Sands China 1928

[winston]

not vested

Sands China optimistic despite US$1.5b loss

Widened its net loss by 50.5 percent to US$1.58 billion (HK$12.4 billion) last year from a year ago

Its US$3.8 billion commitment is just a baseline before further investments.

Source: Reuters

https://www.thestandard.com.hk/section- ... $1.5b-loss

[winston]

vested

SANDS CHINA LTD Slides Almost 5% on 2022 Adj. Property EBITDA Loss Over US$300M

SANDS CHINA LTD (01928.HK) last printed at $26.75, down 5%, on volume of 1.6742 million shares and turnover of $45.931 million.

The company's adjusted property EBITDA loss was US$323 million for the year ended December 31, 2022, compared to adjusted property EBITDA of US$341 million for the year ended December 31, 2021.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6

[winston]

not vested

Brokers│Views

Goldman Sachs│Thesis of EBITDA recovery affirmed despite junket VIP loss

CLSA│Quarterly results decent with adjusted EBITDA beating street consensus by 15%

Credit Suisse│Management outlook upbeat

BofA Securities│Additional room for recovery still remained

Morgan Stanley│EBITDA significantly beat, driven by Mass market share gains

UBS│Quarterly results significantly ahead of forecasts

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Sands China is back in the black with US$187m profit

Sands China (1928) reported a net income of US$187 million (HK$1.46 billion) in the second quarter, a significant improvement from the net loss of US$422 million in the same period last year.

The total net revenues also jumped by more than three times year-on-year to US$1.62 billion for the second quarter.

During the second quarter, The Venetian Macao recorded the highest casino revenue among all Sands China's casinos in Macau, amounting to US$523 million.

The Parisian Macao, among all the company's hotels, achieved the highest occupancy rate of 98 percent.

Source: The Standard

https://www.thestandard.com.hk/section- ... 87m-profit

[winston]

vested

DBS Raises SANDS CHINA LTD (01928.HK) TP to $43, Rating Buy

2024/02/21

SANDS CHINA LTD (01928.HK) remains the leading casino, benefiting from its 27% market share in Macau's mass segment, DBS Group Research issued a research report saying.

The Company's EBITDA is still the highest in the industry.

The Company's US$1.2 billion investment in the Londoner Macao project, coupled with the completion of the renovation of Sheraton Hotel, Conrad Hotel and the Pacifica Gaming Hall in early-2025, will enhance the customer experience and strengthen its appeal to premium mass gamers.

Related News - G Sachs: MO's GGR Ebbs Sharply after LNY Holiday; Casinos May See Short-term Profit Taking

With nearly half of Macau's 5-star hotels and industry-leading retail and MICE facilities, the Company should continue to leverage its position and outperform its peers over the medium term.

DBS Group Research raised its target price on SANDS CHINA LTD from $37.92 to $43 after adjusting its net debt forecasts, based on SANDS CHINA LTD's 14%-lower-than-forecast debt ratio.

DBS Group Research also maintained its target EV/EBITDA at 15x, with rating at Buy.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

vested

<Research>M Stanley: SANDS CHINA LTD (01928.HK) 1Q24 EBITDA Slightly Misses

SANDS CHINA LTD (01928.HK) 's 1Q24 results slightly missed forecasts, with property EBITDA falling 7% QoQ to US$610 million, only 71% of the same period of 2019, and 7% below Morgan Stanley's forecast of US$658 million, Morgan Stanley issued a research report saying.

Hold-adjusted property EBITDA was US$641 million, also 4% lower than the market's estimation of US$665 million.

Morgan Stanley kept rating on SANDS CHINA LTD at Equalweight, with 2024-2026 EPS forecasts of US$0.18, US$0.24/ US$0.28.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

<Research>JPM: SANDS CHINA LTD (01928.HK) 1Q24 EBITDA Slightly Miss, but Current Shr Price Attractive

JPMorgan wrote in a report its disappointment that the 1Q24 EBITDA of SANDS CHINA LTD (01928.HK) was slightly weaker than expected.

However, most of the negative impact was due to renovation work and seasonality.

While this may continue for a few more quarters, the broker believed the current share price still offered a rare and attractive buying opportunity.

JPM further believed SANDS CHINA has high-quality assets and businesses at attractive valuations.

In the medium term, the broker expected the group to pay a dividend for FY24 in February 2025, while forecasting its share price to rise next year.

The broker maintained its Overweight rating on SANDS CHINA, with a target price of $27.5.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

<Research>HSBC Research Trims SANDS CHINA LTD (01928.HK) TP to $30.5 on More Challenges ahead

SANDS CHINA LTD (01928.HK) reported missing revenue and margin in 1Q24, with slower-than-expected revenue growth excluding unfavorable win rate reducing the room for operational leverage, HSBC Global Research issued a research report saying.

SANDS CHINA LTD continues to prioritize its products rather than reinvesting to defend its market share against competition.

Even though HSBC Global Research did not expect SANDS CHINA LTD's marketing costs to rise, the broker lowered its 2024/ 2025 earnings forecasts for the company by 4-7%, as its original forecast for the Company's margin expansion was overly optimistic.

HSBC Global Research trimmed its target price from $33 to $30.5, with rating at Buy, as it believed that the Company will face more challenges, which have largely priced in.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

<Research>Citi Keeps Rating at Buy on SANDS CHINA LTD; Londoner Phase 2 Renovation Not New News

SANDS CHINA LTD (01928.HK) lost market share in 1Q24, due to the impact from the renovation of the Sheraton hotel tower of the Londoner and the Cotai Arena at the Venetian, while property EBITDA also fell 7% QoQ, broadly in line with Citi Research's expectation, Citi Research issued a research report saying.

Renovations will also take place at the Londoner's Pacifica casino in May 2024.

Related News: HTSC: SANDS CHINA LTD Rev. Revival Short of Industry, May Lose Mkt Shr during Renovation

Management had clearly explained the impact from the renovation of Londoner Phase 2 on the Company at a previous results conference, and Citi Research was of the view that the impact had been broadly reflected, according to the report.

Citi Research kept its target price/ rating on SANDS CHINA LTD unchanged at $27/ Buy.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

<Research>Macquarie Chops SANDS CHINA LTD (01928.HK) TP to $29.8; Short-term Pain for Long-term Gain

SANDS CHINA LTD (01928.HK) 's 1Q24 GGR recovered to 73% of 2019 levels, while Macau-wide GGR recorded a recovery of about 75%, Macquarie issued a research report saying.

Macquarie reduced its FY2024 to FY2026 net profit forecasts for SANDS CHINA LTD by 18%/ 11%/ 5% each, to reflect lower GGR forecasts.

Macquarie lowered its adjusted EBITDA forecast for 2024 by 9%, and chopped its target price by 13% to $29.80, with rating at Outperform.

Related News: UBS: WYNN, MGM & SJM Gain Mass Share in 1Q; SANDS, GALAXY Overall Mkt Share Down 1.6/0.4 ppts QoQ

Macquarie said that renovations to SANDS CHINA LTD's entertainment facility, hotel and casino will adversely affect operations in 2024 and 1H25, but believed that short-term pain can be traded off for long-term gains.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN