Core Viewpoint - Morgan Stanley reported that Sands China (01928) had an EBITDA of $607 million for the last quarter of the year, adjusted to $582 million, which was below the market expectation of $617 million due to stagnant mass market base, deteriorating product mix, and rising costs [1] Group 1: Financial Performance - The fourth quarter EBITDA margin decreased by 200 basis points quarter-on-quarter to 29.5% [1] - Operating expenses increased by 12% quarter-on-quarter [1] Group 2: Market Position and Strategy - Morgan Stanley noted that competition intensity has stabilized, and the company's strategy is beginning to show results, although no signs of this have been observed yet [1] Group 3: Valuation Metrics - Based on projected performance for 2026, the trading price corresponds to an enterprise value multiple of 10.7 times and a free cash flow yield of 8.2%, which is attractive compared to historical averages [1]
大摩：金沙中国(01928)末季EBITDA逊预期 受累利润率收窄