Sands China (01928.HK): Received 128 applications for the Coloane revitalization project.
As part of the company's revitalization series, Sands China (01928.HK) announced that the "Haystack Street Entrepreneurial Plan Collection" project, as part of the Company's revitalization series, has received a total of 128 applications, of which 120 are eligible, covering categories such as dining, takeaway, retail, cultural creativity, and exhibitions. After three rounds of selection lasting four days, a total of seven entrepreneurial plans were selected. To support the Macau SAR government's area revitalization project, Sands China will provide start-up assistance to these preferred companies in four stages at a ratio of one to two, with a maximum amount of 1 million patacas, to encourage sustainable development of enterprises. Sands China said that the public
Express News | Macquarie: Lowers target price for Sands China to HKD 24.9, expects 14% YoY increase in gambling revenue for next quarter.
HSBC Research lowered Sands China's (01928.HK) target price to 20 yuan. Short-term lack of catalysts.
HSBC Research has published a research report, lowering its revenue and EBITDA forecast for Sands China (01928.HK) in 2024 to 2026 by about 1% to 2% and about 2% to 6%, respectively. In the short term, the bank believes that the group lacks catalysts and the disruption caused by the London renovation project may correspondingly damage its underlying quality. Although the bank expects the group's market share and revenue to recover in 2025 as phased upgrading work is completed, it takes a more conservative approach to profit margins. HSBC Research mentioned that the management of Sands China acknowledges that it has increased reinvestment plans due to the need to maintain demand during service disruptions.
Morgan Stanley downgraded its target price for Sands China Limited (01928.HK) to 22 yuan and lowered its EBITDA forecast for the next two years.
Morgan Stanley's report stated that after Sands China (01928.HK) underperformed in the second quarter, the EBITDA forecast for fiscal years 2024 and 2025 was lowered by about 10%, which is 10% lower than the market expectation. The target price was reduced from HK$26 to HK$22 with a rating of "shareholding." The reasons for lowering the EBITDA forecast include a decline in EBITDA profit margin from about 35% to 32-33% due to poor performance in the second quarter, and a significant downward adjustment of 10% and 30% in non-gambling or retail revenue forecasts to reflect deterioration in high-end consumption in the Mainland, as well as the poor performance and guidance of European luxury goods companies in the past few weeks.
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.
Sands China Ltd (01928.HK): Renovation projects continue to affect business.
On July 25th, Sands China released its 2Q24 earnings through its parent company, Las Vegas Sands. Net income was $1.754 billion, up 8% year-on-year, recovering to 82% of 2Q19 and falling short of market expectations.
Sands China Ltd (1928.HK): VIP and mid-field revenue recovery is slower than industry. Property renovation may continue to lead to loss of market share.
Maintain buy rating for Sands China with a target price of 19.5 Hong Kong dollars, corresponding to an EV/EBITDA of 10x in 2025. On July 24th, LVS, the parent company of Sands China in the US stock market, released its 2Q earnings report. Sands China's net revenue was $175.4 million, +7.7% year-on-year and -3.1% month-on-month. Adjusted EBITDA was $561 million, +3.7% year-on-year and -8% month-on-month, recovering to 73.3% of 2019 level. EBITDA margin was 32%, lower than 36.1%/33.2%/33.7% in 19Q2/23Q2/24Q1 respectively. Sands China did not distribute dividends in 2Q. Due to the continued poor performance, LVS fell -3.6% after hours.
Sands China Target Price Cut to HK$22.00 From HK$26.00 by J.P. Morgan Securities (Asia Pacific) >1928.HK
Express News | UBS Group: Sands China's Q2 performance falls short of expectations, with ongoing London projects in Q3.
Express News | Sands China: Net income in the second quarter increased by 8% year-on-year to $1.75 billion.
Hang Seng Index fell by 306 points, Meituan dropped more than 5%, and resource and energy stocks were weak.
