Genting Singapore’s 1Q Results Largely in Line; Shares Remain Undervalued
Our fair value estimate of SGD 1.18 is unchanged following narrow-moat Genting Singapore’s largely in line first-quarter 2019 results. Adjusted EBITDA of SGD 330 million, was down 8% year over year but up 15% quarter over quarter. While the firm’s stock price will likely remain pressured by the higher than expected spending for the expansion of its integrated resort, Resorts World Sentosa in the near term, we think Genting Singapore remains attractive in the long run, given its healthy cash flow...Genting Singapore is an investment holding company. Through its subsidiaries, Co. is engaged in in the development, management and operation of integrated resort destinations including gaming; hospitality; meetings, incentives, conventions, and exhibitions (MICE); leisure and entertainment facilities. Co. owns Resorts World Sentosa in Singapore, a resort destination that provides a casino, Adventure Cove Waterpark, S.E.A. Aquarium, Universal Studios Singapore theme park, MICE facilities, hotels, restaurants and specialty retail outlets.
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