Is Genting Sing (SGX: G13) Stock a Good Buy Now? (Boom or Burst?)
Right now Genting Sing (SGX: G13) share price is at SGD$0.643. At this price, Genting Sing is valued at a price-to-book ratio of 0.930 and a trailing distribution yield of 6.4%. With the current valuation, would I invest in it?
Let’s go through using my 7 steps guide to invest in Singapore and find the perfect Dividend Stocks.
Disclaimer: I may or may not have invest in any of the stocks/REITs/ETFs, what’s listed here is only for entertainment purpose only and it should never be used as any form of investment advice. Past performance ≠ future results. While I’ve been investing for +15 years, I am still learning, this is my stock investment diary, and I wish to share what I learn during my investment journey so you may learn from both my success and mistakes. Enjoy!
Business Background
Genting Singapore Limited (SGX: G13) is a Singapore-listed company and part of the Genting Group, with Genting Berhad holding a 52.6% stake.
The company owns and operates Resorts World Sentosa (RWS), one of Singapore’s two integrated resorts with a casino, alongside Marina Bay Sands.
Besides its casino, RWS is home to several popular attractions, including Universal Studios Singapore, Singapore Oceanarium, hotels, restaurants, and entertainment facilities.
How Does Genting Singapore Make Money?
Genting Singapore generates revenue mainly from two businesses:
- Gaming: Revenue from casino operations, including gaming tables and slot machines.
- Non-gaming: Revenue from hotels, theme parks, attractions, dining, and other resort activities.
Here is how much each business contributed to the revenue.
| Business | Revenue |
|---|---|
| Gaming | S$1.60 billion |
| Non-gaming | S$832.3 million |
| Other Revenue | S$16.2 million |
| Total Revenue | S$2.45 billion |
Gaming accounted for approximately 65% of Genting Singapore’s revenue, making it the company’s biggest income source.
This is something I pay attention to because casino earnings can fluctuate depending on visitor spending and gaming results.
Genting Singapore is also investing heavily in its RWS 2.0 redevelopment, which aims to improve its attractions and strengthen its position as a leading tourist destination.
While this could support future growth, the substantial investment required may affect how much cash is available for dividends.
1. Debt To Equity Ratio
Check for: Less than 0.5 D/E Ratio
The debt-to-equity ratio tells us how much debt a company has compared to its shareholders’ equity. I generally prefer companies with lower debt because they have less financial pressure during difficult times.
Looking at Genting Singapore’s latest financial results, its balance sheet is particularly strong.
Genting Sing have a D/E ratio of approx. 0.00.
This is below the 0.5 D/E Ratio.
With a D/E ratio of less than 0.5, this means the company is not overly leveraged, they are likely able to finance the company’s operations.
Genting Singapore has practically no interest-bearing debt apart from lease liabilities. With approximately S$2.95 billion in cash reserves, it is in a comfortable financial position.
Overall, I am comfortable with Genting Singapore’s debt position. The bigger question is whether its future earnings and cash flow can support both its redevelopment and dividend payments.
The company has a low risk of defaulting.
My Opinion: Pass
2. Dividend Yield
Check for: More than a 2.5% dividend yield
Dividend yield tells us how much dividend income we receive compared to the share price. I generally prefer stocks with a dividend yield above 2.5%, provided the dividends are sustainable.
Genting Singapore has a dividend of 0.04 which is calculated to a dividend yield of approx. 6.4%, which is .
This is comfortably above my 2.5% benchmark.
Genting Singapore Dividend History
Looking at the distribution history, there is quite some up and downs through the years.
| Year | Dividend in SGD |
|---|---|
| 2026 | 0.04 |
| 2025 | 0.04 |
| 2024 | 0.04 |
| 2023 | 0.035 |
| 2022 | 0.02 |
Genting Singapore’s dividends have recovered strongly since the pandemic, increasing from 1 cent in FY2021 to 4 cents in FY2026.
Despite weaker earnings, the company maintained its annual dividend, I like the dividend recovery and the attractive yield. However, a high dividend yield does not necessarily mean a safe dividend.
With Genting Singapore’s recent decline in earnings, I would want to know whether the company can continue supporting its dividend payments.
