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Flash Note – Genting S’pore (Not rated) / Genting (BUY) - Results inline, challenging operating parameters ahead




Affin Hwang Investment Bank Bhd


20 Feb 2014





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GENS commands a 53% market share of rolling chip volumes in Singapore The Group reported a weak 4QFY13 EBITDA of only S$250.3m (-32.2% yoy; - 28% qoq) on unfavourable luck factor. Coupled with higher OPEX (arising from higher staffing and provisions in 4Q), the Group reported a 24.7% contraction in FY13 core net profit of S$501.2m. The earnings are inline with house estimates but 17% below consensus. In 2013, GENS commanded 50% of Singapore’s gross gaming revenue (GGR) market share. The VIP market segment accounted for 57% of the Group’s total gross gaming revenue.

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