Genting Singapore’s 4Q Results Affected by Luck; Higher Dividend a Welcome Surprise
We are transferring coverage of Genting Singapore with narrow moat and stable moat trend ratings and a fair value estimate of SGD 1.34 per share. Genting Singapore’s 2017 adjusted EBITDA rose 48% year over year to SGD 1.15 billion. Although the result was slightly below market expectations, this was mainly due to a weaker luck factor on its VIP business, with the win rate falling to 2.7% in the fourth quarter from 3.1% in the third quarter. In addition, operating costs were also affected by sala...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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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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