Genting Singapore [%uAxk%] 
Research by HLIB
HOLD (Maintain): Target Price: SGD0.85

“Satisfactory performance”

GenS reported 4QFY20 core net profit of SGD81.0m (+10.7% QoQ, -54.0% YoY), bringing 12MFY20’s sum to SGD90.8m (-87.1% YoY). The results were above our and consensus’ expectations constituting 130%/178% of our/consensus forecasts due to higher than expected gaming volumes generated from local gamblers as Singapore continues to record low daily Covid-19 cases. 12MFY20 EI sum of -SGD21.6m was stripped off largely comprising of impairments carried out in 2QFY20. We remain cautious on the prospects of GenS despite its stronger than expected performance as Singapore’s stringent travelling restrictions is expected to deter foreign gamblers from entering the country. Nevertheless, we maintain our HOLD call at a higher target price of SGD0.85 based on FY21 EV/EBITDA multiple of 8x (from 7x previously).

Low Jin Wu 
T (603) 2083 1711
E [%qbLi%]

Genting Singapore $SGX-G13 
Research by HLIB
HOLD (Maintain): Target Price: SGD0.85

“Satisfactory performance”

GenS reported 4QFY20 core net profit of SGD81.0m (+10.7% QoQ, -54.0% YoY), bringing 12MFY20’s sum to SGD90.8m (-87.1% YoY). The results were above our and consensus’ expectations constituting 130%/178% of our/consensus forecasts due to higher than expected gaming volumes generated from local gamblers as Singapore continues to record low daily Covid-19 cases. 12MFY20 EI sum of -SGD21.6m was stripped off largely comprising of impairments carried out in 2QFY20. We remain cautious on the prospects of GenS despite its stronger than expected performance as Singapore’s stringent travelling restrictions is expected to deter foreign gamblers from entering the country. Nevertheless, we maintain our HOLD call at a higher target price of SGD0.85 based on FY21 EV/EBITDA multiple of 8x (from 7x previously).

Low Jin Wu 
T (603) 2083 1711
E jwlow@hlib.hongleong.com.my