Sands China's Londoner Property Will Strengthen Its Position Against the opening of Galaxy Phase 3&4
We maintain our fair value estimate for narrow-moat Sands China at HKD 42 per share after the release of third-quarter results. We think Sands China is now trading at an attractive discount for long-term investors. Our fair value estimate has already incorporated the impact of an economic downturn in the next few years. It is also based on the assumption that Sands China will be able to renew its license, albeit at a higher gaming tax rate. We believe the company is on track to meet our 2018 ear...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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