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FINM036 Financial Decision Making
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FINM036 Financial Decision Making
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Course Code: FINM036
University: University Of Northampton
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Country: United Kingdom
Questions:
1.Identify the asset value per share and the current market share price. (This will be available on the company website or google out. The annual report will have the yearend high and low values). Comment on the share prices of the company. Is it linear with the stock exchange indicator (STI – Strait times Index) 2. Consider non-financial (ratios) parameters like brand preference, customer retention and churn, customer experience, Innovation, customer service, KPI, SWOT, PESTLE, market share, customer loyalty, innovation, management capability, employee relations, quality and brand awareness and perceived value, CSR activities, sustainability activities, service quality, staff turnover, patents and trademarks, supply chain, R&D activities, etc
Answer:
Introduction
Genting Singapore Plc is the Singapore-based regional hospitality, leisure as well as integrated resorts listed on Singapore Stock Exchange (Reuters.com 2018). Through its subsidiaries, Genting Singapore plc is usually engaged in development as well as operations of casinos, integrated resort, provision of marketing and sales support services to hospitality and leisure related investment and businesses. The company operates through hospitality and leisure operations segment in Singapore. It also carries its operations in the other regions such as Asia Pacific including development of integrated resort within Korea (Genting Singapore plc 2017). To be more specific, Genting Singapore plc is engaged in operation and development of the integrated resorts, comprising of gaming, incentives, hospitality, casino, meetings and conferences. The company also provides international marketing, information technology and sales services. It gaming plan is usually owning and operating hospitality, entertainment, gaming and leisure facilities (Reuters.com 2018). The company operates under gabling, lodging and entertainment industry. Its main competitors include 2016 GCG Limited, Las Vegas Sands Corporation as well as Melco Resorts and Entertainment Ltd.
Horizontal Analysis and Vertical Analysis
Based on the company’s horizontal analysis presented in Table 1 and 2 below, it is evident that Genting Singapore plc revenue experienced a significant increase in the year 2014. The decrease in total revenue over the two years was attributable to the stiff competition within the industry resulting in decreased sales. Nonetheless, in the year 2017, Genting Singapore plc is found to have enjoyed increment in its revenue. Its profits both net profit, operating and gross profit experienced decrease in 2013, 2014, 2015 and 2016; nonetheless, the profits increased in 2017. The increase in profits in 2017 was attributable to higher business volume for the company from its casino business. Further, its total assets over the last five years experienced a decreasing trend. The decrease was mostly attributable its recent acquisition which has ended up making the company generate weak assets. Additionally, its total liabilities are viewed to experience a decreasing trend in 2013, 2014, 2015 and in 2016, however the total liabilities increased with 11.50%. The increase reported in 2017 was attributable to increased debt financing over the period. The increase in sales and profits is consistent with the industry trend where the lodging industry recorded a tremendous increase in 2017.
2014
2015
2016
2017
Revenue
0.52%
-19.20%
-7.76%
6.90%
Gross profit
-0.80%
-43.43%
-0.58%
35.91%
Operating income
22.02%
-68.46%
-5.48%
38.68%
Income before taxes
-5.09%
-188.53%
43.86%
42.21%
Net income from continuing operations
-11.50%
-229.02%
49.87%
43.88%
Net income
-11.34%
-229.02%
49.87%
43.88%
