Investment Rating - The report maintains a "Buy" rating for Sands China (1928) with a target price of HKD 24.45, representing a potential upside of 41.5% from the current price of HKD 17.28 [2][4]. Core Insights - The fourth quarter of 2023 results met expectations, with net revenue of USD 1.76 billion, recovering to 79% of 2019 levels. The group's performance is expected to improve with the second phase of The Londoner project [4]. - The company demonstrated strong management capabilities and a popular product offering, which is expected to drive revenue and profit margin growth as the second phase of The Londoner is launched [4]. - The group holds approximately USD 1.97 billion in cash, with net debt reduced to USD 6.04 billion, indicating a solid financial position [4]. Financial Summary - Revenue for 2022 was USD 1.605 billion, with a projected increase to USD 6.534 billion in 2023, reflecting a 307.1% year-on-year growth. Forecasts suggest continued growth, reaching USD 8.539 billion by 2026 [3][5]. - EBITDA for 2022 was negative at USD 323 million, but is expected to turn positive in 2023 at USD 2.225 billion, with a projected EBITDA margin improvement over the next few years [3][5]. - Net profit is projected to recover from a loss of USD 1.582 billion in 2022 to a profit of USD 692 million in 2023, with further increases expected in subsequent years [3][5]. Operational Performance - The VIP segment saw a significant decline of 39.6% quarter-on-quarter, while the mass market segment grew by 2.1%. Retail operations also showed positive trends with an 8.8% increase in gross revenue [4]. - Hotel occupancy rates reached 98.9%, with an average room rate of USD 236, indicating strong demand in the hospitality sector [4]. - The group has launched new high-end gaming areas and additional hotel rooms, enhancing its competitive position in the market [4].
金沙中国有限公司：24年第四季度業績符合預期，倫敦人第二期將能推動集團表現