Asia Leisure

Latest edition · September 18, 2026

Genting Singapore Ltd. (GENS.SI) Improving inbound travel trend in 3Q26td. Updating estimates

Goldman Sachs maintains a Neutral rating and S$0.70 target price on Genting Singapore, lifting FY26-28E EBITDA estimates by 11-15% after solid 2Q26 results and improving 3Q26td inbound travel trends. However, impending peak capex of S$1-1.2bn per annum in FY27-28E creates potential financing and dividend sustainability concerns.

Goldman Sachs reiterated its Neutral recommendation on Genting Singapore Ltd. (GENS.SI) with an unchanged 12-month SOTP-based target price of S$0.70 (13.8% upside from S$0.62). The brokerage raised FY26-28E EBITDA forecasts by 11-15% following stronger-than-expected 2Q26 performance, where GGR market share recovered to 27% and adjusted EBITDA margins reached 35.4% due to lower bad debt provisions. Inbound travel data for 3Q26td indicates improving momentum, driven by tourists from China, Australia, and Japan. Nevertheless, GENS is approaching an intensive capex cycle of S$1-1.2bn annually in FY27-28E for the RWS 2.0 expansion, creating questions around dividend coverage despite a healthy S$2.9bn net cash balance.

Key takeaways from the latest edition

• 1.Goldman Sachs revised Genting Singapore's FY26-28E EBITDA estimates upward by 11-15% following better-than-expected 2Q26 results, but maintained a Neutral rating and an unchanged 12-month SOTP-based target price of S$0.70.
• 2.Genting Singapore demonstrated 2Q26 GGR market share recovery to 27% (led by VIP rolling volume share recovering to 36%) and EBITDA margin expansion to 35.4%, primarily due to sequentially lower bad debt provisions.
• 3.Singapore inbound tourism improved quarter-to-date in 3Q26 (-3% yoy in July and flat yoy in August), supported by mainland China visitor growth (+4% in July, +9% in August).

What this series covers

• NEUTRAL
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (S$ mn)
• Balance Sheet (S$ mn)
• Cash Flow (S$ mn)
• Exhibit 1: Singapore inbound travel monthly trend
• Exhibit 2: GENS 2Q26 results and market share highlight
• Investment thesis - Genting Singapore Ltd.
• Price Target Risks and Methodology - Genting Singapore Ltd.

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