Genting Singapore [%TyQz%] 
Research by HLIB 
HOLD (Maintained): Target Price;SGD0.75

"Broken by the Circuit Breaker"

GenS’ 1HFY20 core net loss of -SGD63.3m (from SGD373.8m YoY) is below ours and consensus expectations due to larger than expected losses incurred in 2QFY20 from the Circuit Breaker and the expectation of a weak recovery 2HFY20. Despite the resumption of the operations in RWS, footfall remains weak given the ongoing scare of Covid-19 coupled with limited operating capacity at attractions and casino. GenS will continue carrying out cost rationalisation efforts to mitigate the losses expected to be incurred. We now estimate FY20 to record losses of -SGD207.5m and lower our FY21/22 earnings by -36.9%/11.6% as we impute a slower recovery moving forward given the uncertainty of Covid-19. Maintain HOLD with a lower TP of SGD0.75 (from SGD0.79) based on an EV/EBITDA multiple of 7x.

AndrewLimKen-Wern
+603 2083 1730
[%xtpr%]

Genting Singapore $SGX-G13 
Research by HLIB 
HOLD (Maintained): Target Price;SGD0.75

"Broken by the Circuit Breaker"

GenS’ 1HFY20 core net loss of -SGD63.3m (from SGD373.8m YoY) is below ours and consensus expectations due to larger than expected losses incurred in 2QFY20 from the Circuit Breaker and the expectation of a weak recovery 2HFY20. Despite the resumption of the operations in RWS, footfall remains weak given the ongoing scare of Covid-19 coupled with limited operating capacity at attractions and casino. GenS will continue carrying out cost rationalisation efforts to mitigate the losses expected to be incurred. We now estimate FY20 to record losses of -SGD207.5m and lower our FY21/22 earnings by -36.9%/11.6% as we impute a slower recovery moving forward given the uncertainty of Covid-19. Maintain HOLD with a lower TP of SGD0.75 (from SGD0.79) based on an EV/EBITDA multiple of 7x.

AndrewLimKen-Wern
+603 2083 1730
kwlim@hlib.hongleong.com.my