SGX-listed companies Genting Singapore (SG:G13) and Top Glove Bhd (SG:BVA) have posted tremendous growth in their share prices over the last six months.
Genting has a Moderate Buy rating with no further upside potential. As for Top Glove, analysts have rated the stock as Hold and expect the share price to go down by more than 30%.
Let’s dive into more details.
Genting Singapore Limited
Genting Singapore is a hospitality and leisure company in Singapore. The company is engaged in the development and management of resorts and casinos.
In the last six months, the company’s stock has gained almost 50%. The stock has been on an upward trajectory, mainly driven by a rebound in the global travel and hospitality sectors. The company, along with its annual results for 2022, stated that it will continue on its recovery path, but higher inflation and economic uncertainties remain as concern areas.
Even though analysts remain bullish on the stock, the upside potential is limited as the stock is trading at a high value. Recently, Maybank analyst Yin Shao Yang upgraded his rating on the stock from Hold to Buy. His price target of S$1.18 is almost similar to the current trading levels.
Yin believes that booming real estate and more visitors from China will drive gross gaming revenues for the company.
Is Genting Stock a Good Buy?
According to TipRanks, G13 stock has a Moderate Buy rating, based on eight Buy, and three Hold recommendations.
The average price forecast is S$1.16, which is 0.94% lower than the current price level.
Top Glove Corporation Bhd
Top Glove is a leading glove manufacturing company in the world. The company sells its products in more than 190 countries worldwide.
In the last six months, the company’s shares have soared by more than 80%. This was due to various headwinds, such as higher costs and lower selling prices, that affected the overall glove industry. Investors are expecting further growth in the share price as they expect the company to return to profitable levels after disappointing results in Q2 2023. The company recently announced that it is increasing its selling price as it returns to pre-pandemic levels.
Analysts, on the other hand, have mixed opinions and feel the price hike is not sufficient to offset cost pressures, and the company will have to wait a little longer to book profits again.
Top Glove Price Target
Based on a total of four recommendations, BVA stock has a Hold rating on TipRanks. The average price target of S$0.24 suggests a downside of 31.5% from the current price level.
Conclusion
Both G13 and BVA have delivered huge growth in their share prices in the last six months. However, analysts are not forecasting any further upside in their stocks.
Among these companies, Genting has a Moderate Buy rating from analysts, and Top Glove has a Hold rating.
