Singapore to reach 80% vaccination rate by September, analysts say

Analysts predict Singapore will have 80 per cent of its population fully vaccinated against Covid-19 by September, which could lead to an easing of restrictions and the end of reduced capacity limits at Genting Singapore.

Singapore.- OCBC analysts have predicted Singapore could achieve an 80 per cent vaccination rate for Covid-19 by September. That could lead to a relaxation in travel restrictions and a loosening of social distancing restrictions.

The analysts said: “Genting Singapore will benefit from Singapore’s high inoculation rate which will create opportunities for a gradual and selective opening of borders by the end of 2021.”

Authorities have already announced that travel restrictions will be eased from August 20 for visitors coming from countries considered safe. Those who arrive in Singapore will have to undergo a 14-day quarantine in the residence or accommodation of their choice.

Genting Singapore reports net profit of US$65m for H1

Genting Singapore Ltd shared its financial results for the first half of the year, reporting a net profit of SGD88.2m (US$65m), which compares to a loss of SGD116.7m last year.

The company reported that revenue was up 23.8 per cent to SGD554.8m when compared to the first half of 2020, while gaming revenue in the first half of 2021 came in at SGD442.9m, up 61.4 per cent year-on-year.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the first half of the year was SGD276.1m, compared to SGD66.7m in the first half of 2020.

According to Nomura, Genting Singapore’s earnings for the second half will be similar to those registered during the first quarter of the year or even below that level.

Analysts predict Genting Singapore’s revenue will reach SGD1.74bn (US$1.30bn) in 2021, and almost SGD2.11bn in 2022. In 2020, the company reported revenue of SGD69.2m (US$52.1m), down 89.9 per cent year-on-year.