Genting Singapore’s 3Q Results Within Expectations; Favorable Risk Reward After Price Correction
There is little in narrow-moat Genting Singapore’s third-quarter results that alters our view on the firm. Third-quarter adjusted EBITDA of SGD 319 million, was flat year over year but up 20% quarter over quarter, in line with our expectations. The stronger sequential results were aided by higher VIP rolling volume, normalized win rate and robust nongaming business from Resorts World Sentosa, or RWS. We keep our earnings forecasts and fair value estimate of SGD 1.38. Genting’s share price has co...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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