Narrow-Moat Genting Singapore’s FVE Upgraded to SGD 1.30 Per Share; Shares Fairly Valued
We have several positive takeaways from Genting's third-quarter results and earnings call--the long-waited improvement in VIP revenue, new VIP customers, successful recovery of debts, and low impairment. We increase our fair value estimate to SGD 1.30 from SGD 1.20 per share, as we expect Genting Singapore to see continued improved earnings, driven by an improved regional economy driving gaming revenue, and management’s gradual loosening of credit to VIP customers. We assume fourth-quarter VIP v...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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