[ET Net News Agency, 16 October 2018] HSBC Global Research lowered its target price for
Sands China (01928) to HK$45 from HK$53.3, and maintained its "buy" rating.
The research house said the opening of the Hong Kong-Zhuhai-Macau Bridge could fuel
stronger mass growth and could benefit Sands disproportionally, given its strong
non-gaming offerings and higher exposure to mass.
After renovation of the Venetian and ongoing work at the Parisian, management is hopeful
that the rebranding of Sands Cotai Central can further boost growth in the grind mass
segment and improve non-gaming utilisation in the long run.
As the biggest Cotai operator focusing on the mass business, Sands is best positioned to
capture the upside in further mass recovery, especially with the help of newly renovated
rooms and infrastructural upgrades, HSBC noted.
It lifted its market share assumptions for Sands, which are offset by lower overall
market growth assumptions; HSBC's FY2018-20 EBITDA estimates were cut by 3%, 10% and 13%,
respectively. (KL)
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01928 SANDS CHINA LTD
Nominal 
15.480 +0.400 (+2.653%) Others
16/10/2018 14:51
[I-bank focus]HSBC slashes Sands China (01928) to HK$45
| Remark: | Real time quote last updated: 24/09/2024 14:09 |
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