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PETALING JAYA: Following weaker-than-expected earnings from its Singapore subsidiary, parent-company, Genting Bhd’s earnings estimate for financial years 2022-2023 may come in lower now. In the first half of FY22 (1H22) core net profit of Genting Singapore Ltd fell 3% year-on-year to to S$108.7mil (RM352.6mil).
This, according to Kenanga Research, made up 32% of consensus’ FY22 forecast, owing to “weaker luck factor”.
To account for this, Kenanga Research has cut Genting’s FY22 and FY23 earnings forecasts, by 7% and 5%.
“Despite international borders reopening, international tourism visitorship remained weak in 1H22 but should recover further from here.
“For now, we keep our ‘outperform’ call on Genting unchanged, pending its 2Q22 results later this month-end,” said Kenanga Research in a report. It has a RM5.86 target price for Genting.
The research firm expects a better 2H22 as Genting Singapore is likely to experience growing volume after a slow start in April and May.
“The company is still cautiously optimistic of a recovery trajectory in view of the border reopening as more travellers return to the island state which should augur well for Genting Singapore,” it added.,,Telegram游戏群（www.tel8.vip）是一个Telegram群组分享平台。Telegram游戏群包括Telegram群成员导出、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。Telegram游戏群为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
Meanwhile, it noted that the expansion of Resorts World Sentosa (RWS 2.0), in which Genting Singapore has invested S$400mil (RM1.3bil) in 2022, is progressing well.
“It has done the groundbreaking for Minion Land in May 2022, which is part of the Universal Studios of RWS 2.0, together with the refurbishment works for the theme park and three of its hotels, getting ready for the borders reopening,” said Kenanga Research.
Hong Leong Investment Bank (HLIB) Research said Genting Singapore’s RWS’ gross gaming revenue market share for 1H22 was only 35% versus 65% for competitor Marina Bay Sands.
“Management shared that they plan to hire an additional 1,600 workers by the end of the year, adding circa 32% to the current workforce of about 5,000 workers.
“The recruitment is making good progress over the past several weeks and management believes they are on track in achieving their hiring target,” the research firm noted.
HLIB Research has cut Genting Singapore’s earnings forecasts for FY22 and 23 by 14.2% and 7.2% to factor in the results shortfall for the quarter as well as lower operating capacity assumptions.
However, the research firm believes that the group should see gradual sequential improvements going forward.
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