“The higher multiple reflects Genting Singapore’s better and more certain prospects, as Singapore begins to treat Covid-19 as an endemic, reducing the probability of more future strict lockdowns,” writes the team in its April 8 report.
The team at RHB Group Research has kept its “buy” rating on Genting Singapore with an increased target price of 95 cents from 90 cents.
The new target price is based on an EV/EBITDA of 8.5x from 7.9x previously, with a 2% environmental, social and governance (ESG) discount based on an ESG score of 2.9.
