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<Research>Haitong Int'l Initiates Coverage on SANDS CHINA LTD (01928.HK) w/ Rating Outperform/ TP $25.6
Recommend 7 Positive 18 Negative 10 |
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Haitong International released a research report initiating coverage on SANDS CHINA LTD (01928.HK), with rating at Outperform and a target price of $25.6. As a leader in Macau's gaming industry, SANDS CHINA LTD entered a positive cycle of enhancing profitability, improving cash flow quality and stable dividends amid industry recovery, with its current valuation remaining below pre-COVID-19 levels. SANDS CHINA LTD has approx. 1,680 gaming tables and 3,700 slot machines in total, the highest among Macau's six listed gaming companies. In addition to benefiting from the largest gaming table scale, the Company's substantial mass-market business foundation allows it to gain the most from industry recovery and the return of tourists. Haitong International focused on the mass-market segment, targeting mid-to-high-end customers, the report added. The high win rate in the mass market brings more profits to the Company, combined with the largest number of gaming tables and slot machines, enabling it to maintain the top market share for many years. AASTOCKS Financial News Website: www.aastocks.com |
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