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Maybank increases Genting Singapore’s 2022 earnings estimates by 78%

Ben Blaschke by Ben Blaschke
Mon 25 Jul 2022 at 06:30
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Investment bank Maybank has raised its 2022 earnings estimates for Genting Singapore by 78%, citing stronger than expected Q2 results from its local rival Marina Bay Sands (MBS) in the absence of Chinese gamblers.

In a note, Maybank IB analyst Samuel Yin Shao Yang said the MBS results – which saw the Las Vegas Sands property record EBITDA of US$319 million versus street estimates of US$250 million – were a positive for Genting Singapore’s Resorts World Sentosa (RWS) given the faster than expected recovery “even without Chinese gamblers.”

Describing the MBS recovery as coming a quarter earlier than expected, Yin said, “We lift FY22E earnings for Genting Singapore by 78%,” with revenue now tipped to reach SG$1.77 billion and EBITDA SG$804 million.

The investment bank did note that RWS is likely to have ceded some market share to MBS in Q2 and it was therefore ill-advised to draw a 100% comparison with MBS.

However, Yin said he expected 2Q22 to be “sequentially much better for RWS,” with room for long-term positive revision as well should China ease its zero-COVID policy, allowing its citizens to travel.

Maybank has increased its target price for Genting Singapore shares from SG$0.83 (US$0.60) to SG$0.85 (US$0.61) and upgraded the company from “Hold” to “Buy”.

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Tags: Genting SingaporeMaybankResorts World SentosaSamuel Yin Shao YangSingapore
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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