Table 1: Horizontal analysis of Genting Singapore plc Income Statement
2014-12
2015-12
2016-12
2017-12
Cash and cash equivalents
1.81%
26.09%
-0.79%
-29.45%
Short-term investments
3.73%
0
0
0
Total cash
2.31%
-0.18%
-0.79%
-29.45%
Receivables
-1.34%
-82.02%
-264.97%
-63.54%
Inventories
-3.70%
5.26%
8.06%
-26.53%
Total current assets
1.68%
-7.76%
-0.17%
-41.16%
Gross property, plant and equipment
1.47%
-0.60%
0.28%
0.56%
Accumulated Depreciation
23.01%
13.82%
11.83%
8.63%
Net property, plant and equipment
-4.92%
-5.87%
-4.67%
-3.41%
Goodwill
0.00%
0.00%
0.00%
0.00%
Intangible assets
-55.56%
-100.00%
71.43%
-50.00%
Deferred income taxes
0
100.00%
0
0
Other long-term assets
-46.01%
25.09%
-170.05%
21.09%
Total non-current assets
-7.98%
-3.09%
-10.19%
-2.51%
Total assets
-3.17%
-5.36%
-5.08%
-19.14%
Short-term debt
0.39%
-215.85%
9.89%
10.34%
Capital leases
-600.00%
66.67%
0.00%
0
Accounts payable
-25.00%
0.00%
-33.33%
-200.00%
Total current liabilities
6.16%
-138.33%
-2.21%
26.91%
Non-current liabilities
Long-term debt
-43.75%
18.90%
-49.28%
3.36%
Deferred taxes liabilities
-15.22%
18.73%
5.67%
-6.01%
Total liabilities
-15.43%
-23.66%
-25.31%
11.50%
Table 2: Horizontal analysis of Genting Singapore plc Balance sheet
2013-12
2014-12
2015-12
2016-12
2017-12
Cash and cash equivalents
27.77%
29.17%
41.59%
43.36%
39.91%
Short-term investments
9.68%
10.37%
0.00%
0.00%
0.00%
Total cash
37.44%
39.54%
41.59%
43.36%
39.91%
Receivables
8.08%
8.23%
4.76%
1.37%
1.00%
Inventories
0.43%
0.43%
0.47%
0.54%
0.51%
Total current assets
47.41%
49.76%
48.65%
51.03%
43.07%
Gross property, plant and equipment
56.75%
59.42%
62.23%
65.58%
78.57%
Net property, plant and equipment
46.62%
45.84%
45.62%
45.80%
52.76%
Goodwill
0.63%
0.65%
0.69%
0.73%
0.86%
Intangible assets
0.43%
0.28%
0.15%
0.55%
0.44%
Deferred income taxes
0.00%
0.00%
0.02%
0.00%
0.00%
Total assets
100.00%
100.00%
100.00%
100.00%
100.00%
Current liabilities
0.00%
0.00%
0.00%
0.00%
Short-term debt
3.95%
4.09%
1.36%
1.59%
2.11%
Capital leases
0.05%
0.01%
0.02%
0.03%
0.00%
Accounts payable
0.04%
0.03%
0.03%
0.03%
0.01%
Taxes payable
1.19%
1.43%
0.57%
0.82%
2.08%
Other current liabilities
5.85%
6.61%
3.39%
3.06%
4.81%
Total current liabilities
11.07%
12.17%
5.38%
5.53%
9.01%
Long-term debt
13.02%
9.34%
12.14%
8.54%
10.53%
Deferred taxes liabilities
2.03%
1.82%
2.35%
2.62%
2.95%
Deferred revenues
0.08%
0.06%
0.05%
0.03%
0.02%
Other long-term liabilities
0.02%
0.03%
0.01%
0.01%
0.01%
Total non-current liabilities
15.14%
11.26%
14.58%
11.21%
13.52%
Total liabilities
26.21%
23.43%
19.96%
16.74%
22.54%
Table 3: Vertical Analysis of Genting Singapore plc Balance sheet
2013
2014
2015
2016
2017
Revenue
100.00%
100.00%
100.00%
100.00%
100.00%
Cost of revenue
64.81%
65.30%
71.14%
69.08%
55.08%
Gross profit
35.19%
34.73%
28.86%
30.92%
44.92%
Operating income
26.62%
33.96%
24.03%
24.55%
37.28%
Income before taxes
29.72%
28.13%
11.62%
22.31%
35.94%
Net income from continuing operations
24.87%
22.19%
8.04%
17.28%
28.67%
Net income
24.83%
22.19%
8.04%
17.28%
28.67%
Net income available to common shareholders
24.83%
22.19%
8.04%
17.28%
28.67%
Table 4: Vertical analysis of Genting Singapore plc Income Statement
Economic Condition of the Hospitality and Entertainment Industry in Singapore
The hospitality and entertainment market or industry is the largest revenue generator in Singapore due to the immense number of companies involved in lodging business. Basically, Singapore is a small country well-known for its luxurious hotels and food (Study.com 2018). It has more than 400 hotels and lodges and still more are being built (Singapore Tourism Board 2017). Its strongest supporters are the international visitors and for the past years, the lodging and entertainment industry has recorded significantly high or increased profitability and efficiency. According to DJ Kang (2017) there are more tourists visiting Singapore than ever who are spending more cash in the country. For instance, the country gained $11.5 billion in 2016 from hospitality and entertainment industry and around $12.7 billion in 2017.
