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

Genting Singapore - Ending 2023 With A Slight Bump

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.
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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.

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  • 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%.

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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 @

Jack Goh UOB Kay Hian Research | 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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