The USD/JPY exchange rate fell to the edge of 152, triggering a global stock market decline due to arbitrage trading and unwinding. As for the Hong Kong stock market, the Hang Seng Index opened low by 50 points and the decline expanded. It fell to 16,964 points after a drop of 346 points, and closed at 17,004 points, a decrease of 306 points or 1.8% for the whole day. The national index fell 125 points or 2.1%, closing at 6,016 points. The Hang Seng Tech Index fell 69 points or 2%, closing at 3,421 points. The total turnover of the market for the day was HKD 105.734 billion, with a net outflow of RMB 0.36 billion and 1.64 billion in the southbound trading under the Shanghai and Shenzhen-Hong Kong Stock Connect. The chip equipment manufacturer ASMPT (00522.HK) fell after its performance announcement yesterday.
UBS Group: Sands China (01928.HK) second-quarter results fall short of expectations, 'Londoner' project continues in the third quarter.
UBS Group released a research report indicating that Sands China (01928.HK) had a second-quarter property EBITDA of $0.561 billion, and adjusted VIP win rate EBITDA was about $0.565 billion, lower than the market expectation of $0.583 billion. The overall mid-market betting revenue fell about 3% quarterly, reaching about 99% of the same period in 2019. The bank said that the group's July foot traffic recorded improvement, and the Londoner Macao renovation project will continue in the third quarter. It is expected that the project will be completed by the end of this year, and the first building of the new Londoner phase 2 will be completed before the end of this year. The new casino will be completed in December, and the second building will be completed 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.
Macao Gaming Inspection Bureau conducts special inspections on casinos and has found suspected unlicensed gambling intermediary activities.
The Macau Gaming Inspection and Coordination Bureau posted on a social application in mainland China yesterday (24th), announcing that a special inspection and audit of Macau entertainment venues was conducted recently, and suspected gambling intermediary activities were found, that is, non-licensed gambling intermediaries engaging in gambling business.
Credit Suisse: Gives Sands China a 'Outperform' rating, with a target price of HKD 21.6.
On July 25th, Glorious Advisor released a research report pointing out that Sands China's second quarter adjusted property EBITDA fell 12% quarter-on-quarter to $0.565 billion, 2% lower than the bank's and 3% lower than Bloomberg's forecasts, believed to be due to higher rebates and reinvestment. At the same time, the disruption caused by the Londoner Macao's Phase II project continues to affect the company's business and is expected to peak in the third quarter of this year. The bank rated the group as "outperforming the market" and set a target price of HKD 21.6.
DBS maintains its 'in line with the market' rating of Sands China (01928) with a target price of HKD 21.
DBS believes that Sands China (01928) still faces challenges in future market share.
Hong Kong stocks fluctuate greatly | Sands China (01928) fell nearly 4% in the second quarter EBITDA was lower than expected. Deutsche Bank pointed out that it was affected by reinvestment costs.
Sands China (01928) fell nearly 4% in early trading. As of press time, it fell 3.61% to HKD 14.94 with a turnover of HKD 0.103 billion.
Sands China (01928.HK) adjusted property EBITDA increased nearly 4% to USD 561 million in the second quarter.
Sands China (01928.HK) adjusted property EBITDA increased nearly 4% to USD 561 million in the second quarter.
Sands China Ltd (01928.HK): Sands China's net income in Q2 was 0.246 billion US dollars.
On July 25th, Sands China Ltd (01928.HK) issued an announcement. According to US generally accepted accounting principles, Sands China's net income for the second quarter of 2024 increased by 8% from the second quarter of 2023 to $1.75 billion. Sands China's net revenue for the second quarter of 2024 was $0.246 billion, while in the second quarter of 2023 it was $0.187 billion. Sands China's adjusted property EBITDA for the second quarter of 2024 was $0.561 billion, while in the second quarter of 2023 it was $0.541 billion.
After taking a leave of absence, He Yicheng made his first public appearance.
Chief Executive Ho Iat Seng delivered his speech in a video at an event yesterday, making his first appearance since taking his third leave of absence on June 21. Ho's vacation will last till July 29. The Macao Government Information Bureau responded to media inquiries on the same day, saying that Ho Iat Seng underwent routine physical examination and necessary treatment during his vacation, and that he is currently in good health. Macao will hold the Chief Executive Election in October this year, but the specific election date has not been announced yet. According to the Macao Forum Daily cited unnamed sources previously, Ho Iat Seng intends to announce his candidacy for Chief Executive again in mid-August despite a minor health incident.
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