Optimistic Buy Rating for Genting Singapore Driven by Non-Gaming Growth and Strategic Developments at RWSWe reiterate our Add call with an unchanged TP of S$0.785, based on 7.2x FY27F EV/EBITDA (4-year post-Covid mean) as we expect a re-rating to follow when GENS exhibits further revenue growth, especially for its non-gaming segment. We believe this could convince investors that GENS’s investment in RWS1.5 (i.e. Weave, Laurus) as well as and waterfront development that are slated to open in 2028 and 2030, respectively, as part of its S$6.8bn RWS2.0 project, will yield longer-term returns. Re-rating catalysts include better-than- expected tourist arrivals and substantial repair of GENS’s gaming market share. Downside risks include sluggish tourism outlook for Singapore, affecting visitor pax and spending, alongside lower-than-expected win rates for its gaming segment.