1Q21 adj. EBITDA of S$128.1m missed, at 16.3%/17.8% of our/consensus’ FY21F forecasts, on lower-than-expected margins. We suspect the lower margins were due to higher operational costs and government support tapering off. We lower our FY21-23F forecasts. Despite potential slower pick-up in business momentum, we still like GENS for its cash pile. Reiterate Add with a lower TP (9.5x FY22F EV/EBITDA).
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