TC

06/06/2019 16:44

[I-bank focus]JP Morgan cuts Sands China (01928) to HK$45.5

[ET Net News Agency, 6 June 2019] J.P. Morgan cut its target price for Sands China
(01928) to HK$45.5 from HK$46.5 and maintained its "overweight" rating.
The research house said Sands offers a relatively low-risk, high-return investment
opportunity. JPM looks at Sands as the best way to play the structural mass story given
its outsized exposure (mass/non-game driving well over 90% of EBITDA), as well as
unparalleled dominance in mass with ample room (it controls the majority of casino hotel
rooms in Macau) and powerful clustering.
The stock is also essentially VIP risk-free (junkets driving 5% of EBITDA), while its
defensive business mix and well-supported 6% dividend yield should provide downside
protection in this turbulent market. (KL)

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