Ace up your sleeve: Genting Singapore bets on core earnings recovery

VIP business to pick up the slack.

According to CIMB, on closer analysis of core earnings over the last few quarters, Genting Singapore's 3Q13 performance was actually suppressed by additional provisioning and backdated charges at the EBITDA level. Adjusting for this, core earnings have actually recovered to 1Q12 levels.

The VIP business is the driver for this recovery and this segment seems to be broadening.

Here's more:

Despite the structural issues of credit and outstanding receivables, VIP debt collection has been healthier, exceeding S$400m over the last three quarters which again represents a recovery to 1Q12 levels.

We therefore believe that 4Q13 and 1Q14 are poised to surprise on the upside after its earnings have bottomed and came in below consensus for most of FY13.

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