Sands China (01928) fell by more than 4%, with a cumulative decline of 18% during the month. As of press release, it decreased by 4.66% to HK$18, with a turnover of HK$108 million.
The Zhitong Finance App learned that Sands China (01928) fell by more than 4%, with a cumulative decline of 18% during the month. As of press release, it decreased by 4.66% to HK$18, with a turnover of HK$108 million.
According to the news, Sands China said that according to US GAAP, the net revenue for the first quarter of this year was 297 million US dollars, while the first quarter of 2023 was a net loss of 10 million US dollars. During the period, total net revenue increased 42% year-on-year to US$1.8 billion. Adjusted property EBITDA increased 53% year-on-year to US$610 million. The total capital expenditure was US$196 million, including US$90 million in construction, development and maintenance activities in Macau.
According to a report published by HSBC Research, Sands China's revenue and profit margins for the first quarter fell short of expectations. Excluding an unfavorable win rate, revenue growth was slower than expected, reducing the room for operating leverage to work. Sands continues to prioritize products rather than reinvest to defend market share against competition. The bank lowered Sands's market share forecast and cut the company's revenue forecast for this year and next by 3% due to the refurbishment of the Londoner/Sheraton Building and Cotai Arena, which may reduce non-gaming activities. Morgan Stanley also said that Sands China's performance in the first quarter fell slightly short of expectations.