Post by Blitz on Dec 15, 2021 4:58:37 GMT -5
I would guess Marina Bay Sands cannot be far behind...
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Investment bank lowers Genting Berhad forecasts on possible Singapore headwinds
by Newsdesk Wed 15 Dec 2021 at 17:32
www.asgam.com/index.php/2021/12/15/investment-bank-lowers-genting-berhad-forecasts-on-possible-singapore-headwinds/
Resorts World Sentosa in Singapore
Malaysian investment bank Affin Hwang Capital has slashed its earnings forecasts for global gaming giant Genting Berhad for the next three years, primarily on potential headwinds for the company’s most profitable subsidiary, Genting Singapore.
In a note, the company said it was lowering estimates by 1.7% for 2021, 17.6% for 2022 and 3.0% for 2023 “due to lower earnings contributions from Genting Singapore (operator of Resorts World Sentosa), as the discovery of the new COVID-19 variant is likely to delay the recovery of its earnings given its strong dependence on foreign tourists.”
The revisions come despite Singapore having recently reopened its borders to international visitors, with around 25 countries currently part of its Vaccinated Travel Lanes program.
“While Genting Singapore could sacrifice margin to gain domestic market share, we believe that the upside is likely to be limited as its peers would likely follow suit as well,” the investment bank said. “Despite the lack of foreign tourists, Genting Singapore’s current operations are still profitable.”
Genting Singapore contributed around 57% of Genting Berhad’s net profit in 2019, however Affin Hwang Capital said there could also be constraints in the company’s other markets.
“The discovery of the new COVID-19 variant has also forced some governments to implement more stringent border controls, which could further hamper the recovery in international tourism,” it said.
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Investment bank lowers Genting Berhad forecasts on possible Singapore headwinds
by Newsdesk Wed 15 Dec 2021 at 17:32
www.asgam.com/index.php/2021/12/15/investment-bank-lowers-genting-berhad-forecasts-on-possible-singapore-headwinds/
Resorts World Sentosa in Singapore
Malaysian investment bank Affin Hwang Capital has slashed its earnings forecasts for global gaming giant Genting Berhad for the next three years, primarily on potential headwinds for the company’s most profitable subsidiary, Genting Singapore.
In a note, the company said it was lowering estimates by 1.7% for 2021, 17.6% for 2022 and 3.0% for 2023 “due to lower earnings contributions from Genting Singapore (operator of Resorts World Sentosa), as the discovery of the new COVID-19 variant is likely to delay the recovery of its earnings given its strong dependence on foreign tourists.”
The revisions come despite Singapore having recently reopened its borders to international visitors, with around 25 countries currently part of its Vaccinated Travel Lanes program.
“While Genting Singapore could sacrifice margin to gain domestic market share, we believe that the upside is likely to be limited as its peers would likely follow suit as well,” the investment bank said. “Despite the lack of foreign tourists, Genting Singapore’s current operations are still profitable.”
Genting Singapore contributed around 57% of Genting Berhad’s net profit in 2019, however Affin Hwang Capital said there could also be constraints in the company’s other markets.
“The discovery of the new COVID-19 variant has also forced some governments to implement more stringent border controls, which could further hamper the recovery in international tourism,” it said.