大行评级｜海通国际：金沙中国Q4经调整物业EBITDA低于预期，仍维持“优于大市”评级

Core Viewpoint - The report from Haitong International indicates that Sands China achieved a net revenue of $2.058 billion in Q4 last year, representing a year-on-year increase of 16.2% [1]. Financial Performance - Adjusted property EBITDA reached $608 million, up 6.5% year-on-year, with an adjusted property EBITDA margin of 29.5% [1]. - The net revenue for the period met market expectations, but the adjusted property EBITDA fell short of market forecasts [1]. Future Projections - The company is expected to generate net revenues of $7.937 billion and $8.363 billion for the years 2026 and 2027, reflecting year-on-year growth rates of 6.2% and 5.4% respectively [1]. - Gaming gross revenue is projected to be $7.652 billion and $8.082 billion for the same years, with year-on-year growth rates of 6.6% and 5.6% [1]. - Adjusted property EBITDA forecasts have been revised down to $2.483 billion and $2.643 billion, with adjusted property EBITDA margins of 31.3% and 31.6% [1]. Rating and Target Price - Haitong International maintains an "Outperform" rating for Sands China, with a target price set at HKD 22.3 [1].