Sands China’s Mass Performance to Improve as It Completes Room Renovation; Raising FVE to HKD 37
Although mass-oriented Sands China’s VIP growth was relatively weak in a VIP-driven market, the solid mass business growth and 80-basis-point sequential uptick in hold normalized adjusted EBITDA margin give us comfort. We have raised our Macau gross gaming revenue growth forecasts in 2017 to 10% from 6%, and have increased Sands China’s fair value estimate to HKD 37 per share from HKD 36 per share. We view shares as fairly valued.We focus more on mass performance, Sands China’s bread-and-butter...
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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