• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 6 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Maybank trims Genting Singapore profit estimates on higher trade receivable impairments

Newsdesk by Newsdesk
Mon 26 Feb 2024 at 06:09
We’re Back!

Resorts World Sentosa

13
SHARES
329
VIEWS
Print Friendly, PDF & Email

Maybank says it remains optimistic about Resorts World Sentosa operator Genting Singapore’s 2024 prospects, despite trimming its profit estimates after the company’s 4Q23 results came in below expectations.

In a note, Maybank analyst Samuel Yin Shao Yang lowered his 2024 EBITDA estimates by 6% to SG$1.17 billion (US$871 million) and core net profit estimate by almost 12% to SG$775 million (US$578 million), citing “higher impairment of trade receivables, and depreciation and amortisation”.

In doing so, he noted that Genting Singapore’s 4Q23 EBITDA of SG$227.8 million (US$170 million) had represented a 34% quarter-on-quarter decline even with an improved VIP win rate. The decline was due to a combination of higher impairment of trade receivables, penalties and write offs relating to a major hotel brand and marketing expenses to attract more international visitors, he said. Non-gaming revenue was also down 10% quarter-on-quarter on seasonality.

Nevertheless, Yin maintained a “BUY” rating on the company’s stocks, noting that such impairment of trade receivables is not expected to be as large as in 4Q23 going forward, while recent regulatory penalties and other write-offs will not recur.

An increase in Chinese visitation since Singapore and China mutually waived visa requirements for each other’s citizens on 9 February should also reduce the need for marketing expenses.

“We still like Genting Singapore for its operational recovery,” Yin wrote.

Maybank has set a price target of SG$1.16 on Genting Singapore shares, down from a previous target of SG$1.21 but higher than Friday’s closing price of SG$1.03.

RelatedPosts

We’re Back!

Executive reshuffle sees RWS CEO Lee Shi Ruh named President and COO of parent company Genting Singapore

Sat 2 Aug 2025 at 15:26
Konami reveals strong growth for Gaming and Systems segment despite group-wide declines in 1H20

Konami’s Gaming & Systems suffers decline in in June quarter profits on competitive environment, rising tariff costs

Fri 1 Aug 2025 at 05:44
Uncertain future for POGO industry suppliers as PAGCOR says operations in “status quo” for now

Maybank: Threat of total ban on Philippines online gaming is real, more clarity from President Marcos likely Monday

Fri 25 Jul 2025 at 12:34
2021: Japan IR – Crunch time part 2

Nomura: Strong VIP volumes at Marina Bay Sands bodes well for Genting Singapore’s own hotel upgrade decision

Thu 24 Jul 2025 at 14:24
Load More
Tags: Genting SingaporeMaybankprofitResorts World SentosaSamuel Yin Shao YangSingapore
Share5Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

AUSTRAC CEO Brendan Thomas named speaker for Sydney’s Regulating the Game 2025

OPINION: Entain’s repositioning and the compliance reckoning Australia’s clubs can’t ignore

by Paul Newson
Wed 6 Aug 2025 at 15:03

Newly appointed Entain Australia interim CEO Andrew Vouris is wasting no time making a statement. “I want us to win, yes, but not at all costs,” he said recently. It’s a line that marks a conscious shift in tone and...

IAG receives 276 public nominations for 2025 IAG Academy IR Awards, Official Nominees to be announced Monday

IAG receives 276 public nominations for 2025 IAG Academy IR Awards, Official Nominees to be announced Monday

by Newsdesk
Wed 6 Aug 2025 at 13:43

The public nominations period for the 2025 IAG Academy Awards has closed and the countdown is now on until next Monday, 11 August, when Inside Asian Gaming will announce the Official Nominees. This year’s IAG Academy IR Awards comprise 23 award categories, one...

Game changer: WPT’s Adam Pliska

Tournament poker now legal in Thailand as Acting PM overturns long-standing ban

by Ben Blaschke
Wed 6 Aug 2025 at 05:52

Tournament poker is now officially legal in Thailand after the government on Monday overturned a long-standing ban on the activity. According to The Bangkok Post, Acting Prime Minister Phumtham Wechayachai signed an order legalizing poker games for money under controlled...

10 Years Ago: The Star war

NSW casinos given two-year reprieve on plan to lower daily cash limit to AU$1,000

by Ben Blaschke
Wed 6 Aug 2025 at 05:21

The NSW state government has postponed by two years a plan to lower the daily cash limit for casino customers from AU$5,000 (US$3,235) to AU$1,000 (US$647) by two years. The new limit – representing the amount of raw cash each...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English