云顶新加坡（G13）：CSIWM 个股点评：2025年四季度/财年业绩速评

Investment Rating - The report does not explicitly provide an investment rating for Genting Singapore (GENS) [5][6]. Core Insights - Genting Singapore's net profit for FY2025 is reported at SGD 390 million, a decrease of 33% year-on-year, primarily due to higher operating costs, a decline in win rates, and increased bad debt provisions [5]. - Management anticipates a continued recovery in non-gaming business in 2026, supported by the completion of asset renovations as part of the RWS 2.0 upgrade plan, which is expected to attract more visitors [5]. - The new management team is focusing on regaining market share in the gaming sector, particularly in the mass market, although this is expected to be a gradual process [5][6]. Financial Performance Summary - Genting Singapore's Q4 FY2025 adjusted EBITDA is SGD 170 million, down 25% year-on-year and 24% quarter-on-quarter, with net profit at SGD 61 million, reflecting a 57% year-on-year and 45% quarter-on-quarter decline [6]. - Gaming revenue decreased by 13% year-on-year due to lower win rates and market share loss to competitors, while non-gaming revenue saw an 18% increase in the second half of FY2025 following the opening of new attractions and hotels [6]. - The hotel occupancy rate for FY2025 was reported at 78%, with an average daily room rate of SGD 496 [6]. Management Commentary - Management acknowledged that FY2025 included high advertising, IT modernization, and startup costs, but expects regular operating expenses to stabilize near FY2025 levels in 2026 as infrastructure upgrades are nearly complete [7]. - The VIP business remains stable, with potential upside dependent on the normalization of win rates to around 3.45% [7]. - Genting Singapore declared a final dividend of SGD 0.02 per share, totaling SGD 0.04 per share for FY2025, with a payout ratio of 124% [7]. Catalysts - The recovery of tourism in Singapore and increased flight capacity are expected to drive more foot traffic to both gaming and non-gaming businesses, particularly through the RWS 1.5 and upcoming RWS 2.0 expansion plans [9].