- Genting Singapore (SGX:G13) reported a strong beat in 1Q24 after a lackluster performance in 4Q23. Its revenue rose 62% y-o-y to S$784.4m in 1Q24, driven by both increase in gaming (+69% y-o-y) and non-gaming (+44%) segments.
1Q24 adjusted EBITDA beat due to the higher-than-normal VIP hold rate
- - Read this at SGinvestors.io -
- Adjusted EBITDA and net profit improved 93% and 92% y-o-y to S$369.5m and S$247.4m respectively. On a q-o-q basis, adjusted EBITDA and net profit grew 62% and 109% respectively.
- We believe the strong beat in 1Q24 adjusted EBTIDA was boosted by the higher-than-normal VIP hold rate of 4.6% vs theoretical rate of 3.3%. This implies the luck adjusted EBTIDA would have been ~S$260m based on our estimate.
Benefiting from Singapore-China visa free agreement
- - Read this at SGinvestors.io -
- The construction works for the new Minion Land, the Singapore Oceanarium, and the Central Lifestyle Connector remain on track for opening in phases from the 1Q25.
Undemanding valuations
- Read more at SGinvestors.io.
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 @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-05-13
Previous report by OCBC:
2024-02-27 Genting Singapore - A Miss In 2H23.
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
