Investment Rating - The report maintains a "Buy" rating for Sands China with a target price of HKD 24.25, corresponding to a 14x EV/EBITDA for 2024 [2][4]. Core Insights - Sands China's Q2 2024 performance met expectations, with net revenue increasing by 8.0% year-on-year to USD 1.75 billion, recovering to 82% of 2019 levels [1][2]. - The VIP segment saw a significant quarter-on-quarter growth of 40.4%, while the mass market segment experienced a decline of 3.4% [1]. - The report highlights the ongoing renovations at The Londoner, which are expected to enhance profitability post-completion, despite short-term impacts [2][4]. Summary by Relevant Sections Financial Performance - Q2 2024 net profit decreased by 17.2% to USD 246 million, with adjusted EBITDA down 8.0% to USD 561 million, recovering to 73% of 2019 levels [1][2]. - The hotel occupancy rate was reported at 95%, with an average room rate of USD 201 [1]. - For the fiscal year ending December 31, 2024, revenue is projected to reach USD 7.30 billion, with a year-on-year growth of 11.7% [3][4]. Operational Highlights - The report details the performance of various properties, with revenue recovery rates for The Venetian, The Londoner, and others ranging from 50% to 119% of 2019 levels [1]. - The renovation budget for The Londoner Phase II is set at USD 1.2 billion, with completion expected to enhance the competitive edge and profit margins of Sands China [2][4]. Market Position - Sands China is positioned as the largest integrated resort operator in Macau, holding a leading position in both mass and non-gaming segments [2][4]. - The report expresses confidence in the long-term growth prospects of the company, driven by strategic renovations and market recovery [2].
金沙中国有限公司：24年第二季度业绩符合预期