HK-listed Sands China slips after Q2 results, rivals ease

Sands China

20/07/2023 09:06

** Shares of casino and resort operator Sands China
 1928.HK  slip 2.5% to HK$27.45, lowest since July 10, extending
losses for a third straight session
    ** Sands China climbed 7.5% last week  
    ** Second-quarter revenue of controlling shareholder Las
Vegas Sands Corp  LVS.N  exceeds Wall Street estimates,
benefiting from non-gaming programming in Macao as tourism
rebounds from China's loosening of zero-COVID policy and mass
gaming reaches another record in Singapore 
    ** Company's total net revenues rises to $1.62 bln for Q2
2023, compared with $368 mln in year-ago period; Q2 net income
at $187 mln vs $422 mln loss a year earlier
    ** Citi maintains "buy" on Sands China saying 2Q23 numbers
are largely inline with forecasts but EBITDA margin of 33.2%
slightly lower than expected. Says company to benefit majorly as
visitors continue to visit Macau 
    ** Jefferies maintains "buy", raises PT to HK$41 from HK$35
on expected further upside to quarterly earnings 
    ** Rivals SJM  0880.HK , Galaxy  0027.HK , MGM China
 2282.HK , Wynn Macau  1128.HK , Melco  0200.HK  slip 0.6% to
1.4% 
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 0.4%
and Hang Seng Index  .HSI  down 0.2%

    


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))