Core Viewpoint - Goldman Sachs reports that Sands China (01928) slightly underperformed expectations in Q4, with adjusted EBITDA rising 1% quarter-on-quarter to $608 million, below market expectations of $610 million to $640 million [1] Group 1: Financial Performance - Adjusting the VIP room win rate from 3.9% to the theoretical value of 3.3% would reduce EBITDA by $26 million to $582 million, representing a 3% quarter-on-quarter decline or a 2% year-on-year increase [1] - The target price for Sands China has been lowered from HKD 24.2 to HKD 23.2 due to a decrease in EBITDA margin forecasts [1] Group 2: Future Outlook - Management remains relatively optimistic about the outlook for the Macau gaming industry and does not expect the World Cup to significantly impact total gaming revenue [1] - EBITDA margin forecasts for 2026 and 2027 are projected at 31% and 31.4%, with property EBITDA expected to be $2.5 billion and $2.7 billion, respectively, approaching the company's mid-term target of $2.7 billion to $2.8 billion but below the $3 billion level of 2019 [1] - Due to lower EBITDA margins, EBITDA forecasts for 2026 and 2027 have been revised down by 4% to 5% [1]
高盛：微降金沙中国目标价至23.2港元 第四季业绩略逊预期