Sands China’s FVE Upgraded to HKD 39 per Share After Factoring in the Londoner Project
We have lifted our fair value estimate for Sands China to HKD 39 per share from HKD 37 after factoring in the remodeling of Sands Cotai Central into the Londoner. We assume the completion in 2020 will lead to a return on investment of 19% by 2021 for the project, slightly higher than the 18% annualized return for the Parisian in the third quarter. We think our 10-year net revenue CAGR of 9% and adjusted EBITDA CAGR of 10% have factored in the long-term positive structural trends in Macau, such a...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.
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