Citi lowered its target price for Sands China (01928) to HK$45 from HK$49.5 and maintained its "buy" rating.
The research house said they lowered the TP to reflecting their lowered GGR and profit forecasts. Theylike Sands China because of the pipeline of its capacity increase. Sands' hotel offerings will further improve after the opening of Four Seasons Tower Suites and Londoner Tower Suites. The re-themed Londoner Macao is also expected to open by phases in 2020-21. We believe the ramping of the new suites and the Londoner should be relatively quick, with help coming from the ramp-up of the Hong Kong-Zhuhai-Macao Bridge and the opening of High Speed Rail extension in Hengqin in 2019. Sands China has a solid balance sheet and the HK$1.99 annual dividend is in our view pretty sustainable.
11/10/2019 16:45
{I-bank focus}Citi lowers Sands China (01928) to HK$45
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