Genting Singapore - OCBC Investment 2021-08-16: Beneficiary Of Border Reopening

GENTING SINGAPORE LIMITED (SGX:G13) | SGinvestors.io GENTING SINGAPORE LIMITED (SGX:G13)

Genting Singapore - Beneficiary Of Border Reopening

  • Genting Singapore's 1H21 adjusted EBITDA met expectations.
  • No interim dividend was declared.
  • Winner of Yokohama IR bid likely to be announced in Sep.



Net income swung back to a profit of S$88.2m in 1H21

  • Genting Singapore (SGX:G13)’s 1H21 results came in within our expectations. Revenue grew 23.7% y-o-y to S$554.8m while bottomline turned from a loss of S$116.7m to a profit of S$88.2m, mainly driven by higher gaming revenue (+61.4% y-o-y).
  • Genting Singapore's 1H21 adjusted EBITDA jumped 314.2% y-o-y to S$276.1m, which formed 48% of our initial forecasts, met our expectations. No interim dividend was declared in 1H21, same as 1H20.


Update on proposed bid for an Integrated Resort (IR) project in Japan

  • Genting Singapore announced that it is leading a consortium of local Japanese corporates and submitted a bid in response to the Yokohama City Request for the Yokohama IR bid. As one of the remaining two bidders, management shared that the winner is likely to be announced in September.

A slight ESG valuation discount






Chu Peng OCBC Investment Research | https://www.iocbc.com/ 2021-08-16
SGX Stock Analyst Report BUY MAINTAIN BUY 1.020 SAME 1.020



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