Since, it is higher than the risk-free rate (CPF OA Account) of 2.5%. I will give it a verdict of Pass.
My Opinion: Pass
3. Dividend Payout Ratio
Check for: Less than 80% dividend payout ratio
I generally prefer a payout ratio below 80%, as this allows the company to retain some profits for future growth and unexpected expenses.
Genting Singapore’s dividend payout ratio was approximately 155.04%, significantly above my 80% benchmark.
Looking at its historical payout ratios, there is a concerning trend.
| Financial Period | Dividend Payout Ratio |
|---|---|
| 2026 | 155.04% |
| 2025 | 123.8% |
| 2024 | 83.4% |
I personally think a payout ratio above 100% means the company is distributing more in dividends than it earns.
While the company has substantial cash reserves to support its dividend payments, I am concerned about whether this is sustainable over the long term.
For dividend investing, I prefer companies that can comfortably support their dividends through consistent earnings rather than relying on accumulated cash reserves.
With the current payout ratio higher than 80%, it mean it is paying out cash more than it’s earning, which is quite concerning.
My Opinion: Fail
4. EPS Growth Rate
Check for: More than 10% EPS Growth
A growing Earning Per Share (EPS) tells us how much profit a company earns for each share, and a consistent earnings growth because growing profits help support future dividend payments.
In any company, we will like to see a constantly growing EPS for 5 years or more.
The EPS 5 year growth rate is a shocking 42.647%!
Yup, the EPS for Genting is huge! Guess the business at the Casino and resort is doing pretty well.
My Opinion: Pass
5. High Return Of Equity (ROE)
Check for: More than 10% ROE
Return on Equity (ROE) tells us how efficiently a company uses shareholders’ money to generate profits. I generally prefer companies with an ROE above 10%, as it shows that the business is generating reasonable returns on its equity.
Genting Singapore has a Return on Equity (ROE) of approximately 3.80%, well below my 10% benchmark.
Genting Singapore REO History
Looking at its historical ROE, the company’s profitability has been declining.
| Year | Return on Equity (ROE) |
|---|---|
| 2026 | 3.80% |
| 2025 | 4.73% |
| 2024 | 7.02% |
| 2023 | 7.56% |
Genting Singapore’s ROE has been declining since FY2023, suggesting that the company is generating less profit from its shareholders’ equity.
Although the company has substantial cash reserves and very little debt, its low ROE suggests that it is not using its capital as efficiently as I would like.
With the ongoing RWS 2.0 redevelopment, I would like to see whether these investments can help improve the company’s profitability in the coming years.
For now, its ROE remains significantly below my 10% benchmark.
My Opinion: Fail
6. Price To Book Ratio
Check for: a P/B Ratio of less than 1.8
The Price-to-Book (P/B) ratio compares a company’s share price with its net asset value. I generally prefer stocks trading below 1.8 times their book value.
Genting Singapore has a P/B ratio of approximately 0.93, which is below my 1.8 benchmark.
This means it is trading at a 7% discount to its book value, investors are paying approximately $0.93 for every $1 of the company’s net assets.
However, a low P/B ratio does not necessarily mean a stock is undervalued.
Genting Singapore’s Price-to-Earnings (P/E) ratio of 24.22 is relatively high suggesting that the stock is not especially cheap when compared to its recent earnings.
Nevertheless, since its P/B ratio is below my benchmark of 1.8, I will give it a Pass.
My Opinion: Pass
7. MOAT
Check for: Not just having a MOAT, but a great MOAT
An economic MOAT is a competitive advantage that protects a company from competitors and helps it remain profitable over the long term.
I believe Genting Singapore has a relatively strong MOAT, mainly because of its casino license and established resort business.
What Gives Genting Singapore Its Competitive Advantage?
1. Limited Casino Competition
The Singapore Government has committed not to introduce additional casinos until the end of 2030. Singapore has only two licensed casino operators:
- Resorts World Sentosa
- Marina Bay Sands
This creates a significant barrier to entry, making it difficult for new competitors to enter the market.
2. Established Tourism Attractions
Resorts World Sentosa is home to Universal Studios Singapore, Singapore Oceanarium, luxury hotels and other attractions.
