Genting Singapore [%XXpQ%] 
Research by Maybank
Neutral (From Add) - Target Price SGD 0.86

"Fundamentals improving but likely reflected in share price"

1H22 results disappointed on low VIP win rate. That said, the higher margin mass market is recovering quickly. Going forward, GENS expects future earnings to be better. Trim FY22E earnings by 15% but long term earnings little changed. Reflecting GENS’ optimism, we reduce our WACC to 11.0% from 11.6% as we lower our Beta to 1.3x from 1.4x. Even though this tweaks our DCF-based TP to SGD0.86 from SGD0.85, upside has narrowed to <10%. Downgrade GENS to HOLD from BUY.

Analyst(s):
Yin Shao Yang
[%IvWV%]

Genting Singapore $SGX-G13 
Research by Maybank
Neutral (From Add) - Target Price SGD 0.86

"Fundamentals improving but likely reflected in share price"

1H22 results disappointed on low VIP win rate. That said, the higher margin mass market is recovering quickly. Going forward, GENS expects future earnings to be better. Trim FY22E earnings by 15% but long term earnings little changed. Reflecting GENS’ optimism, we reduce our WACC to 11.0% from 11.6% as we lower our Beta to 1.3x from 1.4x. Even though this tweaks our DCF-based TP to SGD0.86 from SGD0.85, upside has narrowed to <10%. Downgrade GENS to HOLD from BUY.

Analyst(s):
Yin Shao Yang
samuel.y@maybank-ib.com