Why These 2 Companies May Make "Equal Access Offers" to Buy Back Shares

Genting Singapore owns Resorts World Sentosa in Singapore, one of the largest integrated resort destinations in Asia, offering a casino, one of the world’s largest Oceanariums, Adventure Cove Waterpark, Universal Studios Singapore theme park, hotels, MICE facilities, celebrity chef restaurants and specialty retail outlets.

Why DBS Thinks Genting Singapore is Primed for an Equal Access Offer

DBS Group Research upgraded Genting Singapore (GENS) to BUY with a target price of SGD 0.90, raising the potential for a massive capital return through an Equal Access Offer.

The primary engine behind this theory isn't just GENS’s performance, but the financial needs of its parent company.

Genting Berhad, which holds a 52.6% stake in GENS, is currently navigating a "tight liquidity position".

The parent group is juggling heavy commitments, including a multi-billion dollar privatization of Genting Malaysia and the ambitious expansion of Genting New York, which requires a hefty SGD 770 million upfront license fee.

Furthermore, with SGD 3.6 billion in debt maturing in 2027, Genting Berhad needs cash.

An Equal Access Offer allows GENS to buy back shares—specifically 10% at the SGD 0.90 target price—which would funnel approximately SGD 570 million directly to Genting Berhad while benefiting all shareholders.

Why Now? 

Chee Zheng Feng, analystFor years, GENS has sat on a mountain of cash, a strategy that DBS analyst Zheng Feng Chee notes has actually weighed down its valuation.

In a high-interest-rate environment, this was a safety net; however, as rates trend lower, "cash hoarding" becomes inefficient.

DBS estimates that GENS’s effective interest yield will drop toward 2% if lower rates persist.

By returning SGD 1.1 billion to shareholders, GENS can optimize its balance sheet and significantly lift its Return on Capital (ROC)—a metric that highly correlates with how the market values casino stocks.

The timing for an Equal Access Offer is bolstered by GENS’s operational recovery.

After a period of underperformance due to renovations and market share loss to Marina Bay Sands, the "RWS 2.0" transformation is showing teeth.

Yangzijiang Maritime has S$0.5 billion cash In a significant move following its 2025 spin-off, Yangzijiang Maritime has  announced its intention to adopt a Share Buyback Mandate. Ren Yuanlin, executive chairman of Yangzijiang Maritime.The Company is seeking approval at an EGM on 6 March 2026 to repurchase up to 10% of its issued shares.   This can be done via the standard on-market purchases or an Equal Access Offer. The company's circular defines maximum prices for these acquisitions: • On-market purchases: Limited to 105% of the Average Closing Price. • Off-Market Purchases (including Equal Access Offers): Limited to 120% of the Average Closing Price. "Average Closing Price” means the average of the closing market prices of the shares over the last 5 market days, immediately preceding the date of the market purchase by the Company or, as the case may be, the date of the making of the offer. As at 30 June 2025, the Group has cash and cash equivalents of approximately S$0.5 billion with net assets of approximately S$2 billion. Executive Chairman and CEO of Yangzijiang Maritime, Mr. Ren Yuanlin, said, “With a healthy cash position and strong balance sheet, we continue to be focused on disciplined capital allocation, including through share buybacks when our share price may not reflect the intrinsic value of the Company. "With our successful IPO listing in November 2025, we believe that share buybacks are another good opportunity to reward long-term shareholders, support liquidity, and reinforce confidence in our strategy and value creation pathway.”