SINGAPORE (Feb 18): RHB Research is maintaining Genting Singapore at “buy” with target price of $1.23 on the back of stable casino earnings, market share gains and the company’s potential to tap into the Japan market, bolstered by its net cash balance of $2.9 billion.
In FY18, tourist arrivals into Singapore also hit a new high of 18.5 million vs 17.4 million in FY17, mainly driven by visitors from China, Indonesia and India, owing to strong travel demand and better flight connectivity.
Singapore also registered 6% growth in tourist spending on entertainment, sightseeing and gaming – which bodes well for Genting Singapore’s non-gaming divisions as well as its casino earnings.
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