Investment Rating - The report maintains a "Buy" rating for Sands China Limited with a target price of HKD 30.7 [4] Core Views - Sands China achieved total gaming revenue of USD 1.71 billion in Q1 2024, recovering to 73.2% of the same period in 2019 [2] - The company's net revenue for Q1 2024 was USD 1.81 billion, slightly below Bloomberg consensus of USD 1.86 billion, with a quarter-on-quarter decline of 2.8% [3] - Adjusted property EBITDA for Q1 2024 was USD 610 million, also below Bloomberg consensus of USD 640 million, with a quarter-on-quarter decline of 6.7% [3] - The report anticipates that the renovation of the Londoner Phase II and the Galaxy Macau will impact the company's performance in 2024 [3] Financial Forecasts - The projected total revenue for Sands China is USD 7.95 billion in 2024, USD 8.52 billion in 2025, and USD 9.02 billion in 2026, reflecting year-on-year growth rates of 307.1%, 21.7%, and 7.1% respectively [2][4] - Adjusted property EBITDA is expected to be USD 2.77 billion in 2024, USD 3.03 billion in 2025, and USD 3.30 billion in 2026 [4] - The earnings per share (EPS) forecast is USD 0.18 for 2024, USD 0.22 for 2025, and USD 0.26 for 2026 [4] Market Data - The closing price of Sands China shares is HKD 18.88, with a one-year low of HKD 18.54 and a high of HKD 31.45 [5] - The company has a market capitalization of HKD 152.8 billion [5]
2024年一季报业绩点评：受物业翻新扰动，业绩不及预期