Goldman Sachs
May 28, 2026
Lowering Estimates Post Soft 1Q26 Results
Single Stock ReportEquitiesConsumer Discretionary
Goldman Sachs maintains a Neutral rating on Genting Singapore, lowering its price target to S$0.70 after soft 1Q26 results and a 29% downward revision of EBITDA forecasts.
Key Takeaways
- 1.Goldman Sachs lowered FY26E-FY27E adjusted EBITDA forecasts for Genting Singapore by 23% to 29% following weak 1Q26 results.
- 2.Genting Singapore's GGR market share remains depressed at 24%, with recovery expected only in FY27E as revamp initiatives take effect.
- 3.The 12-month target price was cut to S$0.70 from S$0.80, though a Neutral rating is maintained due to share buybacks and undemanding valuation.
Table of Contents
- Asia Leisure
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement (S$ mn)
- Balance Sheet (S$ mn)
- Cash Flow (S$ mn)
- Investment thesis - Genting Singapore Ltd.
- Price Target Risks and Methodology - Genting Singapore Ltd.
- Disclosure Appendix
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Authors
Alpha WangSimon CheungZhaoheng Chen
Securities
GENS.SIMarina Bay Sands
Themes
Post-Pandemic Tourism RecoveryCasino GGR Market Share Dynamics
Regions
Asia PacificSingapore