Latest news with #GentingSingapore
Business Times
14-07-2025
- Business
- Business Times
Singapore shares hit new high; STI up 0.5%
[SINGAPORE] The benchmark Straits Times Index (STI) notched a new high on the first day of the trading week on Monday (Jul 14), after Singapore's economy beat market expectations to expand 4.3 per cent year on year in the second quarter of this year. The STI rose 0.5 per cent or 21.40 points to 4,109.21. Across the broader market, advancers outnumbered decliners 315 to 191, after 1.5 billion securities worth S$1.4 billion were traded. The top gainer on the benchmark index was DFI Retail Group , which rose 3.5 per cent or US$0.10 to US$2.98. The biggest decliner was Yangzijiang Shipbuilding . The counter fell 0.9 per cent or S$0.02 to S$2.30. Casino operator Genting Singapore was the most actively traded counter by volume, with 47.4 million units worth S$34.5 million traded. The counter closed flat at S$0.73. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Regional exchanges ended mixed on Monday. Japan's Nikkei 225 was down 0.3 per cent and Australia's ASX 200 fell 0.1 per cent. Meanwhile, Hong Kong's Hang Seng Index was up 0.4 per cent, as was South Korea's Kospi, which rose 0.8 per cent. Paul Chew, head of research at Phillip Securities Research, noted that stock markets are at a record high, indicating market 'nonchalance' over US President Donald Trump's reciprocal tariffs, due to his propensity to constantly extend and soften tariffs. 'However, the rally in financial markets could backfire and embolden Trump to become more aggressive in his tariffs,' he said. Chew added that in the current market, real estate investment trusts are attractive as the risk of trade war looms and interest rates in Singapore decline.
Business Insider
10-07-2025
- Business
- Business Insider
Genting Singapore (GIGNF) was downgraded to a Hold Rating at DBS
In a report released today, Jason Sum from DBS downgraded Genting Singapore to a Hold, with a price target of S$0.80. The company's shares closed last Wednesday at $0.57. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Sum covers the Industrials sector, focusing on stocks such as SIA Engineering Co, Boeing, and COSCO SHIPPING Energy Transportation Co. According to TipRanks, Sum has an average return of 14.7% and a 68.33% success rate on recommended stocks. The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Genting Singapore with a $0.70 average price target. The company has a one-year high of $0.72 and a one-year low of $0.46. Currently, Genting Singapore has an average volume of 4,339.
Business Times
10-07-2025
- Business
- Business Times
DBS downgrades Genting Singapore to ‘hold', trims target price on tariffs dampening outlook
[SINGAPORE] DBS on Thursday (Jul 10) downgraded Genting Singapore to a 'hold' rating and lowered its target price for the stock from S$0.90 to S$0.80, 8.1 per cent or S$0.06 above its Wednesday closing price of S$0.74. This comes as macroeconomic uncertainties, tariffs and a potential ousting from the MSCI Singapore Index threaten to dampen the improvements expected for its second half of 2025, said DBS. The Singapore-listed subsidiary of Malaysian hospitality and leisure conglomerate Genting Group was set for year-on-year improvements on the back of recent launches and those in the pipeline – including the openings of hotel rooms, retail spaces and an oceanarium. Instead, a more moderate performance for the latter half of the year is expected, wrote DBS analysts. 'We believe any uplift could be subdued given escalating macroeconomic risks and uncertainties – particularly high US tariffs set to take effect from Aug 1,' they said. US tariffs aimed at South-east Asia exports range from 25 per cent in Malaysia to 36 per cent in Thailand as at the time of writing, the analysts said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Softer gaming revenue The analysts lowered earnings before interest, taxes, depreciation and amortisation forecasts for Genting Singapore by 2 per cent for 2025 and 3 per cent for 2026 on account of softer gaming revenue, as macroeconomic conditions in the region could weigh on inbound tourism. They pointed out that the core clientele of Resorts World Sentosa – an integrated resort operated by Genting Singapore – comprises mainly regional tourists. This group is likely to be 'disproportionately affected by economic pressures and more cautious with discretionary gaming spend compared to their Western counterparts', the analysts said. 'As these macro uncertainties are expected to persist into FY2026, we have accordingly revised down our earnings forecasts.' Threat of being removed from MSCI Singapore Index Beyond near-term earnings pressures, the 'lingering risk' of being ousted from the MSCI Singapore Index threatens to cap Genting Singapore's share price gains, the analysts said. This comes as the company' share price decline pushed its float-adjusted market capitalisation to around S$4.4 billion, which is the lowest among existing MSCI Singapore constituents. The counter has fallen 3.3 per cent year to date from its closing price of S$0.765 on Dec 31, 2024. While the current cut-off market capitalisation threshold for inclusion is not known, the analysts noted that it is likely to have risen above the previous cut-off of around S$4.75 billion during the May 2024 review. This is due to the rally of developed markets. 'Given this, we believe Genting Singapore faces a credible risk of exclusion in the upcoming MSCI review, with the next announcement scheduled for Aug 7, 2025, and any changes to take effect on Aug 27, 2025.'
