Bloomberry 2023 earnings forecast raised by 23%

Bloomberry Resorts posted net income of US$61m for Q2.
Bloomberry Resorts posted net income of US$61m for Q2.

Maybank IBG Research has boosted its forecast due to strong H1 results.

The Philippines.- Maybank IBG Research has increased its earnings projections for Bloomberry Resorts Corp following the company’s financial performance in the first half. It’s increased is forecast for the Philippine casino operator and developer by 23 per cent.

Analysts noted that Bloomberry’s net income for the first six months of 2023 exceeded market consensus, rising 15.1 per cent month-on-month to PHP3.43bn (US$60.5m). The cumulative net income for the first half of 2023 stood at PHP6.42bn, up 158 per cent year-on-year.

Maybank IBG Research highlighted that Bloomberry’s results outpaced earlier estimates. A key contributor was the VIP segment, accounting for 36 per cent of the company’s gross gaming revenue. Maybank IBG Research’s August update projected full-year net gaming revenue of PHP39.4bn. It raised its 2024 earnings forecasts by 15 per cent.

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