报告名称：Sands China Alert(01928.HK)4Q beat on margin recovery & cost control;Top pic
报告类型：港股研究
报告日期：2016-01-28
研究机构：德意志银行
股票名称：金沙中国有限公司
股票代码：01928
页数：1
简介：LVS just reported. Sands China’s 4Q EBITDA (incl ferry) +7% qoq (-18% yoy) to US$581m, handsomely beating consensus (US$555m). The beat came from solid margin recovery and non-gaming resilience. Luck-adj 4Q EBITDA was US$555m (+3% qoq, -19% yoy) on back of flat net rev (+1% qoq, -22% yoy). Luck-adj EBITDA margin improved strongly to 34.7% (+130bps qoq, +130bps yoy) on cost efficiencies in labour, marketing and non-gaming opex. For full year, FY15 EBITDA fell 32% yoy to US$2.2bn, while net income fell 43% to US$1.45bn. At the call, mgmt reaffirmed its annual DPS guidance of HK$1.99/shr. At 8% div yield, Sands China is among the top 5 large-cap highyield stocks in HK/China. We expect Macau stocks to see a 6-8 week shortterm bounce into the seasonally strong Chinese New Year, and our top pick is Sands China. Maintain Hold on our 12-18 mth cautious view on Macau.
下载地址：Sands China Alert(01928.HK)4Q beat on margin recovery & cost control;Top pic
