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Analysts cautious on corporate earnings growth amid Covid-led lockdown
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GGRAsia – GEN Sing 2022 EBITDA to be below 2019 levels: Moody s
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Earnings before interest, taxation, depreciation and amortisation (EBITDA) at casino operator Genting Singapore Ltd are likely to remain below 2019 levels this year and in 2022. That is according to a new credit opinion on the company issued on Thursday by Moody’s Investors Service Inc.
“Following a challenging year, we estimate Genting Singapore’s EBITDA to increase in 2021 and 2022 but remain below pre-pandemic levels,” analysts Junling Tan, Yu Sheng Tay, and Vikas Halan wrote. “We believe the operating environment will remain challenging, as ongoing international travel restrictions [related with the Covid-19 pandemic] continue to weigh on recovery prospects”.
Moody’s forecast Genting Singapore is likely to achieve revenue of almost SGD1.74 billion (US$1.30 billion) in full-2021, up by almost two-thirds in year-on-year terms. Revenue in full-2022 is likely to hit close to SGD2.11 billion, the credit rating agency estimated.
The temporary suspension of business at Cambodian casino resort NagaWorld, after 11 staff tested positive for Covid-19, is a “credit negative” for its Hong Kong-listed promoter NagaCorp Ltd, said Moody’s Investors Service Inc, in a Wednesday note.
Any “prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality,” said the memo from Junling Tan, Yu Sheng Tay and Vikas Halan.
Moody’s currently considers credit instruments issued by NagaCorp as ‘B1’ – a non-investment grade – with, in NagaCorp’s case, a ‘negative’ outlook.
The Moody’s team stated: “NagaWorld will experience a decline in foot fall because of social distancing and density control measures – as well as health and safety concerns – when the operations resume.”
Stable outlook for Indian corporates: Moody’s and ICRA
February 25, 2021
Rating agencies caution, however, that Covid threat still looms large
Rating agencies Moody’s and ICRA have given a stable outlook for Indian corporates as consumption and investment demand show signs of recovery but caution that the coronavirus threat still looms large.
While Moody’s stated that supportive government measures and funding environment would boost corporate and infrastructure recovery, ICRA said the recovery would be led by sectors such as ferrous and non-ferrous metals, auto and textiles, where operating conditions are improving rapidly.
The stable outlook reflects easing pandemic restrictions, government stimulus aimed at boosting consumption and investment, and a benign funding environment. Moody’s Indian affiliate, ICRA, has changed its outlook for some sectors, such as auto and textiles, to stable from negative on expectations of a swift demand recovery.
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