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CICC: Maintains outperform rating for Sands China with a target price of HKD 22.8, revised downwards.
CICC released a research report maintaining Las Vegas Sands' China (01928) rating of "outperforming the industry", respectively lowering the adjusted EBITDA forecast for 2024 and 2025 by 3% and 2% to USD 2.488 billion and USD 3 billion. Based on the impact of the Londoner refurbishment project on the company's business, the target price was lowered by 15% to HKD 22.8. The bank stated that on July 25, Las Vegas Sands China announced its 2Q24 performance through its parent company Las Vegas Sands Group: net revenue was USD 1.754 billion, recovering to 82% of 2Q19 (up 8% YoY, down 3% QoQ), and adjusted property EBITDA was 5 billion.
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
Soochow Securities (Hong Kong): The market is concerned about changes in market share in the gambling market in the second quarter, bullish on Galaxy Ent (00027), Sands China (01928), etc.
Soochow Securities (Hong Kong) is bullish on Sands China's (01928) performance and expects a turnaround in the third quarter.
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