Genting Singapore Ltd: Research Tactical Idea

Research evidence excerpt

M

Idea

August 5, 2026 12:14 AM GMT

Genting Singapore Ltd | Asia Pacific

Morgan Stanley Asia Limited+

Praveen K Choudhary

Equity Analyst

Research Tactical Idea

We believe the share price will fall relative to the country index over the next 60

days.

We expect Genting Singapore's 2Q26 results to improve sequentially from 1Q26, but

only marginally, which is unlikely to offset broader concerns around FY26 earnings.

As a result, we expect consensus earnings revisions to remain skewed to the

downside. Despite this muted earnings outlook, the stock continues to trade at

20.2x P/E on FY26 consensus estimates, while free cash flow to equity remains

negative due to elevated capex commitments. In our view, the combination of

limited near-term earnings upside, ongoing negative revisions, and weak cash flow

generation leaves the shares vulnerable to further de-rating.

Genting Singapore Ltd (GENS.SI, GENS SP)

ASEAN Gaming | Singapore

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Underweight

Cautious

S$0.55

S$0.64

S$0.81-0.58

12,092

S$7,678

S$4,382

S$30

We estimate that there is about an 80%+ (or "highly likely") probability for the

scenario.

Estimated probabilities are illustrative and assigned subjectively based on our

assessment of the likelihood of the scenario.

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