Sands China’s 2Q Earnings Continue to Be Driven by Robust VIP and Mass Growth; Shares Fairly Valued
Narrow-moat Sands China’s, or SCL’s, second-quarter update does little to alter our view, and we retain our fair value estimate of HKD 42. Adjusted property EBITDA grew 25% year over year to USD 750 million on the back of strong growth in both VIP and mass gaming segments. Meanwhile, hold-adjusted EBITDA margin rose 170 basis points year over year to 35.2% for the quarter. That said, we believe the strong results have been mostly priced in, and we still view shares as fairly valued.We expect th...
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.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.