Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

<ul>
<li>Parent Genting  Berhad Malaysia flagship properties doing well but many  of its global holdings spur questions about asset allocation strategy.</li>
<li>Genting Singapore, its integrated resort property Sentosa presents a strong buy story not only because it is  undervalued here but because its prospects post covid  are strong.</li>
<li>GB's US footprint by  contrast poses questions  about the  hurdle rate of those huge investments to date given the intense competitive pressures in  mature gaming  markets.</li>
</ul>


Parent Genting  Berhad Malaysia flagship properties doing well but many  of its global holdings spur questions about asset allocation strategy.
Genting Singapore, its integrated resort property Sentosa presents a strong buy story not only because it is  undervalued here but because its prospects post covid  are strong.
GB's US footprint by  contrast poses questions  about the  hurdle rate of those huge investments to date given the intense competitive pressures in  mature gaming  markets.


Genting Singapore: A Surprising Value Buy at $1.0l Sgd Driven by Post Covid Catalysts Ahead Die 2024

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Share buybacks by primary listed companies 4 - 10 Aug 2023 Institutions were net buyers of Singapore stocks over the four trading sessions through to Aug 10, with S$136 million of net institutional inflow, with eight primary-listed companies conducting buybacks with a total consideration of S$7.7 million.</li><li>The previous mandate saw the company buy back 14,250,100 of its shares which represented 2.12 per cent of its total number of issued shares (excluding treasury shares).</li></ul>

Share buybacks by primary listed companies 4 - 10 Aug 2023 Institutions were net buyers of Singapore stocks over the four trading sessions through to Aug 10, with S$136 million of net institutional inflow, with eight primary-listed companies conducting buybacks with a total consideration of S$7.7 million.The previous mandate saw the company buy back 14,250,100 of its shares which represented 2.12 per cent of its total number of issued shares (excluding treasury shares).

Fortress Minerals’ CEO Ivan Chee raises his stake

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.

<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>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 (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

<ul>
<li>Stock has become attractive at its still under the radar price.</li>
<li>Nomura projects Singapore revenues are trending rapidly back to 90% of pre-covid levels.</li>
<li>Adj. EBITDA of SG$774 (US$580m) for FY22---income attributable to holders up 85%</li>
</ul>


Stock has become attractive at its still under the radar price.
Nomura projects Singapore revenues are trending rapidly back to 90% of pre-covid levels.
Adj. EBITDA of SG$774 (US$580m) for FY22---income attributable to holders up 85%


Genting Singapore: Record 1Q23 Results Confirm Speedy Recovery Ramp Ahead

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore

Genting Singapore Limited, through its subsidiaries, develops resort properties as well as operates casinos. The Company has casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom.

Genting Singapore (GENS SP)

Genting Singapore: A Surprising Value Buy at $1.0l Sgd Driven by Post Covid Catalysts Ahead Die 2024

Genting Singapore has low debt, strong forward revenue recovery, a duology position in a robust, growing market but remains seriously...

Howard J Klein

Fortress Minerals’ CEO Ivan Chee raises his stake

Share buybacks by primary listed companies 4 - 10 Aug 2023 Institutions were net buyers of Singapore stocks over the four trading sessions through...

Singapore Exchange Ltd (SGX)

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

Genting Singapore: Record 1Q23 Results Confirm Speedy Recovery Ramp Ahead

Genting's Singapore vertical has record performance for 1Q23. But stock remains at levels we do not now believe reflects its full value.

Howard J Klein

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden