Report
Chelsey Tam
EUR 101.80 For Business Accounts Only

Narrow-moat Sands China is best positioned to benefit from robust mass-market segment growth.

We think recent recommendations proposed by Japan’s government-appointed integrated resort panel could restrict gaming demand on the island nation, if stringently enacted, leading to reduced capital expenditure and lower tourism (one of Japan's main goals is increasing tourism). These recommendations include, but are not limited to, restricting a resort’s gaming area to 15,000 square meters and limiting the number of times Japanese people can visit casinos. That said, we expect debate around the...
Underlying
Sands China Ltd.

Sands China and its subsidiaries are principally engaged in the operation of casino games of chance or games of other forms, the development and operation of integrated resorts which contain not only gaming areas but also meeting space, convention and exhibition halls, retail and dining areas and entertainment venues and other ancillary services including ferry operations and other related operations in the Macao Special Administrative Region of the People's Republic of China.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Chelsey Tam

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