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01928 SANDS CHINA LTD
RTNominal up22.050 +0.350 (+1.613%)
Others

17/11/2017 15:28

[I-bank focus]Sands China capex to drive grind mass business

[ET Net News Agency, 17 November 2017] Sands China (01928) will spend US$1.2bn to
upgrade Cotai Central as the Londoner by late 2019 (including the addition of ~645 suites
at Four Seasons and St Regis).
Morgan Stanley believes this would drive stronger grind mass business at Cotai Central,
narrowing the EBITDA gap between Cotai Central of US$155mn and Venetian of US$263mn in 3Q.
Before that, Sands will also complete renovation of all 3,000 Venetian hotel rooms by
end of 2017 and converting 600 Parisian rooms into 300 larger rooms by end of 2018. Sands
sourcing 20% of gross revenue from non-gaming (3Q) higher than government requirement of
9% also helps Sands to secure license renewal in 2022.
For 2018, however, the research house is concerned about market share risk due to the
opening of MGM Cotai (January) and Morpheus (2Q). Morgan expects FY2017 dividend to be
stable compared to FY2016, implying 5% yield.
Morgan maintained its "equal-weight" rating on Sands, with a target price of HK$40.5.
(KL)

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