Genting Singapore's Fundamentals Seen Improving as Borders Reopen -- Market Talk

Dow Jones2022-08-15

0443 GMT - Genting Singapore's future earnings are likely to reach pre-Covid levels in the next 12-18 months, as air connectivity to Singapore recovers, Maybank investment bank analyst Yin Shao Yang says in a note. The lower VIP win rate may have weighed on the casino operator's 1H results, but the higher-margin mass market is recovering quickly, Maybank says, pointing to Genting's plan to hire roughly 1,600 staff to meet demand. Maybank, however, cuts its rating to hold from buy to factor in 1H results, but marginally raises its target price to S$0.86 Vs. S$0.85 to account for a better earnings outlook. Shares are down 2.42% at S$0.81 at midday. (yingxian.wong@wsj.com)

$(END)$ Dow Jones Newswires

August 15, 2022 00:43 ET (04:43 GMT)

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