Genting Singapore - OCBC Investment 2024-05-13: Boost From Favourable VIP Win Rate

Genting Singapore - Boost From Favourable VIP Win Rate

Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • 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

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  • 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

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  • 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

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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 @

OCBC Research Team OCBC Investment Research | 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


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