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<Research>G Sachs Slightly Trims TP for SANDS CHINA LTD to $23.2; 4Q25 Results Slightly Miss
Recommend 2 Positive 7 Negative 2 |
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SANDS CHINA LTD (01928.HK) saw a slight miss in its 4Q25 results, with adjusted EBITDA edging up 1% QoQ to USD608 million, which was below the market expectation of USD610-640 million, Goldman Sachs research report indicated. If the VIP win rate is adjusted from 3.9% back to the theoretical value of 3.3%, EBITDA will decrease by USD26 million to USD582 million, representing a 3% QoQ decline or a 2% YoY elevation. Looking ahead to 2026, the company's management remains relatively optimistic about the outlook for Macau's gaming industry and does not believe the World Cup will have much GGR impact. Goldman Sachs forecast EBITDA margins of 31% and 31.4% for 2026 and 2027, corresponding to property EBITDA of USD2.5 billion and USD2.7 billion, respectively, which is close to the company's mid-term target of USD2.7 billion to USD2.8 billion but below the 2019 level of USD3 billion. In view of the lower EBITDA margins, the broker trimmed its EBITDA forecasts for 2026-27 by 4-5% and reduced the TP from HKD24.2 to HKD23.2. As there are no major capex expected in the coming years, the group is likely to continue increasing dividends. A Buy rating was assigned. AASTOCKS Financial News Website: www.aastocks.com |
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