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<Research>Jefferies: SANDS CHINA LTD (01928.HK) 1Q24 Adj. EBITDA Misses on Renovation Disruptions
Recommend 5 Positive 9 Negative 7 |
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SANDS CHINA LTD (01928.HK)'s 1Q24 adjusted EBITDA fell 7% QoQ, below the expectations of Jefferies and the market, according to Jefferies. The lower earnings were mainly due to renovations at The Londoner, the closure of Cotai Arena and lower earnings from The Plaza and Sands Macao. Earnings are expected to continue to be affected by the ongoing renovation work this year. With the reopening of Cotai Arena set in November and the completion of the second phase of The Londoner's renovations scheduled for the Chinese New Year in 2025, margins are expected to remain under pressure due to entertainment events and lower hotel occupancy. Jefferies rated SANDS CHINA LTD at Buy, with a target price of $37. AAStocks Financial News |
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