Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 4Q21 DPU -1.8% YoY; Record high DPU despite retention, attractive 8.7% yield  </li><li><a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439" rel="noopener">Genting Singapore (GENS SP)</a> RWS to start S$400m expansion in 2Q22</li><li>Property executives cites rising inflation and interest rates as major risks</li></ul>

Sasseur REIT (SASSR SP) 4Q21 DPU -1.8% YoY; Record high DPU despite retention, attractive 8.7% yield  Genting Singapore (GENS SP) RWS to start S$400m expansion in 2Q22Property executives cites rising inflation and interest rates as major risks

ASEAN Builder's Scoop (18Feb22) - SASSR Record High FY21 DPU

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Genting Singapore (SGX:G13)’ 1Q23 core adjusted EBITDA undershot expectations, falling 25% q-o-q from the seasonally strong 4Q22, and reflected lower non-gaming revenues and presumably a less favourable normalisation of luck factor. RWS’ gaming revenue significantly trailed rival MBS’.</li><li>Resorts World Singapore’s (RWS) 1Q23 adjusted EBITDA of S$191.7m (-25% q-o-q; +54% y-o-y) accounted for 16% of our full-year forecast.</li><li>Gaming and non-gaming revenue fell 9% and 15% respectively from the seasonally strong 4Q22.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Genting Singapore (SGX:G13)’ 1Q23 core adjusted EBITDA undershot expectations, falling 25% q-o-q from the seasonally strong 4Q22, and reflected lower non-gaming revenues and presumably a less favourable normalisation of luck factor. RWS’ gaming revenue significantly trailed rival MBS’.Resorts World Singapore’s (RWS) 1Q23 adjusted EBITDA of S$191.7m (-25% q-o-q; +54% y-o-y) accounted for 16% of our full-year forecast.Gaming and non-gaming revenue fell 9% and 15% respectively from the seasonally strong 4Q22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genting Singapore - Poorer Gaming Revenues In 1Q23, But Better Quarters Ahead

Singapore

Genting Singapore develops, manages, and operates integrated resort destinations, including gaming, attractions, hospitality, MICE, leisure, and entertainment facilities. The company owns and operates Resorts World Sentosa (RWS) in Singapore, which features Universal Studios Singapore, S.E.A. Aquarium, Adventure Cove Waterpark, hotels, a casino, and MICE facilities. Genting Singapore was incorporated in 1984 and is headquartered in Singapore.

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Genting Singapore (GENS SP)

ASEAN Builder's Scoop (18Feb22) - SASSR Record High FY21 DPU

RWS commences S$400m expansion; Interest rates risk highest among RE players; New hotel formed in former Lee Rubber building in KL; BSP keeps...

SCCM Asia Research

Genting Singapore - Poorer Gaming Revenues In 1Q23, But Better Quarters Ahead

Genting Singapore (SGX:G13)’ 1Q23 core adjusted EBITDA undershot expectations, falling 25% q-o-q from the seasonally strong 4Q22, and reflected...

UOB Kay Hian

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