PROFITABILITY
Gross profit ratio
This ratio helps in measuring amount of sales that is convertible to gross income.
2013
2014
2015
2016
2017
Industry
Gross Margin
35.21
34.72
28.85
30.95
44.92
44.81
Table 1: Gross profit ratio
Based on the Table 1 above, Genting Singapore Ltd ratio was 35.21 in 2013 that experienced a significant decrease to 34.72 by 2014, then to 28.85 in 2015 but later increased to 44.92 in 2017. This ratio was relatively as per the industry ratio which was 44.81 meaning that the company was profitable. The increase reported in the last two years was attributed to increased revenue resulting from its higher business volume from its casino business.
Figure 1: Graph of gross profit ratio Net Margin
2013
2014
2015
2016
2017
Industry
Net Margin %
20.7
18.07
3.13
11.95
25.12
18.23
Table 1: Net margin
The ratio decreased over the period moving from 20.7 in 2013 to 18.07 in 2014, then to 3.13 in 2015 but later an increased to 25.12 in 2017. This ratio is relatively above the industry threshold of 18.23 meaning that the firm is profitable enough over the period. The increase was usually due to increased volume of sales reported over the period.
Return on assets
2013
2014
2015
2016
2017
Industry
Return on Assets %
4.53
4.02
0.61
2.27
5.71
8.79
Table 3: ROA
By 2013, the ratio was 4.53 which is said to have decreased to 4.02 in 2014 and further to 0.16 in 2015 but later increased to 2.27 and further to 5.71 in 2017. This ratio was below the industry threshold of 8.79. The increase reported in the last two years was attributable to increased net income over the same period.
Return on Equity
2013
2014
2015
2016
2017
Industry
Return on Equity %
6.34
5.35
0.78
2.78
7.08
31.00
Table 4: ROE
By 2013, the ROE was 6.34 which later decrease to 5.35 in 2014 and to 0.78 in 2015 but later increased to 7.08 in 2017. This means that the firm was efficient in utilizing its equity to generate income. Its value was relatively below the industry threshold of 31. The increase was attributable to increasing trend in its net income over the period.
DIVIDEND RATIOS
Dividend Yield ratio
2013
2014
2015
2016
2017
Industry
Dividends yield
0.62
0.98
1.37
3.11
2.24
2.60
Table 5: Dividend Yield
In 2013, dividend yield was 0.62 which increased to 3.11 in 2016 and later decreased to 2.24. Despite the decrease which was attributable to decrease in the amount of dividends payment, the amount was as per the industry threshold of 2.60.
Figure 5: Dividend Yield Dividend Payout ratio
2013
2014
2015
2016
2017
Industry
Dividends Payout Ratio % *
0.19
0.24
1.60
1.34
0.61
0.07
Table 6: Dividend payout
By 2013, dividend payout for the company was 019 which increased to 1.61 in 2016 but later decreased to 0.16 in 2017. The decrease is attributable to the . Despite the decrease in dividend payout, the ratio is higher than the industry threshold meaning that the company performance is per the industry requirements.
Figure 5: dividend payoutPrice earnings ratio
2013
2014
2015
2016
2017
Industry
P/E Ratio
30.61
25.71
128.33
41.36
26.20
21.90
Table 7: P/E ratio
In 2013, P/E ratio was 30.61 which decreased to 25.71 in 2014 and later increased to 128.33 in 2016. The increase was for a while since the ratio later decreased to 26.20 in 2017. Despite the decrease, the value is higher than the industry value of 21.90 meaning that the company shares are properly valued. The decrease is attributable to decrease in price of the company shares over the period.
Earnings per share
2013
2014
2015
2016
2017
Industry
Earnings Per Share SGD
1.91
1.60
0.22
0.77
1.85
2.00
Table 8: EPS
By 2013, Genting Singapore EPS was 1.91 that decreased to 0.22 in 2015 but later increased to 1.85 in 2017. The increase in the company EPS was attributable to increase the company net income over the period. The ratio was below the industry value of 2 but was relatively as per this value meaning that the company is competitive in the industry.
STABILITY AND LIQUIDITY RATIOS
Debt to Equity ratio
2013
2014
2015
2016
2017
Industry
Debt/Equity
0.23
0.18
0.17
0.12
0.16
0.70
Table 9: Debt/equity ratio
In 2013, Genting Singapore debt/equity was 0.23 which is reported to have decreased to 0.12 in 2016 but later increased to 0.16. The decrease in this ratio is good since it means that the firm is dependent on equity financing rather than debt financing; hence, it is financially, stable. Besides, the ratio is below the industry value of 0.70. The decrease is attributable to decreasing trend in the company’s debts as well as increase in its equity.
Interest coverage ratio
2013
2014
2015
2016
2017
Industry
Interest Coverage
20.55
33.88
14.18
17.83
39
37.97
Table 10: Interest coverage
Genting Singapore ratio in 2013 was 20.55 which later increased to 33.88 but later decreased to 14.18 in 2015. The decrease was for a while since the ratio increased to 39 by 2017. This value is relatively above industry value of 37.97 meaning that the company is not struggling to settle its interest expenses at all. The increase in interest coverage was attributable to increased net income over the period.
Current ratio
2013
2014
2015
2016
2017
Industry
Current Ratio
4.28
4.09
9.04
9.23
4.78
3.59
Table 11: Current ratio
Current ratio in 2013 was 4.28 which later decreased to 4.09 in 2014 and increased to 9.23 in 2016. This later decreased to 4.78 in 2017. The decrease was attributable to decreasing trend in the company current assets compared to increase in its current liabilities. Despite the decrease, the value was above the industry value of 3.59 and therefore means that the company has idea current assets to be used in settling its short-term debts.
Figure 11: Current ratioQuick ratio
2013
2014
2015
2016
2017
Industry
Quick Ratio
4.13
3.94
8.67
8.13
4.55
3.41
Table 12: Quick ratio
In 2013, quick ratio was 4.13 which is reported to decrease to 3.94 in 2014 but later increased to 8.67. Later the ratio decreased to 4.55 in 2017. The decrease was attributable to decrease in current assets though with a smaller margin compared to current liabilities. Despite the decrease, the value is above the industry value of 3.41 meaning that Genting Singapore Ltd is having easy time in settling its short-term debts with its most liquid assets
EFFICIENCY Ratios
Asset Turnover ratio
2013
2014
2015
2016
2017
Industry
Asset Turnover
0.22
0.22
0.19
0.19
0.23
0.56
Table 13: Asset turnover
In 2013, Genting Singapore ratio was 0.22 which remained constant in 2014 but decreased to 0.19 in 2015 and later increased to 0.23. The increase was attributable to increase sales value for the company. Despite the increase, the company value is below the industry value of 0.56 meaning that Genting Singapore was inefficient in turning its assets into revenue.
Inventory turnover ratio
2013
2014
2015
2016
2017
Industry
Inventory Turnover
33.66
34.06
30.83
25.92
23.93
120.13
Table 14: Inventory turnover
Genting Singapore Ltd inventory turnover was 33.66 in 2013 which increased to 34.06 in 2014 but later decreased to 23.93 in 2017. The decrease is attributable to decrease in the cost of revenue incurred by the company. The value was below the industry value of 120.13 meaning that Genting Singapore is inventories are not lean at all and the entity might be in a position to correspond to increased demand.
Debtor’s turnover ratio
2013
2014
2015
2016
2017
Industry
Debtor’s Turnover
2.99
2.73
2.97
6.11
18.95
31.60
Table 15: Debtor’s turnover ratio
In 2013, the ratio was 2.99 which is reported to decrease to 2.72 in 2014 but later increased to 18.95. The increase was attributable to increased sales within the company. Besides, the ratio was below the industry ratio of 31.60 meaning that the company has been efficient in collecting money from debtors. Furthermore, the increasing trend in its ratio means that the company has been gaining efficiency on how it collects money from debtors.
Cash Cycle
2013
2014
2015
2016
2017
Industry
Cash Conversion Cycle
145.59
143.17
98.47
39.19
29.20
30.00
Table 16: Cash conversion cycle
In 2013, the cash cycle was 145.59 which later decreased to as low as 29.20. The value was below the industry value of 30 meaning that the company management has not been effective enough in converting cash on hand to account payable and inventory.
Comparative of Genting Singapore with Industry Average
Returns on Investment
2013
2014
2015
2016
2017
Industry
Return on Invested
5.28
4.64
0.91
2.64
6.4
11.11
Table 17: ROI
The ROI for the company was 5.28 in 2013 which later decreased to 0.91 in 2015. This decrease was for a while since the ratio later decreased to 6.4 by 2017. The ratio is far below the industry value of 11.11 though above the set threshold meaning that despite value being below the industry value, the company is competitive enough within the industry.
