Broker: DBS Group Research
Date of Report: 25 February 2026
Ticker: GENS SP
Date of Report: 25 February 2026
Ticker: GENS SP
Excerpt from DBS Group Research report.
Report Summary
- Action: BUY maintained
- Target Price: SGD0.85
- Last Traded Price: SGD0.79
- Key Idea: Genting Singapore (GENS), one of Southeast Asia’s most profitable and diversified gaming operators, is entering a year of market share recovery. The company operates Resorts World Sentosa (RWS) and benefits from a duopoly market with low competitive intensity.
- Highlights:
- FY25 EBITDA came in below estimates due to weaker VIP gaming and renovation disruptions, but a strong operational turnaround is expected for FY26 as key attractions reopen and new senior hires sharpen competitiveness.
- Management remains committed to progressive dividends despite earnings decline, with a payout ratio exceeding 100% and capital reserves supporting future dividend increases.
- Substantial net cash position offers potential for value unlocking via special dividends or capital return; however, management prefers gradual dividend growth given significant capex requirements for RWS 2.0.
- Risks include accelerated market share loss to Marina Bay Sands (MBS) and lack of defined capital return plans.
- Implications:
- GENS is positioned for double-digit EBITDA growth over the next two years, supporting possible re-rating if capital return plans materialize and operational recovery is sustained.
- Investors are advised to focus on GENS for its progressive dividend policy and potential upside from its cash-rich balance sheet and market share recovery strategy.
above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website : https://www.dbs.com/
