Raising Genting Singapore FVE to SGD 1.20 Per Share on Redemption of Perpetual Securities
We have lifted our fair value estimate for Genting Singapore to SGD 1.20 per share from SGD 1.10 to reflect the company's redemption of perpetual bonds, which will reduce cash outflow by an annualized amount of SGD 118 million. This follows signs of profit bottoming out, reduced bad-debt provisions, and a higher dividend in the third and fourth quarters. We continue to expect the impact of cost-saving measures implemented in the second quarter and bad-debt provision reduction to lift the adjuste...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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