Return on Assets
The ratio measures how efficient an organization is in converting its assets into income (Kumbirai & Webb 2010).
2013
2014
2015
2016
2017
Industry
Return on Assets %
4.53
4.02
0.61
2.27
5.71
8.79
Table 18: ROA
Based on the table, it is evident that the company ROA decreased from 4.53 in 2013 to around 0.61 in 2015 and later increased to 5.71 by 2017. The increase which is attributable to increased volume in casino is a good sign for the company. Besides, the value is below industry value but as per the industry threshold meaning that the company has been efficient in converting its assets into income.
Return on Equity
The ratio measures efficiency of an organization in converting equity into income (Sueyoshi 2005).
2013
2014
2015
2016
2017
Industry
Return on Equity %
6.34
5.35
0.78
2.78
7.08
31.00
Table 19: ROE
The ratio was 6.34 in 2013 which decreased to 0.78 in 2015 but later increased to 7.08 in 2017. The increase was mostly as a result of increased income over the period. Besides, the ratio was below industry average of 31 meaning that despite the increase, the company was still doing poor on how it utilizes its equity to generate some incomes.Risk
The ratio measure the level of financial risk associated with level to which the firm utilizes debts in acquiring extra assets (Lewellen 2004).
2013
2014
2015
2016
2017
Industry
Risk
1.36
1.31
1.25
1.2
1.29
1.32
Table 20: RiskThe ratio was 1.36 in 2013 which decreased to 1.2 in 2016 but later increased to 1.29. By comparing the value with the industry average it means that Genting Singapore Ltd is at lesser financial risk in comparison to the industry average.
Asset Value per Share as well as Genting Singapore Ltd Market Share Price Compared to STI
Based on Figure 17 below, it is evident that Genting Singapore Ltd experienced a decreasing trend in its market share price between January 2013 and May 2016 (Stockopedia Ltd 2018). This trend then changed and an increase was reported over the period up to February this year where the price seems to be experiencing a decreasing or volatile trend (GuruFocus 2018). Besides, comparing the company market share price with Strait Times Index, it is evident that the share price for Genting Singapore Ltd was in linear with the STI though below the index. Basically, the Strait Times Index value for the last five years was relatively above Genting Singapore Ltd share price (D&B Hoovers 2018). The similarity in their curve movement over the past five years shows that Genting Singapore Ltd share price were moving in line with the Index and therefore good for existing and potential investors.
Non-Financial Parameters for Genting Singapore plc
There are two casinos across Singapore, but Getting Singapore’s rivals include each single casino and the integrated resort. Besides, given that the firm target tourists, the level of completion is relatively strong especially in the gaming industry. Genting Singapore brand is also widely known as it is the leading gaming firm in the country. This has boosted its reputations in the market; hence, the probability of generating better finances. According to Genting Singapore plc (2017), Genting Singapore value for its clients has enhanced high level of customer retention over the period. Besides, the company values its personnel for their loyalty and commitment by rewarding them for their long services, which has in turn result in increased or improved performance. Additionally, the company continues to engage closely with the government, providing regular updates vial statutory reporting. Besides, the company maintains regular and open regulations with its investors; hence, motivating these investors to invest more money in their shares.
Section B
Genting Singapore Ltd Corporate Governance Compliance
Corporate Governance is usually the policy of an organization in managing affairs of a specific group in line with appropriate standards for proper corporate governance. In this case, Genting Singapore plc has adopted several corporate governance policies (Genting Singapore plc 2016). To assist its board in discharging their duties, Genting Singapore management supplies it board with timely, adequate and complete information. Notice of the meeting, setting agenda together with relevant support providing explanatory information and background like information required, expected benefits, financial effect, mitigation measures, risk analysis, recommendation and conclusion are set to the board on time to enable them in perusing and obtaining extra information on matters that needs to be deliberated (Genting Singapore plc 2017). The company board offers understandable and balanced evaluation of the company performance, prospects and position through its financial statement, annual review and quarterly analyst briefings.
Impact of Proposed Policies on Company’s Brand and Reputation
The proposed corporate governance policies are expected to influence the company brand and reputation positively. To become dominant in the hospitality and entertainment industry, expert proposes adopting of some new financial accounting technologies.
