Broker: CGS International
Date of Report: July 23, 2026
Excerpt from CGS International report.
Report Summary
- Stock Focus: Genting Singapore (GENS SP)
- Rating: Hold (no change)
- Target Price: S\$0.67
- Current Price (at report date): S\$0.63
- Key Actionable Insight: Maintain Hold on Genting Singapore due to limited catalysts and subdued gaming revenue, with a muted outlook for 2Q26 financials. Target price set at S\$0.67, implying only a 6.3% upside from current levels.
- Highlights:
- 2Q26 adjusted EBITDA estimated at S\$160m (-14.8% yoy, -10.6% qoq) due to subdued gaming revenue, affected by absence of VIPs during the World Cup period.
- Singapore tourism faces headwinds, with declining international visitor arrivals for five consecutive months.
- Dividend yield remains attractive at 6.3% for FY26F, supporting the Hold recommendation.
- Key upside risks: faster-than-expected recovery in gaming or non-gaming revenue.
- Key downside risks: further declines in international visitor arrivals or slower gaming market share recovery.
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
