报告名称：Sands China(01928.HK)2Q pleasant surprise but maintain Reduce
报告类型：港股研究
报告日期：2015-07-23
研究机构：野村
股票名称：金沙中国有限公司
股票代码：01928
页数：9
简介：2Q15 EBITDA: +6% q-q, -30% y-y
Sands China reported 2Q net revenue of USD1.78bn (flat q-q, -26% y-y) and property EBITDA of USD565mn (+6% q-q, -30% y-y). 2Q property EBITDA came in 4% above our forecast of USD541mn, helped by cost-cutting efforts, which together with improving earnings mix, drove hold-adj EBITDA margin to expand 150bps q-q.
Retail mall operations the only bright spot
Industry demand remains weak, with Sands China’s VIP revenues down -43% y-y, mass revenues down -23% y-y and hotel occupancy down 250bps q-q and 600bps y-y to 81%. The retail mall operation was the only bright spot, where revenues increased 20% y-y.
Incentive to pay dividends remains high
Construction of the Parisian Macao (3,000 rooms and space for 450 gaming tables) continues to progress well, with targeted opening in 3Q/4Q16. With strong cashflow generation and a healthy balance sheet, we believe Sands can maintain its generous dividend payout while taking on the various new developments. The company’s incentive to pay dividends remains high, with Las Vegas Sands (ParentCo) announcing a 2Q recurring dividend of USD0.65/share (flat q-q, +30% y-y), which bodes well for dividend payout of Sands China. For FY15-16F, we expect Sands China to offer an attractive dividend yield of 5.2%.
Maintain Reduce, with HKD27.1 SOTP target price (method unchanged)
Despite the pleasant surprise in 2Q, we remain lukewarm on Macau gaming and Sands China as industry growth visibility remains weak and valuation unappealing at 22x FY15F P/E. We finetune FY15-17F EBITDA by 1-2%, which lifts our TP to HK$27.1, but maintain Reduce with 13% downside.

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