Core Viewpoint - Morgan Stanley expects Sands China (01928) to double its dividend to HKD 1 this year, maintaining an "Overweight" rating despite a weaker-than-expected Q4 performance [1] Financial Performance - Sands China's Q4 performance was below expectations, with gross profit declining due to business mix, underwhelming mid-game revenue, and rising operating costs [1] - The firm has adjusted its EBITDA forecast downwards by approximately 3% ahead of the group's earnings release [1] Stock Performance - Despite Sands China's stock price dropping by 10% over the past month, underperforming the Hang Seng Index's 2% increase and peers' stable performance, this reaction is considered excessive [1] Market Outlook - The firm anticipates an increase in Sands China's market share this year and expects the annual dividend to double to HKD 1 per share, translating to a dividend yield of 5.4% at current prices [1] - With gradual dividend growth, the annual dividend is projected to exceed HKD 1.5 per share by 2028 [1]
小摩：预计金沙中国(01928)今年股息倍增至1港元 予“增持”评级