[ET Net News Agency, 23 April 2020] Morgan Stanley said Sands China's (01928) 1Q
property EBITDA of US$67m was in line with the research house's expectation of US$63m.
The company reported EBITDA of US$209m in January, -US$87m in February and -US$55m in
March. Daily fixed opex is running at US$3.7m a day.
Morgan expects Sands' valuation premium to decline amidst a slower recovery in base mass
business and dividend suspension. It maintained its "equal-weight" rating on Sands, with a
target price of HK$33. (KL)