[ET Net News Agency, 28 October 2020] Morgan Stanley lowered its target price for Sands
China (01928) to HK$33 from HK$35 and maintained its "equal-weight" rating.
The research house said the target price cut was entirely driven by 4% lower 2022
EBITDA, as Morgan reduced Sands 2022 VIP revenue by 36%. It expects the industry to see
slower VIP recovery.
But it added that Sands is one of the most liquid Macau gaming companies in terms of
trading volume and the largest casino company in terms of profit, capacity, and focus on
the Mass segment. In the long run, the Mass should continue to grow faster than VIP. (KL)