Genting Singapore shares down 10% on heavy volume; launches buyback of 4 mil shares

The Edge Singapore05-13

'Patience is required as earnings recovery may take longer amid persistent cost pressures and external uncertainties,' warns Chu Peng of OCBCGenting Singapore shares dropped by just over 10% on May 13...

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His target price has been cut from 85 cents to 67 cents.\nOn May 12, the resort operator reported that revenue for the first quarter of the year was down 3% y-o-y to $608 million, led by lower gaming revenue, while non-gaming revenue, which typically accounted for a smaller proportion of the total, was up.\nGenting Singapore attributes the softer gaming volume partly to lower VIP visitations, which, in turn, was due to tighter credit extended by the casino.\nCoupled with higher costs, Genting Singapore's earnings for the quarter was down 55%.\n\"In our view, a comprehensive rethink of its operational strategy and asset enhancement initiatives may be required to restore the company to its historical profitability levels,\" he adds.\nTay Wee Kuang of CGS International has turned more cautious on this counter as well, as he lowered his target price from 76 cents to 67 cents, while keeping his \"hold\" call.\n\"Despite the introduction of new attractions, such as Minion Land in Universal Studios Singapore, The Weave, The Singapore Oceanarium and The Laurus Hotel, Genting Singapore’s non-gaming revenue grow by only 8.3% y-o-y in 1QFY2026, which was insufficient to mitigate the decline in gaming revenue,” he notes.\nChu Peng of OCBC Group Research has maintained her \"buy\" call but has lowered her FY2026 adjusted EBITDA estimate by 14% to account for the headwinds, leading to a lower fair value of 77 cents, down from 87 cents.\n\"Patience is required as earnings recovery may take longer amid persistent cost pressures and external uncertainties,\" she warns.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2635975128","isCrawlerRequest":true}