Genting Singapore (GENS SP) Hold: Turnaround is not quite round the corner yet

Research evidence excerpt

Genting Singapore (GENS SP) Hold: Turnaround is not quite round the corner yet

l take some inventories off the market. However, GENS plans to roll out

the work floor by floor to minimize operational disruptions, and management targets 0.84

to keep at least 70% of total keys in service at all times. GENS looks to continue to 0.72

enhance property vibrancy and to drive better footfall with those enhancement 0.59

programs. It is also building out its business development team and increasing 05/25 11/25 05/26

Target price: 0.65 High: 0.81 Low: 0.62 Current: 0.62

promotion and marketing efforts. Then again, management expects the team to take

time to form and marketing efforts will also take time to see results. That said, GENS Source: LSEG IBES, HSBC estimates

remains selective in player quality strategy and plans to stay prudent in its credit

extension strategy. Management attributes the weaker Q1 VIP performance (rolling Charlene Liu* Head of Internet and Gaming Research, Asia Pacific

volume down 35% y-o-y / 24% q-o-q) to players mix, rather than a change in credit The Hongkong and Shanghai Banking Corporation

Limited, Singapore Branch

policy or approach. charlene.r.liu@hsbc.com.sg

+65 6658 0615

1Q26 result: RWS 1Q26 property EBITDA came in at SGD182m, down 25% y-o-y

Jessie Lu*, CFA

but up 2% q-o-q, missing our estimate of SGD220m. Favourable luck lifted results by Analyst, Internet and Gaming Research

SGD13m. Weaker-than-expected revenue from both gaming and non-gaming side, The Hongkong and Shanghai Banking Corporation Limited jessie.x.lu@hsbc.com.hk

and higher-than-expected cost related to the ongoing enhancement efforts +852 2996 6570

collectively contributed to the miss this quarter. Gross gaming revenue was down Lauren Cai*

11% y-o-y but up 4% q-o-q.