Profile
Genting Singapore (GENS) operates Resorts World Singapore (RWS), which is one of the largest fully integrated resorts in Southeast Asia (SEA). RWS consist of convention facilities, hotels, food & beverage and retail outlets, Universal Studios Singapore, Adventure Cove Waterpark and a casino.
Previous Close Price
Key Statistics
| Dec SGD mn | 2025 | 2026f | 2027f |
|---|---|---|---|
| Revenue | 2,452 | 2,439 | 2,531 |
| Net Profit | 390.3 | 249.4 | 318.4 |
| Profit Gth (%) | (32.6) | (36.1) | 27.7 |
| PE (X) | 21.1x | 33.0x | 25.9x |
| Div Yield (%) | 5.9 | 5.9 | 5.9 |
| P/BV (X) | 1.0x | 1.0x | 1.0x |
Recent Developments
- 13 May 2026Genting Singapore Ltd: Need for an operational and strategy rethink
- 23 Apr 2026Genting Singapore Ltd: CNY activations to support market share recovery for GENS
- 25 Feb 2026Genting Singapore: Reset into a year of market share recovery
- 19 Feb 2026Genting Singapore Ltd: Upgrade to BUY on cash reserve value-unlock opportunities
- 29 Jan 2026Genting Singapore Ltd: Genting Malaysia to remain listed and on track to secure New York casino license
- 02 Dec 2025Genting Singapore Ltd: Genting Malaysia to remain listed and on track to secure New York casino license
- 07 Nov 2025Genting Singapore Ltd: Grand Prix packs the rooms, MBS keeps the whales
- 23 Oct 2025Genting Singapore Ltd: Renovation completion sets stage for gaming and hospitality recovery
- 14 Oct 2025Genting Singapore: Genting Berhad to privatise Genting Malaysia
- 08 Aug 2025Genting Singapore: Resilient gaming volume offset by high labour costs
Our Views
One of the most profitable and diversified gaming operators in a duopoly market. GENS operates Resorts World Sentosa (RWS), one of Southeast Asia’s largest integrated resorts. It benefits from a strategic location in Singapore, a thriving tourism hub supported by strong domestic demand. However, its positioning on Sentosa island, which is relatively less accessible, presents a locational disadvantage compared to its competitor, Marina Bay Sands (MBS). As such, significant activation efforts are required to drive higher visitation to RWS.
Facing significant competitive pressure from MBS, signalling urgency of an operational rethink. Management highlighted that it has been tightening credit extension, which may have contributed to lower VIP visitations. However, with overall industry growth remaining robust in 1Q26 at +46% y/y, we believe the activations and renovations at RWS have yet to resonate sufficiently with its customer base to offset its locational disadvantage. In our view, a comprehensive rethink of its operational strategy and asset enhancement initiatives may be required to restore the company to its historical profitability levels.
Cut FY26F/27F EBITDA by 23%/24% to reflect challenging operating environment and loss of operational leverage. Following a disappointing 1Q26 performance, we expect the remainder of the year to remain challenging, particularly amid headwinds from softer tourist inflows due to rapidly rising airfares. With VIP volumes likely to remain weak and operating costs elevated, we expect a meaningful loss of operating leverage, and estimate that FY26F adjusted EBITDA margin could compress to ~30% from 33% in FY25.
Downgrade to HOLD with lower TP of SGD0.67. Our target price is based on 7.3x forward EV/FY26F EBITDA, in line with the company’s 5-year average. Given the limited visibility on an operational turnaround and the reduced likelihood of a major capital return plan, we believe it is more appropriate to apply our valuation multiple to the lower revised FY26F EBITDA, rather than using a blended EBITDA approach.
Risks
Research Platform: Insights Direct
GENERAL DISCLOSURE/DISCLAIMER
The information herein is published by DBS Bank Ltd and/or DBS Bank (Hong Kong) Limited (each and/or collectively, the “Company”). This report is intended for “Accredited Investors” and “Institutional Investors” (defined under the Financial Advisers Act and Securities and Futures Act of Singapore, and their subsidiary legislation), as well as “Professional Investors” (defined under the Securities and Futures Ordinance of Hong Kong) only. It is based on information obtained from sources believed to be reliable, but the Company does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions expressed are subject to change without notice. This research is prepared for general circulation. Any recommendation contained herein does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. The information herein is published for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. The Company, or any of its related companies or any individuals connected with the group accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if the Company or any other person has been advised of the possibility thereof. The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services. The Company and its associates, their directors, officers and/or employees may have positions or other interests in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking or financial services for these companies. The information herein is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction (including but not limited to citizens or residents of the United States of America) where such distribution, publication, availability or use would be contrary to law or regulation. The information is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction (including but not limited to the United States of America) where such an offer or solicitation would be contrary to law or regulation.
This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) which is Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Singapore recipients should contact DBS Bank Ltd at 65-6878-8888 for matters arising from, or in connection with the report.
DBS Bank Ltd., 12 Marina Boulevard, Marina Bay Financial Centre Tower 3, Singapore 018982. Tel: 65-6878-8888. Company Registration No. 196800306E.
DBS Bank Ltd., Hong Kong Branch, a company incorporated in Singapore with limited liability. 18th Floor, The Center, 99 Queen’s Road Central, Central, Hong Kong SAR.
DBS Bank (Hong Kong) Limited, a company incorporated in Hong Kong with limited liability. 13th Floor One Island East, 18 Westlands Road, Quarry Bay, Hong Kong SAR.