Genting Singapore’s 1Q Results Boosted by Higher Gaming Volume and Better Luck Factor
Narrow-moat Genting Singapore’s first-quarter net profit of SGD 217 million, up 20% year over year, was above market and our expectations. The improvement was mainly attributable to higher gaming volume achieved and robust 10% growth in nongaming revenue. After fine-tuning our valuation model, we raise our fair value estimate slightly to SGD 1.36 per share from SGD 1.34. Despite a strong first quarter, we think a quarter-over-quarter fall in earnings is likely due to seasonal weakness in absence...Genting Singapore PLC is an investment holding company. The Company, through its subsidiaries, is engaged in the development and operation of integrated resort, operation of casinos, provision of sales and marketing support services to leisure and hospitality related businesses and investments. It operates through leisure and hospitality operations segment within Singapore. The operations in other geographical areas in the Asia Pacific (excluding Singapore) include development of an integrated resort in Korea and other investments. It is engaged in the development and operation of integrated resorts, consisting of gaming; hospitality; meetings, incentives, conferences and exhibitions (MICE); leisure, and entertainment facilities. It owns Resorts World Sentosa in Singapore, a destination resort that offers a casino, Universal Studios Singapore theme park, Adventure Cove Waterpark, S.E.A. Aquarium, MICE facilities, hotels, Michelin-starred restaurants and specialty retail outlets.
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