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<Research>M Stanley: SANDS CHINA LTD (01928.HK) 4Q25 EBITDA Misses on Margin Compression
Recommend 6 Positive 9 Negative 7 |
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SANDS CHINA LTD (01928.HK)'s 4Q25 EBITDA was US$607 million, which was US$582 million after hold rate adjustment, below market consensus of US$617 million, Morgan Stanley issued a research report saying. The miss was attributed to a flat mass market base, worse product mix and higher costs. The Group's 4Q25 EBITDA margin decreased by 200 bps QoQ to 29.5%. Operating expenses grew by 12% QoQ. Morgan Stanley quoted the Company as saying that competitive intensity has stabilized and its strategy is taking effect, but the broker has yet to see it. Therefore, Morgan Stanley rated the stock at Overweight, with a target price of $23. AASTOCKS Financial News Website: www.aastocks.com |
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