SINGAPORE - Shares in Genting Singapore Ltd advanced as much as 2.6 per cent to their highest in six months after the casino operator's adjusted core profit topped market estimates.
Genting's third-quarter adjusted EBITDA rose 15 per cent. Gaming revenue jumped 15 per cent, the first increase in at least five quarters. "The results are marginally higher than expectations, if we factor in the expected seasonal pick-up in the fourth quarter," analysts at Nomura wrote in a report.
Nomura, which has a "neutral" rating on Genting, said the results were driven by a strong recovery in the VIP rolling chip volume and a normalisation of the VIP win rate.
More than 26 million shares of Genting were traded, up 1.7 times compared with the average 30-day full-day volume of 15.3 million shares.
The Straits Times Index edged up 0.2 per cent to 3,211.5, supported by gains in DBS Group Holdings and Noble Group Ltd. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent.