Genting Singapore PT raised on recovery/dividend potential: RHB

Research firm RHB has raised its price target on Genting Singapore due to the improved recovery prospects post-Covid and the potential return of dividends.

The price target goes to S$0.95 from S$0.90, which is about 18 percent higher than its trading price on Friday. 

“We still like this company for its recovery from borders reopening and potential upside in dividends,” the research team was cited as saying by local media.

“The higher multiple reflects Genting’s better and more certain prospects, as Singapore begins to treat Covid-19 as an endemic, reducing the probability of more future strict lockdowns,” said RHB.

The firm said Genting will work towards restoring its pre-pandemic dividend of $0.04 per share. The group is sitting on cash worth about $0.38 per share, which had been earmarked for a mothballed project in Japan. 

Genting Singapore operates Resorts World Sentosa in Singapore. 

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