Broker: CGS International Securities
Date of Report: April 23, 2026
Excerpt from CGS International Securities report.
Report Summary
- Stock: Genting Singapore (GENS SP)
- Recommendation: Hold (No change)
- Target Price: S\$0.76 (current price: S\$0.70; upside: 8.6%)
- Key Idea: The report maintains a Hold call on Genting Singapore, citing likely margin pressures in FY26F due to higher staff costs and increased operating expenses from new seasonal attractions at Resorts World Sentosa. While revenue is expected to grow (adj. EBITDA for 1Q26F forecasted +5% yoy to c.S\$250m), the recovery in market share versus peer Marina Bay Sands is seen as gradual.
- Highlights:
- Genting Singapore’s margin pressures are expected to weigh on profitability, with EBITDA margin forecasted to decline 2.8 percentage points yoy for 1Q26F.
- Structural growth in the gaming industry provides support, but near-term upside is limited by costs and competition.
- Upside risks include exceptional win-rates and stable cost structures; downside risks include weaker tourism and slower market share recovery.
- Valuation based on 7.5x FY27F EV/EBITDA (4-year post-Covid mean).
- Ticker: GENS.SI
above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website : https://www.cgs-cimb.com
