[ET Net News Agency, 9 January 2018] Citi Research lowered its target price for Macau
Legend (01680) to HK$1.05 from HK$1.25, and maintained its "sell" rating as the market has
largely priced-in the potential growth from the new projects.
The research house trimmed itsr FY2018 EBITDA by 2% to reflect its latest forecast for
The Palace Hotel, and cut its FY2019 EBITDA by 39% mainly to reflect its expectation on
the openings of The Legendale Hotel and the Cape Verde project.
Citi now expects both projects to open in mid-2019 (versus its prior expectation of 1
January 2019 openings). It expects Macau Legend to grow its FY2017 revenue to HK$1,999m
(+36% YoY) and EBITDA to HK$427m (+98% YoY), driven by the (1) incremental contribution
from Legend Palace and Savan Legend; and (2) the narrowed loss at Macau Fishman's Wharf,
but partly offset by weakness at Landmark Macau. (KL)
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01680 MACAU LEGEND
Nominal 
0.087 0.000 (0.000%) Others
09/01/2018 10:35
[I-bank focus]Citi lowers Macau Legend (01680) to HK$1.05
| Remark: | Real time quote last updated: 24/09/2024 11:53 |
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