Maybank Kim Eng’s Yin has slashed his FY2020 earnings estimate by 87%, following Genting Singapore’s lacklustre 1Q20 revenue and EBITDA, which came in at just 19% of his earlier full year estimate. He trimmed his estimates for FY21E/FY22E by a modest 5% each on prospects of recovery after 2Q20, with visitors seen to gradually return on lowered Covid-19 cases in Singapore and Malaysia.
SINGAPORE (May 21): Analysts believe Genting Singapore’s 2Q20 results are likely to fare worse than its 1Q20 results. However, Maybank Kim Eng analyst Yin Shao Yang and CGS-CIMB analyst Cezanne See believe future quarters for the integrated resort are likely to pick up on the back of the easing Covid-19 measures, and rebound in tourism numbers.
See also: Genting Singapore's 1Q earnings tumble 55% to $149 mil as Covid-19 impact turns 'devastating'
