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DBS upgrades Sands China to "shareholding" rating and sets target price at HKD 22.
Morgan Stanley has released a research report stating that following the underperformance of Sands China (01928) in the second quarter, EBITDA forecast for 2024 and 2025 has been revised down by about 10%, 10% lower than the market expectation. The target price has been revised down from HKD 26 to HKD 22, with a rating of "shareholding." The report mentioned that the reason for the downgrade in EBITDA forecast includes a decrease in EBITDA profit margin from about 35% to 32-33% due to poor second quarter performance, and a significant reduction in non-gambling or non-retail revenue forecast by 10% and 30% respectively to reflect the deterioration of high-end consumption in the mainland, and the significant underperformance of European luxury goods companies in the past few weeks.
JPMorgan downgrades Sands China's target price to HKD 22, and lowers its 2024 and 2025 EBITDA forecasts.
JPMorgan released a report stating that after Sands China's Q2 performance missed expectations, EBITDA forecasts for fiscal years 2024 and 2025 were lowered by about 10%, which is 10% lower than the market expectation. The target price has been lowered from HKD 26 to HKD 22, and the rating is 'Shareholding'. JPMorgan pointed out that the reason for the downward revision of EBITDA forecast was due to poor performance in Q2, which reduced EBITDA profit margin from about 35% to 32-33%; Non-gambling or retail revenue forecast was significantly lowered by 10% and 30% respectively, to reflect the deterioration of high-end consumption in mainland China, and the significant underperformance and guidance of European luxury goods companies in the past few weeks also reflected this.
CICC: Maintains outperform rating for Sands China (01928), target price lowered to HKD 22.8.
CICC lowered its adjusted EBITDA forecast for Sands China for 2024 and 2025 to USD 2.488 billion and USD 3 billion, respectively.
Zhitoon Hong Kong Stocks Early Warning | Two departments support the replacement of old home appliances with new ones. New Oriental (EDU.US) fell more than 5%.
The National Development and Reform Commission and the Ministry of Finance jointly issued a notice on several measures to support large-scale equipment renewal and consumer goods replacing the old with the new, aiming to promote equipment renewal and consumer goods replacing the old with the new.
Sands China Target Price Cut to HK$22.00 From HK$26.00 by J.P. Morgan Securities (Asia Pacific) >1928.HK
UBS: Sands China's second-quarter performance falls short of expectations Macau Londoner's renovation project will continue in the third quarter
According to a research report released by UBS, Sands China (01928)'s property EBITDA for the second quarter was 0.561 billion US dollars, and the adjusted VIP win rate EBITDA was about 0.565 billion US dollars, which is lower than the market forecast of 0.583 billion US dollars. Overall midfield gaming revenue fell by about 3% quarterly to around 99% in the same period in 2019. The bank said that the group's traffic improved in July, and the Macau Londoner renovation project will continue in the third quarter. The project is expected to be completed by the end of this year. The first building of the new Londoner Phase II will be completed before the end of this year, the new casino will be completed in December, and the second building will be 5 next year
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