SINGAPORE (Feb 14): Since the onset of the Covid-19 virus, Genting Singapore’s (GENS) share price has fallen some 6.9% as investors feared the worst for the hospitality and entertainment sector.
But market watchers, who are cognisant of the longer-term view and value for the counter, are quick to tell both current and potential investors not to panic, but instead await a solid comeback in 2HFY2020.
To be sure, the group’s most recent set of results were largely in line with analysts’ expectations. GENS booked earnings of S$155.9 million for 4QFY2019 ended December, some 4% higher than earnings of S$150.2 million a year ago. However, despite the improved earnings in the final quarter, full-year earnings came in at S$688.6 million, or 9% lower than FY2018’s earnings of S$755.4 million.
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