Core Viewpoint - Morgan Stanley's report indicates that Sands China (01928) underperformed expectations in the last quarter of the previous year, with a decline in gross profit attributed to business mix, underwhelming mid-game revenue, and rising operational costs [1] Group 1: Financial Performance - The report notes a downward adjustment of approximately 3% in future EBITDA forecasts for Sands China prior to the group's earnings release [1] - Sands China's stock price has dropped by 10% over the past month, underperforming the Hang Seng Index, which rose by 2%, and peer stock prices that remained relatively stable [1] Group 2: Market Outlook - Despite the recent stock price decline, the report suggests that the market reaction is excessive, primarily due to weak performance in the fourth quarter, influenced by seasonal factors such as the NBA preseason and non-recurring factors like poor mid-game performance and the National Games [1] - The expectation is that Sands China's market share will grow this year, with an anticipated increase in annual dividends to HKD 1 per share, resulting in a dividend yield of 5.4% at the current price [1] - The company is projected to increase its annual dividend to over HKD 1.5 per share by 2028, reflecting a gradual growth in dividends [1]
小摩：预计金沙中国今年股息倍增至1港元 予“增持”评级