Genting Singapore No visibility. No catalyst. No thanks. Downgrade to UW.

Research evidence excerpt

Genting Singapore No visibility. No catalyst. No thanks. Downgrade to UW.

J P M O R G A N Asia Pacific Equity Research

13 May 2026

Genting Singapore ▼Underweight

Previous: Neutral

No visibility. No catalyst. No thanks. Downgrade to UW. GENS.SI, GENS SP

Price (12 May 26):S$0.69

▼Price Target (Jun-27):S$0.60

Prior (Jun-26):S$0.85

We downgrade GENS from Neutral to Underweight. This wasn't just a miss — it Head of Asia Gaming/Leisure and

was a statement of how far this business has fallen. S$165m luck-adjusted China Software/SaaS Research

EBITDA vs. consensus of S$210–240m, delivered in the exact quarter its duopoly DS Kim AC

rival printed a record S$1.0bn — six times GENS'. Let that sink in. In nearly two (852) 2800-8597

decades of covering casinos, we have rarely, if ever, seen a duopoly operator fall ds.kim@jpmorgan.com

this far behind its duopoly rival on both revenue and profitability — to the point J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

where 'duopoly' feels like a generous descriptor. We thought the bar was already Sigrid Qiu

on the floor. GENS found a way under it. With the stock near GFC-era lows yet still (65) 6882-1454

offering no credible path to recapture market share — and more critically, profit sigrid.qiu@jpmorgan.com

share — we see risk/reward tilted to the downside. Until a clear and quantifiable J.P. Morgan Securities Singapore Private Limited

turnaround path emerges, we struggle to see what re-rates this stock from here. We Selina Li

move to UW with a Jun-27 PT of S$0.6 (prev: S$0.85), implying ~13% downside. (852) 2800-8530

selina.c.li@jpmorgan.com

• The miss was self-inflicted. Luck-adjusted property EBITDA collapsed J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.