Morgan Stanley issued a research report stating it expects Sands China Ltd (01928) to deliver a 9% growth in free cash flow to equity (FCFE) next year. The bank raised the stock's target price by 10% from HK$21 to HK$23, maintaining an "Overweight" rating.
Morgan Stanley also increased its EBITDA forecasts for Sands China by 1%, 6%, and 8% for 2025-2027, respectively. Consequently, earnings per share (EPS) estimates were raised by 1%, 12%, and 14% for the same periods.