Genting Singapore [%EiVA%] 
Research by HLIB
HOLD(Maintain): Target Price: SGD 0.77

“Stronger than anticipated”

GenS reported 3QFY20 core net profit of SGD73.2m (from -SGD116.5m QoQ, - 52.9% YoY), bringing 9MFY20 core net profit to SGD9.8m (-98.1% YoY). The results were very much above expectations largely due to higher than expected gaming volumes generated from local gamblers. 9MFY20 EI sum of -SGD72m was stripped off largely comprising of impairments carried out in 2QFY20. We now forecast FY20 to record a net profit of SGD69.9m (from a net loss of -SGD207.5) as we impute higher gaming volumes. Maintain HOLD with a higher TP of SGD0.77.

Andrew Lim Ken-Wern 
T 603 2083 1730
E [%QKXz%]

Genting Singapore $SGX-G13 
Research by HLIB
HOLD(Maintain): Target Price: SGD 0.77

“Stronger than anticipated”

GenS reported 3QFY20 core net profit of SGD73.2m (from -SGD116.5m QoQ, - 52.9% YoY), bringing 9MFY20 core net profit to SGD9.8m (-98.1% YoY). The results were very much above expectations largely due to higher than expected gaming volumes generated from local gamblers. 9MFY20 EI sum of -SGD72m was stripped off largely comprising of impairments carried out in 2QFY20. We now forecast FY20 to record a net profit of SGD69.9m (from a net loss of -SGD207.5) as we impute higher gaming volumes. Maintain HOLD with a higher TP of SGD0.77.

Andrew Lim Ken-Wern 
T 603 2083 1730
E kwlim@hlib.hongleong.com.my