Genting Singapore
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*At the time of publication

Profile

Genting Singapore (GENS) operates Resorts World Singapore (RWS), which is one of the largest fully integrated resorts in Southeast Asia (SEA). RWS consists of convention facilities, hotels, food & beverage and retail outlets, Universal Studios Singapore, Adventure Cove, an aquarium, and a casino.

Previous Close Price

Key Statistics

Dec SGD mn20242025f2026f
Revenue2,5302,4442,615
Net Profit579561656
Profit Gth (%)(5.3)(3.1)16.8
PE (X)15.4x15.9x13.6x
Div Yield (%)5.45.46.8
P/BV (X)1.1x1.0x1.0x
Source: Analec ( At the time of publication )

Recent Developments

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 enjoys a strategic location in Singapore, a thriving tourism hub with strong domestic demand. The duopoly market structure supports relatively low competitive intensity. RWS further benefits from business diversification (greater non-gaming revenue share) and a broad geographical reach of its visitor base—factors that underpin its typically higher EBITDA margins.

Macroeconomic uncertainties may dampen the uplift expected in 2H from post-renovation launches.
We believe 2H25 could see y/y improvement, supported by the debut of the Laurus luxury hotel, the reimagined The Weave retail experience, and the opening of the Oceanarium. However, we believe any uplift could be subdued given escalating macroeconomic risks and uncertainties – particularly high US tariffs set to take effect from 1 Aug. Notably, US tariffs on exports from Southeast Asia range from 25% in Malaysia to 36% in Thailand as of time of writing.

Cut FY25F/26F adj. EBITDA by 2%/3% on softer gaming revenue, as regional macro conditions continue to weigh on inbound tourism. RWS’s core clientele, comprising mainly regional tourists, are likely to be disproportionately affected by economic pressures and more cautious with discretionary gaming spend compared to their Western counterparts. As these macro uncertainties are expected to persist into FY26F, we have accordingly revised down our earnings forecasts.

Downgrade to HOLD with a lower TP of SGD0.80 (from SGD0.90).
Our revised TP is based on a blended valuation: (i) Forward EV/EBITDA of 5.3x on FY26F (-1.5SD from five-year average), and (ii) DCF using a 9.2% WACC and 2% risk-free rate. Beyond near-term earnings pressures, we see potential risk of a possible exclusion from the MSCI Singapore Index capping share price gains.

Risks

Upside risk should regional macroeconomics improve earlier than expected

Research Platform: Insights Direct



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Disclaimers and Important Notices


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.