He also saw two to three groups of overseas students from China and Korea. "Our ground checks also suggest that tour groups do visit USS on a frequent basis, although we are unsure if USS markets directly to such groups and agencies," he adds.
CGS International is keeping its "add" rating on Genting Singapore (GENS) with an unchanged target price of $1.05, following analyst Tay Wee Kuang conducting a site visit to Universal Studios Singapore (USS).
"During our visit to USS, we saw a sizeable crowd, with a queue build-up prior to the attractions’ opening hours. Visitors predominantly comprised of tourists, with key demographics from North Asia and Southeast Asia. We think the start of the new school term in Singapore, as well as it being the middle of the workweek, explained the lack of locals, although GENS had also shared in prior instances that two-thirds of the crowd it sees in Resorts World Sentosa (RWS) are made up of tourists," says Tay.
