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2026-10-23 10:57:15 JPMorgan published a research report stating that SANDS CHINA LTD (01928.HK)'s weak third-quarter results were broadly in line with market concerns. EBITDA after adjusting for luck factors was USD518 million, down 14% YoY and flat QoQ, mainly due to a lower base in the previous quarter. The figure was 2% below the sell-side market consensus of USD527 million, but not too disappointing compared with buy-side forecasts that had recently been lowered to below USD500 million. The bank noted that industry performance remained mediocre, while sentiment among China's premium consumers and gamblers stayed weak, which was disappointing. It expects other gaming operators to face similar pressure and estimates the industry's third-quarter EBITDA fell about 10% YoY, leaving ongoing downside risks to market forecasts for 2H26 and full-year 2027 EBITDA. JPMorgan currently maintains a selective and cautious view on Macau gaming stocks, while reiterating its Overweight rating and HKD17.5 TP on SANDS CHINA LTD (01928.HK). The broker believes progressive dividend payouts, a strong balance sheet and still-solid free cash flow can support the risk-reward profile over the next six to 12 months. (gc/ad)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |