Former chief financial officer Lee Shi Ruh has been appointed president and chief operating officer Ang Suat Ching takes over as CFO

 

[SINGAPORE] Genting Singapore : G13 0% chief financial officer (CFO) Lee Shi Ruh has been appointed president and chief operating officer (COO), filling a position that had been vacant for three years.

 

The role was last held by former president and COO Tan Hee Teck, who was promoted to chief executive officer in May 2022.

 

Lee has now stepped down as CFO, the group announced in a bourse filing on Friday (Aug 1). That role will be taken over by Ang Suat Ching, currently CFO of Resorts World Sentosa (RWS), an indirect wholly owned subsidiary of Genting Singapore. Ang will retain her role at RWS.

 

These changes follow the retirement of Tan, who stepped down as CEO and chairman of RWS in May. 

 

From Jun 1, Lim Kok Thay, executive chairman of the Genting Group, assumed the role of acting CEO, while Lee took on the position of CEO of RWS.

 

This earlier leadership transition coincided with a disappointing quarterly earnings report for Genting Singapore and led to a slight dip in the company&rsquo s share price. 

 

Industry veterans

Lee, 58, has been with the Genting Group since 2010 and has held various senior leadership roles, including president of RWS since September 2023. 

 

She holds a Bachelor of Science (Honours) in accounting and financial analysis from the University of Warwick, United Kingdom, and is a Fellow of the Institute of Singapore Chartered Accountants.

 

In her new role, Lee will be responsible for driving execution of strategic initiatives, operational performance, and sustainable growth across the group. She will report to Lim.

 

Ang, her 51-year-old successor, joined the group in June 2024 and brings with her more than 25 years of banking and finance experience, with expertise in treasury, capital management, financial strategy and capital markets. Prior to joining RWS, she spent several years at OCBC.

 

Ang will oversee the group&rsquo s financial affairs, including financial planning and analysis, treasury management, and financial reporting. 

 

She holds an executive MBA from Insead and a Bachelor of Accountancy from Nanyang Technological University. She is also a Fellow Chartered Accountant (Singapore).

 

&ldquo These appointments reflect our commitment to leadership renewal as the group enters its next phase of growth,&rdquo said Lim. 

 

He added that Lee &ldquo brings a proven track record of sound decision-making, strategic discipline, and a clear understanding of the group&rsquo s long-term priorities, which will be invaluable in her expanded role as president and COO&rdquo . He also noted that Ang&rsquo s financial expertise will support the group&rsquo s long-term value creation.

 

In a separate bourse filing on Friday, Genting Singapore also announced the cessation of Nanami Kasasaki as chief corporate officer of the company and as a director of RWS.

Analysts expect a more subdued performance for H2 FY2025 than previously forecast, given tariff threats, macroeconomic risks and a potential ousting from the MSCI Singapore Index

 

[SINGAPORE] DBS on Thursday (Jul 10) downgraded Genting Singapore to a &ldquo hold&rdquo rating and lowered its target price for the stock from S$0.90 to S$0.80, 8.1 per cent or S$0.06 above its Wednesday closing price of S$0.74. 

 

This comes as macroeconomic uncertainties, tariffs and a potential ousting from the MSCI Singapore Index threaten to dampen the improvements expected for its second half of 2025, said DBS.  

 

The Singapore-listed subsidiary of Malaysian hospitality and leisure conglomerate Genting Group was set for year-on-year improvements on the back of recent launches and those in the pipeline &ndash including the openings of hotel rooms, retail spaces and an oceanarium.  

 

Instead, a more moderate performance for the latter half of the year is expected, wrote DBS analysts.

 

&ldquo We believe any uplift could be subdued given escalating macroeconomic risks and uncertainties &ndash particularly high US tariffs set to take effect from Aug 1,&rdquo they said. 

 

US tariffs aimed at South-east Asia exports range from 25 per cent in Malaysia to 36 per cent in Thailand as at the time of writing, the analysts said. 

 

Softer gaming revenue

The analysts lowered earnings before interest, taxes, depreciation and amortisation forecasts for Genting Singapore by 2 per cent for 2025 and 3 per cent for 2026 on account of softer gaming revenue, as macroeconomic conditions in the region could weigh on inbound tourism. 

 

They pointed out that the core clientele of Resorts World Sentosa &ndash an integrated resort operated by Genting Singapore &ndash comprises mainly regional tourists. 

 

This group is likely to be &ldquo disproportionately affected by economic pressures and more cautious with discretionary gaming spend compared to their Western counterparts&rdquo , the analysts said. 

 

&ldquo As these macro uncertainties are expected to persist into FY2026, we have accordingly revised down our earnings forecasts.&rdquo

 

Threat of being removed from MSCI Singapore Index

Beyond near-term earnings pressures, the &ldquo lingering risk&rdquo of being ousted from the MSCI Singapore Index threatens to cap Genting Singapore&rsquo s share price gains, the analysts said. 

 

This comes as the company&rsquo share price decline pushed its float-adjusted market capitalisation to around S$4.4 billion, which is the lowest among existing MSCI Singapore constituents. The counter has fallen 3.3 per cent year to date from its closing price of S$0.765 on Dec 31, 2024. 

 

While the current cut-off market capitalisation threshold for inclusion is not known, the analysts noted that it is likely to have risen above the previous cut-off of around S$4.75 billion during the May 2024 review. This is due to the rally of developed markets. 

 

&ldquo Given this, we believe Genting Singapore faces a credible risk of exclusion in the upcoming MSCI review, with the next announcement scheduled for Aug 7, 2025, and any changes to take effect on Aug 27, 2025.&rdquo  

 

Genting Singapore (GENS) recently reported its 1QFY2025 ended March 31 results, which saw earnings decline by 41% y-o-y to $145 million. On a q-o-q basis, earnings grew 2%.

 

The group reported revenue of $626.2 million and adjusted ebitda of $235.8 million for 1QFY2025, down 20% y-o-y and 36% y-o-y, respectively. On a q-o-q basis, these figures improved by 2% and 3% respectively.

 

The group&rsquo s overall weaker performance y-o-y can be attributed to Singapore seeing stronger visitorship and tourism spending during last year&rsquo s Chinese New Year festive season and the relaxation of visa regulations between China and Singapore last February.

 

On the same day as its 1QFY2025 business update announcement, Genting Singaporeannounced the retirement of Tan Hee Teck, CEO of GENS and Resorts World Sentosa (RWS). He will depart from all his executive and board roles held in the group from May 31. Lee Shi Ruh, who has been with the group for 15 years, will be appointed as the new CEO of RWS, while Tan Sri Lim Kok Thay, GENS&rsquo current executive chairman, will assume the role of acting CEO.

 

Following the announcements, analysts are cautiously optimistic about GENS.

 

DBS Group Research is keeping its &ldquo buy&rdquo call, but is still reviewing its target price. In its April 24 report, DBS had a target price of 95 cents on GENS.

 

With adjusted ebitda of $236 million, accounting for 22% of DBS&rsquo s FY2025 overall estimates, GENS is currently tracking below expectations, compared to the pre-Covid first quarter contribution range of 25%&ndash 29%.

 

&ldquo The outlook may remain challenging, with Trump&rsquo s tariff policy adding a layer of macroeconomic uncertainty across the region. Nonetheless, we believe the company remains on track to deliver a stronger 2HFY2025, supported by the launch of multiple new attractions in the early third quarter. This period has historically been seasonally strong pre-Covid,&rdquo says DBS, while expecting growth to pick up from 3Q2025 with the opening of Weave, Oceanarium and The Laurus luxury hotel.

 

While the leadership transition appears abrupt in timing, it may be linked to CEO Tan&rsquo s increasing involvement in national initiatives such as the Singapore Economic Resilience Taskforce. &ldquo We expect the company to commence a formal search for a new CEO, but do not anticipate any major shift in strategic direction, particularly about existing capex plans,&rdquo adds DBS.

 

On the other hand, UOB Kay Hian (UOBKH) is keeping its &ldquo buy&rdquo recommendation but lowering its target price of 90 cents from $1.12. For analyst Jack Goh, the recent 1QFY2025 results were also below expectations.

 

Goh notes that Singapore&rsquo s tourist arrivals posted healthy growth trajectories in 1Q2025, thanks to recent mutual visa exemption agreements and festivities. This is despite slower visitations in March, which have normalised from a high base in 1Q2024, which featured Taylor Swift&rsquo s Eras Tour.

 

However, he remains cautious on macroeconomic headwinds and intensifying competition. &ldquo Despite remaining optimistic on higher visitations throughout 2025, we assess that consumer sentiment and average spending in RWS may be negatively affected by economic uncertainty from US&rsquo s volatile tariff policies which may impact business volume from regional countries such as China and Indonesia,&rdquo says Goh, adding that RWS&rsquo s competitor Marina Bay Sands&rsquo (MBS) has a structurally more strategic city-centre location and the recent completion of its renovation of its about 1,850 hotel rooms may continue to pose stiff competition for RWS.

 

As Goh sees it, the full launch of RWS 1.5 with multiple crowd-drawing attractions is a crucial re-rating catalyst, such as Illumination&rsquo s Minion Land in Universal Studios Singapore, Oceanarium and its Waterfront development.

 

As for the CEO&rsquo s resignation, Goh sees limited impact. &ldquo We opine that the change of helm has a limited impact on GENS, given that both Lim and Lee are already well involved in GENS&rsquo daily operations and business strategies,&rdquo he says.

 

With resilient cashflow delivery, Goh anticipates that management now has more flexibility to better utilise its sizeable capital, which includes net cash of $3.58 billion as of 4QFY2024. &ldquo Although the group has indicated its interest to potentially participate in the bid for a Thailand integrated resort (amid legalisation), we do not rule out the possibility of higher dividend payouts given the sizeable cash pile,&rdquo says Goh.

 

On the other hand, Maybank Singapore is reiterating its &ldquo buy&rdquo call and $1.01 target price on GENS. The 1QFY2025 earnings were in line with analyst Yin Shao Yang&rsquo s estimates. Core net profit in 1QFY2025 of $150.3 million (&ndash 40% y-o-y, +5% q-o-q) was within expectations at 25% of Yin&rsquo s full-year estimate. As a secondary check, 1QFY2025 revenue of $626.2 million (&ndash 20% y-o-y, +2% q-o-q) and 1QFY2025 Ebitda of $235.8 million (&ndash 36% y-o-y, +5% q-o-q) were also in line at 26% and 24% of Maybank&rsquo s full-year estimates, respectively.

 

&ldquo Going into 2Q2025, we expect operations to be seasonally slower post-Chinese New Year in 1Q2025. We do not get the feeling from management that the short-lived trade war between the US and China will have a marked impact on VIP volumes in 2Q2025,&rdquo says Yin.

 

He adds: &ldquo Going into 3Q2025, we expect operations to be stronger. By then, the Singapore Oceanarium and the 183-suite The Laurus hotel will open. The latter is especially important as it will add to the room inventory to house VIP and premium mass players.&rdquo

 

The group&rsquo s line-up of fresh attractions to come in the second half could boost earnings growth, they say

 

[SINGAPORE] Genting Singapore : G13 0%&rsquo s shares are undervalued despite its recent weak earnings, but the new attractions being lined up could drive earnings growth, analysts said.

 

Morningstar&rsquo s senior equity analyst, Jennifer Song, has a fair-value estimate of S$0.96 for Genting Singapore shares.

 

The stock closed flat at S$0.715 on Friday (May 16).

 

Genting Singapore&rsquo s results were largely in line with analysts&rsquo and market expectations, Song said in a Morningstar report on Thursday.

 

The company reported a sharp year-on-year revenue decline of 20 per cent to S$626.2 million, from S$784.4 million in the year-ago period. Net profit tumbled 41 per cent to S$145 million from S$247.4 million the year before.

 

&ldquo However, the results reflect a sharp year-on-year decline in revenue and net profit because of the high base a year ago ongoing renovation disruptions from its RWS 2.0 project will also continue to weigh on second-quarter performance,&rdquo Song wrote.

 

Genting Singapore on Wednesday attributed the weaker performance to the resort&rsquo s lower VIP rolling win rate as well as the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory.

 

Additionally, the financials were weaker than in the previous year when Singapore had more visitors during the Chinese New Year season, along with the relaxation of visa regulations between China and Singapore in February 2024.

 

Citing the same reasons, Tay Wee Kuang of CGS International noted that Genting Singapore&rsquo s profit before tax had slightly missed expectations. However, the financial services provider is keeping an &ldquo add&rdquo call with an unchanged target price of S$1.05.

 

Both he and Morningstar&rsquo s Song expect earnings growth to pick up from the second half of 2025, on the back of the start and ramp-up of new projects and attractions. These include the launch of a super-luxury, all-suite hotel, the Singapore Oceanarium, and expanded retail and dining options.

 

&ldquo Although Genting has been losing gross gaming revenue market share to peer Marina Bay Sands in recent years, we anticipate the phased launch of its RWS 2.0 attractions to accelerate revenue growth and expand margins from the second half of 2025,&rdquo said Song.

 

Tay noted that the opening of attractions at Genting Singapore in H2 2025 could also provide a boost to the tourism sector.

 

&ldquo On top of driving visits by tourists, these novel offerings could also attract locals, in our opinion,&rdquo said Tay.

 

In a bourse filing on Wednesday, Genting Singapore also announced that chief executive officer Tan Hee Teck will step down from his role on May 31.

 

Shares of Genting-linked companies in Malaysia fell on Thursday as investors digested Tan&rsquo s surprise exit and fresh concerns over corporate governance.

 

[SINGAPORE] Resorts World Sentosa (RWS) chairman and chief executive officer Tan Hee Teck will retire from his position on May 31. 

 

Tan, 69, is also stepping down as CEO of Genting Singapore, the group said in a bourse filing on Wednesday (May 14). 

 

&ldquo The board respects Mr Tan&rsquo s decision and would like to express their appreciation to Mr Tan for his invaluable contributions and guidance to the board and the company during his tenure.&rdquo  

 

According to Genting&rsquo s website, Tan has been the CEO of Resorts World Sentosa since 2007. He was responsible for RWS winning the bid to operate the integrated resort in Sentosa which opened in 2010. 

 

Tan was appointed CEO of Genting in May 2022. He first joined the Genting Group in 1982 and held several senior positions across various geographical regions. 

 

From Jun 1, Lee Shi Ruh will take over as CEO of RWS. 

 

Lim Kok Thay, executive chairman of the Genting Group, will assume the role of acting CEO of the group.

 

Lee has been with the group since 2010 during which she held key positions including chief financial officer, Genting Singapore said. 

 

On Wednesday, Genting Singapore announced its financial results for the first quarter ended Mar 31. 

 

Revenue in Q1 declined 20 per cent to S$626.2 million from S$784.4 million in the year-earlier period. 

 

Net profit after taxation tumbled 41 per cent to S$145 million from S$247.4 million the year before. 

 

Genting Singapore said: &ldquo Compared to the same quarter last year, the results for the current quarter were affected by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory.&rdquo  

 

&ldquo The group&rsquo s performance was also weaker in comparison with the previous year where Singapore saw stronger visitorship and tourism spending during the Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024.&rdquo  

 

Giving an update on RWS&rsquo expansion plans, the group said the Singapore Oceanarium will open in Q3 2025. 

 

From this month, visitors can book stays at The Laurus &ndash a new hotel in Sentosa which will be the first resort under The Luxury Collection brand. The Luxury Collection is a brand under the Marriott International conglomerate. The hotel is expected to open in Q3. 

 

Genting said: &ldquo Amid heightened geopolitical trade tensions and macroeconomic headwinds, the group continues to adopt a prudent and adaptive approach, leveraging on our strong regional presence and financial strength to navigate through a challenging global environment.&rdquo  

 

Genting Singapore has reported earnings of $145 million for 1QFY2025 ended March 31, down 41% y-o-y. On a q-o-q basis, earnings grew 2%.

 

The group reported revenue of $626.2 million and adjusted ebitda of $235.8 million for 1QFY2025, down 20% y-o-y and 36% y-o-y respectively. On a q-o-q basis, these figures improved 2% and 3% respectively.

 

The group&rsquo s overall weaker performance y-o-y can be attributed to Singapore seeing stronger visitorship and tourism spending during last year&rsquo s Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024.

