Jinwu Financial News | CITIC Construction Investment Research Report shows that Sands China's (01928) 24Q1 revenue and performance maintained a steady year-on-year increase. Net earnings and adjusted EBITDA were under pressure compared to 23Q4 in the same period in 2019, but the recovery of core properties such as The Venetian increased month-on-month and remained steady. The overall pressure on 24Q1 may be related to the renovation and renovation of some properties. Peak seasons such as the Spring Festival in the first quarter were also affected by passenger flow. The overall recovery of the retail business improved month-on-month and continued to improve. During the year, it is expected that the company will still benefit from a steady upward trend in the overall recovery of the industry, and the active development of the company's non-gaming business. Combined with the past two years of property renovation and ongoing renovation, the company is expected to unleash growth potential.
The bank expects the company to achieve net profit of US$1,413 billion, US$1,990 billion, and US$2,237 billion respectively from 2024 to 2026. The PE corresponding to the current stock price is 14X, 10X, and 9X, respectively, and the corresponding EV/EBITDA is 9X, 6X, and 5X, respectively, maintaining an “incremental” rating.