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Genting Singapore - Maybank Research 2022-02-18: Weak End To FY21 But Not Unexpected

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

Genting Singapore - Weak End To FY21 But Not Unexpected

  • Genting Singapore (SGX:G13)'s 2H21 results were weak due to new COVID-19 cases surging in Singapore. Going forward, Genting Singapore expects its outlook to be better albeit from next year onwards.
  • Our FY22E/FY23E earnings forecast for Genting Singapore are little changed and we introduce FY24E earnings. The S$4.5b RWS 2.0 reinvestment programme will proceed.



Earnings and dividends within our expectations

  • Genting Singapore's 2H21 core net profit of S$38m (-80% y-o-y, -66% h-o-h) brought FY21 core net profit to S$149.5m (+20% y-o-y), which was within our expectations at 94% of our FY estimate but below consensus’ expectations at 76% of consensus FY estimate.
  • FY21 EBITDA of S$448m (+5% y-o-y) was also in-line with our expectations at 99% of our FY estimate. The proposed final dividend of S$0.01 was also in-line with our expectations at 100% of our FY estimate.


Gradually better outlook consistent with ours

  • With Singapore gradually reopening its borders, Genting Singapore is more confident on its FY19 levels then (VIP: 73%, mass market: 92%).


RWS 2.0 to proceed; to establish dividend policy






Yin Shao Yang Maybank Research | https://www.maybank-ke.com.sg/ 2022-02-18
SGX Stock Analyst Report HOLD MAINTAIN HOLD 0.84 UP 0.830



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