TC

10/06/2019 16:42

[I-bank focus]HSBC upgrades Sands China (01928) to "buy"

[ET Net News Agency, 10 June 2019] HSBC Global Research maintained its target price for
Sands China (01928) unchanged at HK$44.5 but upgraded its rating to "buy" from "hold".
The research house said the VIP segment could face more challenges in the near term, but
the fundamentals of the high-margin mass segment remain intact. Even though the new
capacity will continue to ramp up and Sands could see mid-term disruption from renovation
work, as the biggest Cotai operator focusing on the mass business, HSBC believes Sands is
still best positioned to capture the defensive growth.
HSBC believes valuation is undemanding at 12x FY2019 EV/EBITDA. After the recent
correction, the share price should find support especially in the current volatile market
given the 6% FY2019 forecast dividend yield. (KL)

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