2019’s.

Sustaining final dividend of S$0.02, full-year payout ratio of about 70%.

  • Read more at SGinvestors.io.




Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.




Jack Goh UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-02-23



Read also UOB's most recent report:
2024-04-18 Singapore Gaming Sector - MBS' Record High 1Q24 Earnings Lifted By Robust Tourism Statistics & Major Entertainment Events.

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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