Business Times
10-07-2025
- Business
- Business Times
Tariffs, potential MSCI ousting may dampen Genting Singapore's expected H2 earnings uplift: DBS
[SINGAPORE] Genting Singapore might not get as much of an uplift as was hoped for. This is as macroeconomic uncertainties, tariffs and a potential ousting from the MSCI Singapore Index threaten to dampen the improvements expected for its second half of 2025, said DBS. The Singapore-listed subsidiary of Malaysian hospitality and leisure conglomerate Genting Group was set for year-on-year improvements on the back of recent launches and those in the pipeline – including the openings of hotel rooms, retail spaces and an oceanarium. Instead, a more moderate performance for the latter half of the year is expected, wrote DBS analysts in a Thursday (Jul 10) report. 'We believe any uplift could be subdued given escalating macroeconomic risks and uncertainties – particularly high US tariffs set to take effect from Aug 1,' they said. US tariffs aimed at South-east Asia exports range from 25 per cent in Malaysia to 36 per cent in Thailand as at the time of writing, the analysts said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up They downgraded their rating for the counter to 'hold' and lowered their target price from S$0.90 to S$0.80, 8.1 per cent or S$0.06 above Genting Singapore's Wednesday closing price of S$0.74. Softer gaming revenue The analysts lowered earnings before interest, taxes, depreciation and amortisation forecasts for Genting Singapore by 2 per cent for 2025 and 3 per cent for 2026 on account of softer gaming revenue, as macroeconomic conditions in the region could weigh on inbound tourism. They pointed out that the core clientele of Resorts World Sentosa – an integrated resort operated by Genting Singapore – comprises mainly regional tourists. This group is likely to be 'disproportionately affected by economic pressures and more cautious with discretionary gaming spend compared to their Western counterparts', the analysts said. 'As these macro uncertainties are expected to persist into FY2026, we have accordingly revised down our earnings forecasts.' Threat of being removed from MSCI Singapore Index Beyond near-term earnings pressures, the 'lingering risk' of being ousted from the MSCI Singapore Index threatens to cap Genting Singapore's share price gains, the analysts said. This comes as the company' share price decline pushed its float-adjusted market capitalisation to around S$4.4 billion, which is the lowest among existing MSCI Singapore constituents. The counter has fallen 3.3 per cent year to date from its closing price of S$0.765 on Dec 31, 2024. While the current cut-off market capitalisation threshold for inclusion is not known, the analysts noted that it is likely to have risen above the previous cut-off of around S$4.75 billion during the May 2024 review. This is due to the rally of developed markets. 'Given this, we believe Genting Singapore faces a credible risk of exclusion in the upcoming MSCI review, with the next announcement scheduled for Aug 7, 2025, and any changes to take effect on Aug 27, 2025.'
