Sands China’s Third-Quarter EBITDA Beat Our Estimate; Shares Are Fairly Valued
We intend to maintain Sands China’s fair value estimate at HKD 34.00 per share and our narrow moat derived from the group's possession of one of only six casino licenses in Macau. The earnings call painted a very rosy picture for the newly opened property--the Parisian. The property didn’t cannibalize other Sands’ properties in Cotai and is driving traffic to the Plaza, which came to us less as a surprise. What surprised us is business improvement in other Sands’ Cotai properties as per the mana...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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