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01928 SANDS CHINA LTD
RTNominal unchange17.560 0.000 (0.000%)
Research Report

24/05/2021 17:23

{I-bank focus}Morgan trims Sands China (01928) to HK$34

[ET Net News Agency, 24 May 2021] Morgan Stanley trimmed its target price for Sands
China (01928) to HK$34 from HK$40 on lower 2022 EBITDA and maintained its "equal-weight"
rating.
The research house cut down its estimates for Sands' 2021/22 EBITDA forecasts by 27%/13%
for slower industry GGR recovery. This resulted in 82% and 19% lower 2021 and 2022 EPS
estimates.
Morgan cut its 2021 GGR estimates by 19%. It now expects 2021 GGR to be at 45% of 2019.
Mass and VIP estimates are 23% and 5% lower, to 55% and 27% of 2019, respectively. Its
2022 GGR is also 17% lower to 81% of 2019's level. These are to reflect the prolonged
travel restrictions and uncertainty in travel easing between Mainland, HK, and Macau. (KL)

Remark: Real time quote last updated: 22/10/2021 08:15
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