 

The group says that the gaming business benefitted from the Chinese New Year festive season, while the non-gaming business experienced softer demand due to the continuous impact of a strong Singapore dollar and ongoing renovation and upgrading works at Resorts World Sentosa (RWS) as part of the RWS 2.0 transformation project.

 

On a q-o-q basis, results for the current quarter were affected by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory.

 

On the RWS 2.0 transformation journey, RWS will launch WEAVE in the second half of 2025, a lifestyle destination with over 40 lifestyle and premium brands. It will also celebrate the grand opening of the Singapore Oceanarium in 3Q2025.

 

Construction of the RWS 2.0 Waterfront Complex has also just begun, and once completed will include two luxury hotels, four storey retail and entertainment and dining podium.

 

On the same day as its 1QFY2025 business update announcement, Genting Singaporeannounced the retirement of its CEO of the company and RWS Tan Hee Teck.

 

Tan was first appointed CEO of RWS in 2007 and chariman of RWS in 2015. He was later appointed CEO of the company on May 1, 2022. His retirement is a personal decision, and Tan' s departure from all his executive and board roles held in the group will be with effect from May 31.

Tan Sri Lim, the executive chariman of the company, will assume the role of acting CEO with effect from June 1. He will still remain executive chairman of the company.

 

Meanwhile, Lee Shi Ruh, the current president of RWS, will assume the role of CEO of RWS with effect from June 1. She was first appointed president of RWS in Sept 2023, and will remain in her role as CFO of the company.

RWS is deemed by the authorities to be suitable to manage and operate the casino

 

THE authorities have renewed the casino licence of Resorts World Sentosa (RWS), an integrated resort operated by Genting Singapore : G13 -0.65%, for another two years, beginning Feb 6 next year.

 

In a bourse filing on Monday (Nov 18), the casino operator said that the renewal was granted after RWS was deemed to be suitable to manage and operate the casino.

 

The authorities had also taken into consideration RWS&rsquo ability to develop, maintain and promote the integrated resort as a &ldquo compelling tourist destination&rdquo based on its performance from 2021 to 2023, just after the Covid-19 pandemic.

 

Genting Singapore said that the Republic&rsquo s tourism industry, including RWS, had faced &ldquo very significant challenges&rdquo during this period.

 

It added that RWS will continue to refresh and rejuvenate its offerings to deepen its appeal as a destination.

 

&ldquo Unsatisfactory&rdquo performance

RWS&rsquo licence renewal is notably shorter than the standard three-year term granted for casinos by Singapore&rsquo s Gambling Regulatory Authority (GRA).

 

This comes as GRA separately announced that an evaluation panel appointed by the minister for trade and industry deemed RWS&rsquo tourism performance from 2021 to 2023 as &ldquo unsatisfactory&rdquo .

 

Having identified &ldquo a number of areas that require rectification and substantial improvement&rdquo , the panel recommended that RWS&rsquo next evaluation be carried out in two years, in 2026.

 

The views of the Ministry of Trade and Industry (MTI), Singapore Tourism Board (STB) and Sentosa Development Corporation (SDC) were considered by GRA as well.

 

&ldquo GRA will continue to work with MTI, STB and SDC to ensure that RWS meets the requirement to develop, maintain and promote its integrated resort as a compelling tourist destination,&rdquo said the authority.

 

In its most recent third-quarter business update, Genting Singapore posted a net profit of S$79.4 million for the quarter, down 63 per cent from S$216.3 million in the year-ago period.

 

Revenue for the period fell 19 per cent to S$561.9 million. Gaming revenue dropped 28 per cent on year to S$330 million, while non-gaming revenue ticked up 1 per cent to S$231.8 million.

 

Last Friday, RWS announced plans to complete a major expansion by 2030, in its bid to attract more visitors to the integrated resort. The expansion &ndash at a cost of S$6.8 billion &ndash includes construction of a waterfront promenade, a four-storey retail, entertainment and dining podium, and two new luxury hotels.

 

The major expansion comes as Genting Singapore works to boost the appeal of RWS, amid the slower recovery of international visitor arrivals to Singapore, increased competition and falling revenue from its gaming business.

https://images.app.goo.gl/veKePpEU12YSmMQh9

 

https://images.app.goo.gl/veKePpEU12YSmMQh9