Genting Singapore - Maybank Research 2024-11-08: Was Not A Great Quarter But Still Deep In Value

• Genting Singapore's 3Q24 earnings missed our expectations on a combination of lower-than-expected VIP volume and mass market gross gaming revenue coupled with higher-than-expected bad debts.

Results came in below our expectations

• - Read this at SGinvestors.io -
• On closer inspection, the shortfall was largely due to 9M24 VIP volume of S$26b (+8% y-o-y) coming it at 66% of our full year estimate and higher-than-expected bad debts, we suspect.

VIP and mass markets a tad weaker-than-expected

• - Read this at SGinvestors.io -
• That said, we note that the higher EBITDA margin yielding 3Q24 mass market gross gaming revenue (~60%) eased 6% q-o-q despite visitor arrivals peaking in the 3Q. Genting Singapore attributed this to fewer premium mass gamblers due to the full closure of the 364 room Hard Rock Hotel, which will reopen in 1Q25.

Cut core net profit estimates by 16-17%

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2026-02-25 Genting Singapore - Weak End To FY25; Downgrade To HOLD.

Previous report by Maybank:
2025-11-07 Genting Singapore - Pulling Itself Out Of The 2Q25 Trough.

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 Dividend Payout Dates & Corporate Actions,
Genting Singapore News