- Genting Singapore's results were within our expectations. After a poor 3Q24, FY24 ended respectably. We expect its outlook to be generally stable.
- Margins will be compressed in 1H25 but it ought to normalise in 2H25.
Earnings & dividends within our expectations
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
FY25E will be a year of two halves
- On 14 Feb 2025, Minion Land was opened. This will be followed by a super luxury all-suite hotel and the Singapore Oceanarium in 3Q25. Parts of the Forum complex will also open throughout FY25. Thus, Genting Singapore expects 1H25 margins to be suppressed due to pre-opening expenses but 2H25 margins to normalise.
- In the long term, Genting Singapore expects the said attractions to be EBITDA accretive. The reopening of the hotel will also will be positive for earnings and it will house more premium mass gamblers.
Still keeping one eye on Thailand
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Yin Shao Yang Maybank Research | https://www.maybanktrade.com.sg/ 2025-02-21
Previous report by Maybank:
2024-11-08 Genting Singapore - Was Not A Great Quarter But Still Deep In Value.
Price targets by 2 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
