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01928 SANDS CHINA LTD
RTNominal down33.150 -0.100 (-0.301%)
Research Report

24/07/2020 10:46

{I-bank focus}Macau gaming recovery continues to drag on

[ET Net News Agency, 24 July 2020] Jefferies Research said the Macau gaming recovery
continues to drag on and the research house's new base case is for a delay until September
and possibility until October's Golden Week, as the delay gives Hong Kong time as part of
the Greater Bay region theme.
Jefferies cut its GGR (gross gaming revenue) forecast to -70% from -45% but the share
price is driven by the recovery rather than earnings. The sector is trading at mid-cycle
EV/EBITDA, but Jefferies expects it to rebound on further re-opening.
It revised its target prices for the counters as follows:
Name Rating Target Price
--------------------------------------------------------------
Galaxy Entertainment (00027) HOLD HK$$50 from HK$38
MGM China Holdings (02282) BUY HK$11.9 from HK$9.3
Sands China Ltd. (01928) BUY HK$36.7 from HK$32
Wynn Macau Ltd. (01128) HOLD HK$12.8 from HK$11.6

(KL)

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