BYD_ 4Q24 Review_ So You're Saying There's a Chance
China Securities·2025-02-10 08:58
Equity Research U.S. Gaming, Leisure & Lodging 6 February 2025 BYD 4Q24 Review: So You're Saying There's a Chance Solid 4Q report, as expected. Post election bump was downplayed, but likely for the sake of conservatism. Our estimates tick modestly higher. PT to $78, remain EW. BYD reported 3%/6% upside vs. us/Cons property adjusted EBITDAR. Compared to our model, outperformance was driven by Locals, Online and Managed, while MW&S was in-line with our estimate (and 2% ahead of Cons.). Looking forward, our 20 ...