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<Research>Macquarie Lowers SANDS CHINA LTD (01928.HK) TP by 11% to $24.9; Renovations Hinder Profitability
Recommend 11 Positive 22 Negative 11 |
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Macquarie covered in a report SANDS CHINA LTD (01928.HK)'s 2Q GGR rose 14% YoY and was flat QoQ, compared with a 24% YoY rise and a 2% QoQ decline in Macau's overall GGR. The broker reduced its net profit forecasts for SANDS by 19%, 13% and 12% for FY24/FY25/FY26 to reflect operating leverage due to lower revenue forecasts. Macquarie also lowered its target price on SANDS by 11% to $24.9 due to the lower earnings forecast for FY24. The broker maintained its Outperform rating. According to the broker, SANDS management said the earnings impact of the hotel and casino disruptions will peak in 3Q24. The casino is scheduled to reopen in December this year, while renovation work on the two Londoner towers will be completed by the end of this year and May next year, respectively. The broker believed the refurbishments would bring more traffic and higher-quality customers in the long run. AAStocks Financial News |
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