Broker Name: CGS International
Date of Report: July 23, 2026
Excerpt from CGS International report.
Report Summary
- Stock Focus: Genting Singapore (GENS SP)
- Recommendation: Hold (No change)
- Target Price: S\$0.67
- Current Price: S\$0.63
- Key Idea: The report expects Genting Singapore to post subdued 2Q26 results, with estimated adjusted EBITDA of around S\$160m (-14.8% yoy, -10.6% qoq), largely due to weaker gaming revenues during the World Cup period, mirroring declines seen at peer Marina Bay Sands.
- Rationale: Singapore’s tourism sector continues to face headwinds, with international visitor arrivals falling for five consecutive months, favoring central locations like MBS over Genting Singapore’s Resorts World Sentosa.
- Valuation: The S\$0.67 target price is based on 7.5x FY27F EV/EBITDA, which is 0.5x below the 4-year post-Covid-19 mean, reflecting limited near-term catalysts and dented profitability as GENS ramps up new facilities.
- Dividend Yield: Attractive yield at 6.3% (FY26F), supporting the Hold call.
- Upside Risks: Faster-than-expected recovery in gaming revenue, significant market share gains, and stronger non-gaming growth.
- Downside Risks: Slower gaming recovery and continued decline in international visitors.
Above is an excerpt from a report by CGS International. Clients of CGS International can access the full research report from the broker’s website.
CGS International research website
