To The Moon

$Las Vegas Sands(LVS)$ $ocbc bank(O39.SI)$ $UOB(U11.SI)$ $DBS(D05.SI)$

Singapore’s Q1 2025 earnings season is wrapping up, delivering a mixed bag of triumphs and troubles. As global markets navigate tariff tensions and economic shifts, Singapore’s corporate giants are revealing their strengths and vulnerabilities. Las Vegas Sands (LVS) has emerged as the star of the show, posting record-breaking results in Singapore, while the nation’s banking heavyweights—DBS, OCBC, and UOB—are flashing warning signs with expected profit dips and cautious outlooks. With Singapore Airlines (SIA) poised to report soon, the season’s final act could still shake things up. Let’s dive into who’s soaring, who’s stumbling, and what it means for your portfolio.

🔍 LVS: The Gaming Giant Steals the Spotlight

Las Vegas Sands (LVS), the operator of Marina Bay Sands, delivered a knockout performance in Q1 2025. Its Singapore operations posted an Adjusted Property EBITDA of $605 million, with mass gaming revenue soaring to $778 million—a 73% surge from Q1 2019 and 13% from the prior quarter. This translates to an impressive 52% EBITDA margin, showcasing the resilience of Singapore’s gaming and tourism sector. LVS’s success is driven by a rebound in high-net-worth visitors and strong local demand, cementing its status as a standout in this earnings season.

The company’s ability to capitalize on Singapore’s tourism recovery, bolstered by government initiatives to position the city as a global hub, makes it a beacon of strength. Investors on platforms like X are buzzing, with posts praising LVS’s “unstoppable” Singapore performance. With global travel rebounding and Singapore’s appeal as a luxury destination growing, LVS is a clear winner.

🧠 Banks: Caution Lights Flashing

Singapore’s banking trio—DBS, OCBC, and UOB—are facing a tougher road. Expected to report Q1 2025 earnings in the coming weeks, all three are bracing for challenges:

• Net Income Declines: DBS and OCBC are projected to see their first year-on-year net income drops since Q1 2022, driven by softening net interest margins (NIMs) and higher loan loss provisions. UOB is the outlier, with a modest 1.1% growth forecast, but it’s the slowest since Q2 2024.

• NIM Pressure: The three-month SORA rate fell from 3.02% to 2.55% by March 2025, squeezing interest income. UOB and OCBC have already cut flagship savings account rates, signaling ongoing margin compression.

• Loan Loss Provisions: All three banks are expected to increase provisions, reflecting caution amid Trump’s tariff threats and potential economic slowdowns.

• Bright Spots: Fee and commission income is a silver lining, with DBS (+7.7%), OCBC (+11.3%), and UOB (+10.5%) benefiting from wealth management and trading income spurred by market volatility. Loan growth also held strong, up 5.3% in January and 4.9% in February.

Despite these challenges, the banks’ high dividend yields—above 5% for all three—remain attractive for income-focused investors. However, institutional outflows from the financial sector, driven by tariff concerns, suggest near-term pressure on share prices.

📈 SIA: The Wild Card to Watch

Singapore Airlines (SIA) is set to report its Q1 2025 earnings on May 15, 2025, making it a key player in the season’s final stretch. While specific results aren’t yet available, SIA’s performance will be a bellwether for the travel and tourism sector. The airline’s Q2 2024 results showed a 49% drop in operating profit to $796 million, despite 3.7% revenue growth to $9.5 billion, driven by higher fuel and non-fuel costs. Investors will be watching for signs of recovery, especially as global travel demand rebounds. A strong report could lift related stocks, while a miss might dampen sentiment.

📊 Earnings Snapshot: Winners and Losers

Caption: LVS dominates, while banks signal caution. SIA’s report could shift the narrative.

💰 Trading Opportunities

• LVS: A strong buy for growth and momentum. Its record performance and tourism tailwinds make it a top pick. Target $60–$65, with a stop-loss at $50 to manage volatility.

• Banks (DBS, OCBC, UOB): Hold for income investors, given their 5%+ dividend yields. UOB’s slight growth edge makes it the pick of the trio, but wait for earnings clarity before buying. Support levels: DBS ($39.70), OCBC ($15.40), UOB ($31.78).

• SIA: Watch for the May 15 report. A beat could spark a rally in travel stocks; a miss might drag down related sectors. Consider options to play volatility.

🧾 My Take / Conclusion

The evidence suggests Las Vegas Sands (LVS) is the standout star of Singapore’s Q1 2025 earnings season, with its record-breaking $605 million EBITDA and 73% gaming revenue growth from Q1 2019 showcasing the strength of Singapore’s tourism sector. Meanwhile, DBS, OCBC, and UOB are flashing warning signs, with expected net income declines and increased loan loss provisions signaling caution amid softening NIMs and tariff risks. UOB’s modest 1.1% growth offers a slight edge, but the banking sector’s outlook remains cloudy. Singapore Airlines’ upcoming earnings could sway sentiment in the travel space, making it a critical watch.

For investors, LVS is a compelling buy for its momentum and exposure to Singapore’s tourism boom. The banks, despite their challenges, offer value through high dividends, but patience is key until earnings confirm their trajectory. SIA’s report could be a game-changer, so keep it on your radar. What’s your move—betting on LVS’s shine, holding banks for yield, or waiting for SIA’s signal? Drop your thoughts below! 📢

Disclaimer: Not financial advice. For educational purposes only. Always conduct your own research before investing.

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📝 Disclaimer: This post is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.

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