These facilities help attract tourists and provide multiple sources of revenue beyond its casino.
3. High Capital Requirements
Building and operating an integrated resort requires billions of dollars, regulatory approval and extensive operating experience.
This makes it difficult for new businesses to compete directly with Genting Singapore.
Is Genting Singapore’s MOAT Strong Enough?
While I like its competitive advantages, there are some concerns.
- Genting Singapore still faces strong competition from Marina Bay Sands.
- Recent earnings performance has been disappointing.
- RWS received only a two-year casino Licence renewal from 2025, instead of the usual three years.
This shows that having a casino licence does not guarantee its long-term competitive position.
I believe Genting Singapore has a valuable MOAT, but I would like to see stronger earnings and operating performance before considering it a truly strong competitive advantage.
According to Phil’s book Rule#1 investing, SingTel was having a “Toll Bridge MOAT”, and a strong “Brand MOAT”, which can be a good advantage over it’s competitors.
My Opinion: Pass
Stocks Scorecard Verdict: Genting Singapore
Below is how I’ve scored this stock.
| Metrics | Weightage | Score |
|---|---|---|
| Debt to Equity Ratio | High (2) | 2 |
| Dividend Yield | Low (1) | 1 |
| Dividend payout ratio | Low (1) | 0 |
| EPS Growth Rate | Low (1) | 1 |
| High Return on Equity (ROE) | Low (1) | 0 |
| Acceptable Price-to-Book Ratio | Low (1) | 1 |
| MOAT | Very High (3) | 2 |
| Total | NA | 7 |
Overall Score: 7/10
When choosing stocks for my dividend portfolio, I don’t just look at financial figures. I also consider whether the business aligns with my values.
I personally don’t like gambling, and I don’t encourage others to gamble.
While Genting Singapore has attractive dividends and a strong financial position, much of its revenue comes from its casino business.
For me, investing is not just about making money. I prefer owning businesses that I believe in and feel comfortable supporting. This doesn’t mean Genting Singapore is a bad investment. Other investors may see things differently.
But personally, I would give this stock a miss, regardless of how attractive its dividend yield may be.
Why do I find some metrics more important than others?
There are 3 attributes in a company that Warren Buffett wants in particular:
- Wonderful Company at Fair Price
- Stable & Understandable Business
- Vigilant Leadership in Risk Management
This translate to the following 3 metrics I have on my list:
Thus, for these metrics, I will put a higher weightage in my scoring.
Getting Started in Stocks Investing?
If you are just getting started in Stocks investing, you can consider some of the top investing platforms which many other investors are using for their day-to-day trading.
- Claim up to $1,517 Worth of Free Stocks + Cash Coupon*
- Free SGX & HKEX real-time LV1 quotes
- MAS Regulated Broker (Licence No. CMS101211).
- Lifetime $0 commission fee* for SG, HK & US stocks.
Longbridge Promo: Free Stock + $0 Commission
- Claim up to S$1,200* worth of Free Stocks + Trading Option Gifts + Exclusive Bonus.
- Earn a return on idle cash with Moomoo Cash Plus
- Low commission fee for SG & HK stocks, ETFs & options.
- Lifetime $0 commission free* for US stocks.
Moomoo Promo: Low Commission + Free Stock
21
Brokerage Reviewed & Analyzed
Driven by data, run by investors with real-world experience investing with our own money.
We’re supported by readers who buy via links on our site. While this may influence which products we write, it will not influence our opinions and evaluation. Learn more.
Disclaimer: The information on this page is for your convenience only. By accessing this website you’ve agree on our T&C. We do not offer tax or investing advisory or brokerage services, nor do we recommend or advise anyone to buy or sell particular stocks, securities or other investments.
Join 900+ BUDDIES who are growing their wealth with our weekly Income Newsletter
Antony C. is a Singaporean dividend investor focused on building passive income through REITs, ETFs, and Dividend Stocks. With 15+ years of experience investing in Singapore, Hong Kong, and China markets, he founded IncomeBuddies.com to share practical wealth-building strategies tested in his own portfolio since 2008. His expertise has been featured in Yahoo Finance, Nasdaq, and NFAA, and he’s the published book author of "Start Small, Dream Big".