Genting Singapore - Maybank Research 2024-05-13: Back With A Bang

Genting Singapore - Back With A Bang

Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • After a lackluster 4Q23, Genting Singapore (SGX:G13)'s 1Q24 results beat our and consensus expectations albeit on higher-than-expected VIP win rate.
  • As we have posited for more than a year now, Genting Singapore benefitted from the en masse return of Chinese visitors. Adjusted for normal VIP win rate, we expect 2Q24 to be seasonally slower but 3Q24 and 4Q24 to be seasonally stronger.

Earnings beat expectations to hit a 10 year high

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  • That said, 1Q24 VIP win rate normalised EBITDA of S$260m was a tad below our expectations at 22% of our full year estimate.

Benefitted from the return of Chinese visitors

  • Genting Singapore's 1Q24 VIP volume/1Q24 mass market GGR grew 14% q-o-q/6% q-o-q to S$10.7b/~S$400m which were both within our expectations. As we posited before, the growth was driven by the en masse return of Chinese visitors after visa requirements for them were waived on 9 Feb 2024.
  • Although 1Q24 share of mass market GGR eased to 31% (-2ppts q-o-q), we understand that this was due to the 360 room Hard Rock Hotel being shut in Mar 2024 for renovation and rebranding. It will reopen in 1Q25.

Trim earnings estimates by 7-8% p.a.

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

Yin Shao Yang Maybank Research | 2024-05-13

Previous report by Maybank:
2024-02-23 Genting Singapore - 4Q23 Could Have Been Better But Still Optimistic On FY24.

Price targets by 3 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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