Broker Name: DBS
Date of Report: 19 Feb 2026
Excerpt from DBS report.
Report Summary
- DBS upgrades Genting Singapore (GENS) to BUY with a target price of SGD0.90, citing value unlock opportunities from its significant net cash reserves and potential capital return actions.
- The report highlights three positive changes: the easing of MSCI removal overhang, new operational leadership hires aimed at improving casino and attractions performance, and a supportive industry outlook with strong gaming volume growth at Marina Bay Sands.
- DBS expects GENS to distribute at least SGD1bn in excess cash, either through an Equal Access Offer (EAO) or a special dividend, to address both majority shareholder liquidity needs and improve shareholder returns.
- Capex requirements are seen as manageable versus baseline cash generation, allowing for progressive dividend policies and potential for re-rating as operational improvements drive higher returns on capital.
- Dividend yields are projected to increase annually, providing valuation support; downside risk is cushioned by attractive yields and substantial cash reserves.
above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website:
https://www.dbs.com.sg
