Lyon: Sands China (01928) Third quarter adjusted property EBITDA beats expectations, rating upgraded to "outperform the market"
The bank gave a "outperform" rating to Sands China, with a target price of 22 Hong Kong dollars.
Lyon releases research report, stating that although profits have decreased as expected, Sands China (01928) saw a 2% year-on-year increase in adjusted property EBITDA in the third quarter to $599 million, which exceeded institutional and bank forecasts by 0.5% and 4% respectively. The market share of mid-tier revenue increased by 1.4 percentage points in the quarter to reach 25.4%, the highest level since the first quarter of last year. Additionally, Sands has lowered its total capital expenditure guidance for 2025 to 2027 by 4% to $1.25 billion, which is also a positive surprise. The bank has given Sands China an "outperform the market" rating with a target price of HK$22.
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