Morgan Stanley: Sands China's Q4 EBITDA Misses Expectations Amid Margin Compression

Stock News

Jan 29

A Morgan Stanley research report indicated that Sands China Ltd's (01928) EBITDA for the last quarter reached $607 million, which adjusted for win rate stood at $582 million, falling short of the market consensus of $617 million. The underperformance was attributed to a stagnant mass market base, a deterioration in product mix, and rising costs. The firm maintained an "Overweight" rating on the stock with a target price of HK$23. The group's fourth-quarter EBITDA margin contracted by 200 basis points sequentially to 29.5%. Operating expenses increased by 12% quarter-on-quarter; while Morgan Stanley cited management's view that competitive intensity has stabilized and their strategy is yielding results, the report noted it has not yet observed these signs. Morgan Stanley pointed out that based on projected 2026 performance metrics, the stock is trading at an enterprise value multiple of 10.7x and offers a free cash flow yield of 8.2%, which appears attractive compared to historical averages.

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley: Sands China's Q4 EBITDA Misses Expectations Amid Margin Compression\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2026-01-29 14:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>A Morgan Stanley research report indicated that Sands China Ltd's (01928) EBITDA for the last quarter reached $607 million, which adjusted for win rate stood at $582 million, falling short of the market consensus of $617 million.\nThe underperformance was attributed to a stagnant mass market base, a deterioration in product mix, and rising costs.\nThe firm maintained an \"Overweight\" rating on the stock with a target price of HK$23.\nThe group's fourth-quarter EBITDA margin contracted by 200 basis points sequentially to 29.5%.\nOperating expenses increased by 12% quarter-on-quarter; while Morgan Stanley cited management's view that competitive intensity has stabilized and their strategy is yielding results, the report noted it has not yet observed these signs.\nMorgan Stanley pointed out that based on projected 2026 performance metrics, the stock is trading at an enterprise value multiple of 10.7x and offers a free cash flow yield of 8.2%, which appears attractive compared to historical averages.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1521","symbol_name":"挪威政府全球养老基金持仓","start_time":0,"source_url":"","article_id":"1134197955","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1134197955","pubTimestamp":1769669538,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"A Morgan Stanley research report indicated that Sands China Ltd's (01928) EBITDA for the last quarter reached $607 million, which adjusted for win rate stood at $582 million, falling short of the...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1521":"挪威政府全球养老基金持仓","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0651946864.USD":"贝莱德新兴市场股票收益A2","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0048597586.USD":"富达亚洲焦点A","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","01928":"金沙中国有限公司","BK1172":"赌场与赌博","BK1589":"北水核心资产"},"translate_title":"摩根士丹利：利润率压缩下金沙中国第四季度EBITDA未达预期","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01928":1},"content_text":"A Morgan Stanley research report indicated that Sands China Ltd's (01928) EBITDA for the last quarter reached $607 million, which adjusted for win rate stood at $582 million, falling short of the market consensus of $617 million.\nThe underperformance was attributed to a stagnant mass market base, a deterioration in product mix, and rising costs.\nThe firm maintained an \"Overweight\" rating on the stock with a target price of HK$23.\nThe group's fourth-quarter EBITDA margin contracted by 200 basis points sequentially to 29.5%.\nOperating expenses increased by 12% quarter-on-quarter; while Morgan Stanley cited management's view that competitive intensity has stabilized and their strategy is yielding results, the report noted it has not yet observed these signs.\nMorgan Stanley pointed out that based on projected 2026 performance metrics, the stock is trading at an enterprise value multiple of 10.7x and offers a free cash flow yield of 8.2%, which appears attractive compared to historical averages.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}