Haitong International Maintains "Outperform" Rating on Sands China After Q1 Results Meet Expectations

Stock News04-24

Haitong International issued a research report following the release of Sands China Ltd's (01928) first-quarter results for this year. The company reported net revenue of $2.114 billion, a year-on-year increase of 23.7%. Adjusted property EBITDA reached $633 million, up 18.3% compared to the same period last year, resulting in an adjusted property EBITDA margin of 29.9%. Overall, the company's net revenue and adjusted property EBITDA for the first quarter were in line with market expectations. The firm set a target price of HK$21.6 and maintained an "Outperform" rating. Haitong International forecasts Sands China's net revenue for 2026 through 2028 to be $8.145 billion, $8.558 billion, and $9.079 billion, respectively. Adjusted property EBITDA is projected to be $2.441 billion, $2.564 billion, and $2.733 billion for the same years, with corresponding adjusted property EBITDA margins of 30%, 30%, and 30.1%.

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