Singapore Tourism Recovery Remains Limited as IVAs Lag Pre-COVID Figures
Singapore Tourism Recovery Remains Limited as IVAs Lag Pre-COVID Figures
While tourism receipts have surpassed 2019 levels since 3Q23, CGSI warned that inflationary pressures and the strong Singapore Dollar could price out regional tourists, particularly from China, India, and ASEAN countries.While tourism receipts exceed 2019 levels, inflation and a strong dollar may deter regional tourists from China, India, and ASEAN.
儘管旅遊收入超過2019年的水平，但通貨膨脹和堅挺的美元可能會阻止來自中國、印度和東盟的地區遊客。
Singapore's tourism recovery is likely to remain stunted, as YTD international visitor arrivals (IVA) reached only 88.1% of 2019 levels despite a strong start in early 2024.
新加坡的旅遊業復甦可能仍處於停滯狀態，儘管2024年初開局良好，但年初至今的國際遊客人數（IVA）僅達到2019年水平的88.1％。
CGS International (CGSI) stated Singapore's tourism landscape is heavily reliant on meetings, incentives, conferences, and exhibitions (MICE) events rather than attractions, and with no major events scheduled, international visitor arrivals (IVAs) will struggle to return to 2019 levels by 2025.
CGS International（CGSI）表示，新加坡的旅遊格局嚴重依賴會議、激勵措施、會議和展覽（MICE）活動，而不是景點，由於沒有安排重大活動，到2025年，國際遊客入境（IVA）將難以恢復到2019年的水平。
While tourism receipts have surpassed 2019 levels since 3Q23, CGSI warned that inflationary pressures and the strong Singapore Dollar could price out regional tourists, particularly from China, India, and ASEAN countries.
儘管自23年第三季度以來旅遊收入已超過2019年的水平，但CGSI警告說，通貨膨脹壓力和堅挺的新加元可能會使該地區的遊客，尤其是來自中國、印度和東盟國家的遊客付出代價。
Meanwhile, it expects VIP volumes to remain subdued amid slowing IVA recovery amid declining gaming revenues at both Marina Bay Sands (MBS) and Resorts World Sentosa (RWS).
同時，該公司預計，在濱海灣金沙（MBS）和聖淘沙名勝世界（RWS）博彩收入下降的情況下，在IVA復甦放緩的情況下，VIP交易量將保持低迷。
Furthermore, CGSI emphasized GENS's strong net cash position of over S$3.6 billion, supporting an annual dividend payout of 4.0 Singapore cents.
此外，CGSI強調了GENS的強勁淨現金狀況，超過36億新元，支持每年4.0新加坡分的股息支付。
It noted GENS's EBITDA is sufficient to cover near-term capital expenditure of approximately S$1 billion for RWS 2.0 upgrades.
它指出，GENS的息稅折舊攤銷前利潤足以支付近期約10億新元的RWS 2.0升級資本支出。
"It is currently trading at 6x forward EV/EBITDA, below its historical mean of 9.4x, which we think reflects subdued tourism recovery in Singapore, but we expect GENS's to undergo a mend in its profitability with the subsequent opening of new facilities for RWS 2.0 through 2030F," it stated.
它表示：「它目前的遠期EV/息稅折舊攤銷前利潤爲6倍，低於歷史平均水平的9.4倍，我們認爲這反映了新加坡旅遊業復甦的疲軟，但我們預計，GENS的盈利能力將有所改善，隨後爲RWS 2.0至2030F開放新設施。」
譯文內容由第三人軟體翻譯。
