Genting Singapore Q3 Results Misses Estimates From Softer VIP Volumes
Genting Singapore Q3 Results Misses Estimates From Softer VIP Volumes
Genting Singapore released its Q3 results which analysts at Maybank Investment Bank say missed their expectations on a combination of lower-than-expected VIP volume and mass market gross gaming revenue coupled with higher-than-expected bad debts.
雲頂新加坡發佈了其第三季度業績，馬來亞銀行投資銀行的分析師表示，由於低於預期的貴賓成交量和大衆市場毛收入，加上高於預期的壞賬，結果未達到他們的預期。
The house cut is core net profit estimates by 16-17% and DCF-TP by 8% to SGD1.01. however maintains its BUY call. At its
current share price, the market is discounting its 'RWS 2.0' investments that will increase its appeal and earnings in the long term, in its view. The house also expects GENS to jointly bid for a Thai casino license next year.
房屋核心淨利潤預估下調16-17%，折現現金流-目標價下調8%至1.01新加坡元。然而，保持其買入看漲。在其
目前的股價下，市場正在折價其將增加吸引力和長期收益的'RWS 2.0'投資。該機構還預計GENS將在明年聯合投標泰國的一份賭場執照。
Results came in below expectations
3Q24 core net profit of SGD91m (-58% YoY, -18% QoQ) brought 9M24 core net profit to SGD450m (-11% YoY) or 63% o FY estimate. As a secondary check, 9M24 EBITDA of SGD735m (-8% YoY) also underperformed at 68% of FY estimate. On closer inspection, the shortfall was largely due to 9M24 VIP volume of SGD26b (+8% YoY) coming at 66% of FY estimate
and higher-than-expected bad debts, Maybank said
結果低於預期
SGD9100萬的第三季度24核心淨利潤（同比減少58%，環比減少18%）將第三季度24核心淨利潤帶到SGD45000萬（同比減少11%）或財年預估的63%。作爲二次檢查，SGD73500萬的第三季度24 EBITDA（同比減少8%）也表現不佳，僅爲財年預估的68%。仔細檢查後發現，這主要是由於SGD260億的第三季度24貴賓成交量（同比增長8%）僅達到財年預估的66%。
馬來亞銀行表示，壞賬高於預期，貴賓和大衆市場略低於預期
VIP and mass markets a tad weaker-than-expected
Notably, GENS did warn that VIP volumes may soften due to the uncertain Chinese economy. 3Q24 VIP volume eased 2% QoQ to SGD7.7b but are not overly concerned as the VIP market yields low EBITDA margins (c.20%). That said, the house notes that the higher EBITDA margin yielding 3Q24 mass market gross gaming revenue (c.60%) eased 6% QoQ despite visitor arrivals peaking in the 3Q. GENS attributed this to fewer premium mass gamblers due to the full closure of the 364 room Hard Rock Hotel, which will reopen in 1Q25.
貴賓和大衆市場略低於預期
值得注意的是，GENS警告稱，由於中國經濟不確定性，VIP成交量可能會放緩。 3Q24 VIP成交量環比下降2%，至新加坡77億，但人們並不太擔心，因爲VIP市場的EBITDA毛利潤率較低（約20%）。 也就是說，儘管訪客抵達量在第3季度達到峯值，但房屋指出，儘管第3季度大衆市場毛收入的較高EBITDA利潤率（約60%）環比下降了6%，但GENS將這歸因於高端大衆賭徒減少，因爲364間客房的Hard Rock Hotel已全面關閉，該酒店將於2025年第1季度重新開業。
Cut core net profit estimates by 16-17%
Maybank expects 4Q24 VIP win rate normalized EBITDA to be flattish QoQ (c.SGD225m) as seasonally lower visitor arrivals is moderated by lower bad debts as GENS tightens its credit policy. The house forecasts lower VIP volume, lower mass market gross gaming revenue, and more bad debts to cut FY24E/FY25E/FY26E EBITDA by 11%/12%/12% and FY24E/FY25E/FY26E
core net profit by 16%/17%/17%. Consequently, trimming its DCF-TP to SGD1.01 from SGD1.10.
將核心淨利潤預估下調16-17%
Maybank預計，由於旺季訪客抵達量較低得到較低的不良債務收斂，GENS收緊信貸政策，4Q24 VIP贏率正常化的EBITDA將環比持平（約新加坡225億），房屋預測VIP成交量減少，大衆市場毛收入減少，不良債務增加，將導致FY24E/FY25E/FY26E EBITDA分別下調11%/12%/12%，FY24E/FY25E/FY26E
核心淨利潤分別下調16%/17%/17%。因此，將其DCF-TP從新加坡1.10下調至1.01新加坡元。
譯文內容由第三人軟體翻譯。
