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Flash Note – Genting S’pore (Not rated)/ Genting (BUY) - Turning cautious into the year, again




Affin Hwang Investment Bank Bhd


02 May 2013





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Annualised 1QFY13 EBITDA accounts for only 17% of our FY13 estimate Despite a strong 1QFY13 rolling chip volumes (RCV) (+38% yoy; +14% qoq), lower-than-theoretical win percentage led to a weak 1QFY13 EBITDA of S$249.7m (-35% yoy; -32% qoq). This accounts for only 17% of our full year FY13 EBITDA forecast of S$1,461m and thus, is deemed to be below house and street estimates. There appears to be a downward bias to the overall gaming dollar trend for the rest of the year. In last evening’s 1QFY13 results briefing, management departed from last quarter’s optimism to close on a cautious note. Taking cue, we believe our EBITDA forecast of S$1,461m is now a tad bullish in view of the volatile gaming dollar patterns emitting from mainland Chinese punters (which makes up a significant chunk of GENS’ VIP gaming volume).

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