logo transparent gif
top_white_spacer
Home Latest Forum Topics MyCorner - Personal Stocks Porfolio Stock Lists Forex Investor Insights Investment News Investor Research & Links Dynamic Stock Charting FREE Registration About Us top spacer top spacer
 User Password Auto-Login
Enter Stock
 
righttip
branding

Genting Singapore Stock Slides On Q4 Underperformance

This article is republished with permission from Tip Ranks .

23-Feb-2024    Share!

In key news for Singapore stocks, Genting Singapore (SG:G13) stock slid due to weak fourth-quarter performance. The company's adjusted EBITDA for the fourth quarter dropped 34% year-over-year to S$228 million, largely due to the bad debt provision of S$92 million recorded in the second half.

Pick the best stocks and maximize your portfolio:

The shares traded down by almost 9% at the time of writing, marking the most substantial decline since March 2020. However, analysts remain bullish on the long-term prospects, highlighting the full-year number growth and the continued revival of travel demand.

Genting Singapore is an investment holding company with a significant presence in leisure and hospitality projects across Asia.

Full-Year Numbers Shine

For the full year 2023, the company disclosed a net income of S$611.6 million, reflecting an impressive 80% surge compared to the previous year. The gaming revenue from its integrated resort at Sentosa soared by 34% to S$1.65 billion. The adjusted EBITDA amounted to S$1.03 billion, slightly below the estimated S$1.06 billion.

The company also proposed a final dividend of S$0.02 per share, similar to the previous year.

Analysts' Reactions

After the results announcement, analysts expressed their bullish view on the stock. Analyst Ds Kim from J.P. Morgan stated that despite the "knee-jerk reaction," the stock remains attractive at this good price. Kim gave a Buy rating on the stock.

Likewise, Citigroup analyst George Choi mentioned the bad debt provision as a "negative surprise." However, he believes the ongoing resurgence in regional travel and gaming demand will be favorable for the company. Yesterday, Choi confirmed his Buy rating on the stock, predicting 12.6% growth.

Is Genting Singapore a Good Buy?

On TipRanks, G13 stock has received a Strong Buy rating, backed by unanimous Buy recommendations from four analysts. The Genting share price target is S$1.21, which is 17.4% higher than the current trading level.

Disclosure

Contributed By: Tip Ranks



ShareJunction Version: 22 Oct 2017 - All Rights Reserved. Copyright ShareJunction Pte. Ltd. Disclaimer: All prices from are delayed. ShareJunction does not provide you with any financial advice. We are not into the business of providing any investment advice. See our Terms and Conditions and Privacy Policy of using this website. Data is delayed for varying periods of time depending on the exchange, but for at least 15 minutes. Copyright © SIX Financial Information Ltd. and its licensors. All Rights reserved. Further distribution and use by third parties prohibited. SIX Financial Information and its licensors make no warranty for information displayed and accept no liability for data and prices. SIX Financial Information reserves the right to adapt and/or alter this website at any time without prior notice.

Web design by FoundationFlux. Hosted with Signetique Cloud.