Review of corporate governance
Directors and their role
Genting Singapore Directors comprises of Tan Sri Lim, Lim Kok Hoong, Koh Seow Chuan, Tan Hee Teck and Tjong Yik Min. The directors play a significant role in the company. First, the directors are responsible for ensuring proper conduct of an organization’s operations entailing overseeing its affairs and performance, guiding and setting strategic objectives and direction as well as offering entrepreneurial leadership (Genting Singapore plc 2017). This have a significant part in the company; hence, the impact the company performance either negatively or positively.
Non-Executive Directors and Their Role
The non-executive directors include Lim Kok Hoong, Koh Seow Chuan and Tan Sri Lim (Genting Singapore plc 2016). These persons play a crucial role since they examine and determine independence of every board member as well as the directors. Additionally, they are responsible in leading the firm to ensure smooth flow of operations.Genting Singapore vision as well as its strategic financial goals
Based on the non-financial and financial parameters analysis, Genting Singapore vision should be to be the leading multinational firms in the gaming and entertainment services. On the other hand, its strategic financial objectives would be to be the leading company in the industry and to achieve relatively high profit by end of this year.
Conclusion
In conclusion, Genting Singapore Plc is usually engaged in development as well as operations of casinos, integrated resort, provision of marketing and sales support services to hospitality and leisure related investment and businesses. The company operates through hospitality and leisure operations segment in Singapore. Through horizontal and vertical analysis, it can be stated that the company revenue experienced a significant increase in the year 2014. Further, it is evident that the company is profitable or financially health based on the fact that it net profit, operating and gross profit increased in 2017 attributable to higher business volume for the company from its casino business. Moreover, based on the profitability, efficiency, dividends, long-term solvency and liquidity analysis it is evident that the company has been quite profitable over the period. With increasing efficiency ratios, it can be stated that Genting Singapore plc management has been efficient over the period. Besides, through solvency and liquidity ratios it can be stated that the company is stable and is exposed to minimal financial risk.
REFERENCES
D&B Hoovers (2018), Genting Singapore plc: Viewed from: https://www.hoovers.com/company-information/cs/company-profile.genting_singapore_plc.fe4b305e856dd484.html (Accessed 21st September 2018)
DJ Kang (2017), Singapore hotel industry declining amidst growth in tourism, thanks to sharing economy: Viewed from: https://e27.co/singapore-hotel-industry-declining-amidst-growth-tourism-thanks-sharing-economy-20171114/ (Accessed 21st September 2018)
Genting Singapore plc (2017), Genting Singapore plc annual report: Viewed from: https://www.gentingsingapore.com/#!/en/investors/annual-reports (Accessed 21st September 2018)
Genting Singapore plc (2017), Genting Singapore plc sustainability report 2017; Viewed from: https://www.gentingsingapore.com/upload/pdfs/blockitem/1493/2018_03_25_13_48_05_1234303.pdf (Accessed 21st September 2018)
GuruFocus (2018), Genting Singapore Ltd stock: Viewed from: https://www.gurufocus.com/stock/GIGNY (Accessed 21st September 2018)
Kumbirai, M & Webb, R (2010), ‘A financial ratio analysis of commercial bank performance in South Africa,’ African Review of Economics and Finance, 2(1), 30-53.
Lewellen, J (2004), ‘Predicting returns with financial ratios,’ Journal of Financial Economics, 74(2), 209-235.
Reuters.com (2018), Genting Singapore Ltd financial highlights: Viewed from: https://www.reuters.com/finance/stocks/financial-highlights/GENS.SI (Accessed 21st September 2018)
Reuters.com (2018), Genting Singapore Ltd overview: Viewed from: https://www.reuters.com/finance/stocks/overview/GENS.SI (Accessed 21st September 2018)
Singapore Tourism Board (2017), Singapore tourism sector performance breaks record for the second year running in 2017: Viewed from: https://www.stb.gov.sg/news-and-publications/lists/newsroom/dispform.aspx?ID=744 (Accessed 21st September 2018)
Stockopedia Ltd (2018), Genting Singapore Ltd share price: Viewed from: https://www.stockopedia.com/share-prices/genting-singapore-SGX:G13/chart/ (Accessed 21st September 2018)
Study.com (2018), Hospitality Industry in Singapore: Viewed from: https://study.com/academy/lesson/hospitality-industry-in-singapore.html (Accessed 21st September 2018)
Sueyoshi, T (2005), ‘Financial ratio analysis of the electric power industry,’ Asia-Pacific Journal of Operational Research, 22(03), 349-376.
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