Business Times
16-06-2025
- Business
- Business Times
Genting's trek from hilltop casino to multibillion dollar global conglomerate
[SINGAPORE] Many know the Genting Group only for its hotels and casinos, yet its businesses have mushroomed to straddle plantations, energy, and biotechnology businesses across the world. What started off as a hilltop casino in Malaysia's Genting Highlands is today a conglomerate which includes Genting Plantations, Genting Singapore, Genting Energy and Resorts World Las Vegas. Beginnings The Genting Group was founded in 1965 when the late Lim Goh Tong built a mountaintop resort in what is now known as Genting Highlands. In 1971, Genting Highlands Hotel was publicly listed in Malaysia with the addition of the first hotel, now known as Theme Park Hotel. A decade on, the 18-story Genting Hotel officially opened. Now known as Genting Grand, it was the flagship hotel in the Genting Highlands complex. The expansion of the mountaintop resort continued, with subsequent openings of the Awana Genting Highlands Golf & Country resort in 1985; the launch of Resort Hotel and indoor theme park in 1992; the Genting outdoor theme park in 1994 and the 3.38 km Genting Skyway cable car to the hilltop in 1997. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The largest expansion came in 2006 with the First World Hotel – which scored a first when it was declared the 'World's Largest Hotel' by Guinness World Records in 2006 with its 6,118 rooms. Going international Just four years later, Genting expanded its tourism business overseas for the first time. It opened Resorts World Sentosa (RWS) in Singapore, with the Universal Studios Singapore as its star attraction. The Maritime Experiential Museum was added to RWS a year later in 2011; the SEA Aquarium Sentosa and Adventure Code Waterpark opened in 2012 and the Trickeye Museum in 2015. At the same time, the fast-expanding Genting brand pushed into the developed markets with the opening of Resorts World Casino New York City in 2011. The entertainment hub was the leading gaming operator in the north-east US market. Resorts World Birmingham in the United Kingdom and Resorts World Bimini in the Bahamas followed in 2013. Nearer home, Genting opened Resorts World Jeju in South Korea and Resorts World Las Vegas shortly after in 2015. Another breakthrough was made two years later with Crockfords Cairo casino in Egypt in 2017, its first project in the Middle East. Today, Genting's leisure and tourism arm spans 11 Resort World properties and three mega resorts in Malaysia, Singapore and Las Vegas. The group comprises holding company Genting and its listed subsidiaries Genting Malaysia, Genting Plantations and Genting Singapore, as well as wholly owned subsidiary Genting Energy. Genting Malaysia and Genting Plantations reported 2024 earnings of RM200 million (S$60.5 million) and RM335 million on revenues of RM10.9 billion and RM3 billion, respectively. Here, Genting Singapore's profit for the first quarter ended Mar 31 tumbled 41 per cent to S$145 million, which the company blamed on a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation. A multi-layered conglomerate Expansion and diversification into plantations Genting Group's expansion beyond its resorts began with the incorporation of Asiatic Development in 1977, which became a wholly owned subsidiary of Genting Group in 1980, spearheading its plantation activities and investments. In 1982, Asiatic Development was converted to a public company, subsequently expanding into oil palm plantations in West Kalimantan, Indonesia in 2005 and developing genomics-based solutions to improve crop productivity in 2006. Subsequently, it expanded into Indonesia by acquiring land in West Kalimantan Indonesia in 2008 before the company was renamed Genting Plantations. Presently, Genting Plantations is also involved in downstream manufacturing, property and AgTech, its research and development arm for crop efficiency. Expanding into oil and gas industries In 1996, Kuala Langat power plant commenced operations while Genting Group formed a new group, Genting Oil & Gas, now known as Genting Energy to explore for gas in Indonesia. After the late Lim Goh Tong handed over the chairmanship of Genting Group and its companies to his son Lim Kok Thay in 2003; Genting Energy ventured into China with the acquisition of power plants in Fujian and Jiangsu provinces in 2005. The Jangi Wind Farm in Gujarat, India took off in 2011, marking the group's entry into India and wind energy, before their subsequent discoveries of gas in Indonesia, opening the Banten power plant in Java, Indonesia in 2013. Along with its expansion, Genting Energy took environment friendly steps, commissioning the Jambongan Oil Mill in Malaysia in 2014, which was Malaysia's first zero waste discharge oil mill. In light of the environmental concerns, they also collaborated with US-based Elevance Renewable Sciences to establish Malaysia's first metathesis plant as a greener and more sustainable process for generating energy efficiently in power plants.
