Genting Singapore [%AOXr%] 
Research by HLIB
Hold (Maintained) - Target Price SGD 0.81

"Recovering slower-than-anticipated"

GenS reported 1H22 core net profit of SGD103m (+68.8% YoY), which was below our expectation accounting for 38.5% of our full-year forecast. The negative deviation was due to lower-than-expected contribution from gaming segment as a result of (i) lower hold percentage; and (ii) limited operating capacity as a result of labour shortage. We lower our FY22/23/24 forecasts by -14.2%/-7.2%/-1.3% to factor in the results shortfall for the quarter as well as lower operating capacity assumptions. Maintain HOLD with a higher TP of SGD0.81 (from SGD0.76) based on 9x of FY23 EV/EBITDA (rolled over from mid-FY23).

Analyst(s):
Tan Kai Shuen, CFA
[%LXUx%]

Genting Singapore $SGX-G13 
Research by HLIB
Hold (Maintained) - Target Price SGD 0.81

"Recovering slower-than-anticipated"

GenS reported 1H22 core net profit of SGD103m (+68.8% YoY), which was below our expectation accounting for 38.5% of our full-year forecast. The negative deviation was due to lower-than-expected contribution from gaming segment as a result of (i) lower hold percentage; and (ii) limited operating capacity as a result of labour shortage. We lower our FY22/23/24 forecasts by -14.2%/-7.2%/-1.3% to factor in the results shortfall for the quarter as well as lower operating capacity assumptions. Maintain HOLD with a higher TP of SGD0.81 (from SGD0.76) based on 9x of FY23 EV/EBITDA (rolled over from mid-FY23).

Analyst(s):
Tan Kai Shuen, CFA
kstan@hlib.hongleong.com.my