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<Research>HSBC Research Trims SANDS CHINA LTD (01928.HK) TP to $30.5 on More Challenges ahead
Recommend 7 Positive 10 Negative 6 |
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SANDS CHINA LTD (01928.HK) reported missing revenue and margin in 1Q24, with slower-than-expected revenue growth excluding unfavorable win rate reducing the room for operational leverage, HSBC Global Research issued a research report saying. SANDS CHINA LTD continues to prioritize its products rather than reinvesting to defend its market share against competition. Even though HSBC Global Research did not expect SANDS CHINA LTD's marketing costs to rise, the broker lowered its 2024/ 2025 earnings forecasts for the company by 4-7%, as its original forecast for the Company's margin expansion was overly optimistic. HSBC Global Research trimmed its target price from $33 to $30.5, with rating at Buy, as it believed that the Company will face more challenges, which have largely priced in. AAStocks Financial News |
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