SANDS CHINA LTD.(01928.HK):RESILIENT GAMING REVENUE
SANDS CHINA LTD.(01928.HK):RESILIENT GAMING REVENUE
Temporary renovation disruption. In late September 2024, Londoner Grand Casino debuted with 300 new Londoner Grand suites. The refurbished Venetian Arena will reopen in November. 1,200 additional Londoner Grand suites and 905 Londoner Grand rooms will come online in phases through 2Q25. The Londoner Macau's earnings results were directly impacted during the quarter but the earnings power of the completed project would meet and even exceed that of the Venetian.Sands China reported 3Q24 net revenue of US$1.77bn (+1% QoQ, -1% YoY), and hold-normalized adjusted property Ebitda of US$587m (+4% QoQ, -5% YoY), recovering to 77% of 3Q19 level, high than our expectation, mainly thanks to the strong performance of premium mass business. We raise 24E EPS forecast from US$0.14 to US$0.15, and maintain 25E forecast of US$0.2 and 26E forecast of US$0.22. We raise target price from HK$20 to HK$25, and with 29% upside potential, we maintain Buy rating.
金沙中國報告美元17.7億的第三季度淨營收（環比增長1%，同比下降1%），持有調整後的物業Ebitda爲58700萬美元（環比增長4%，同比下降5%），恢復至2019年第三季度水平的77%，高於我們的預期，主要得益於高端業務的表現強勁。我們將24年度每股收益預測從0.14美元上調至0.15美元，並維持25年度預測爲0.2美元，26年度預測爲0.22美元。我們將目標價從20港元上調至25港元，上漲潛力爲29%，我們維持買入評級。
Resilient gaming revenue. During 3Q24, total gross gaming revenue (GGR) increased by 14% YoY, recovering to 79% of the 2019 level, which is an improvement compared to 75% and 77% recovery rates in the previous two quarters. Breaking it down by business segment, the VIP GGR rose by 11% YoY, recovering to 42% of the 2019 level, while mass GGR increased by 15%, representing a 7% growth versus 2019 level. The recovery of mass GGR is faster than the recovery of visitor numbers, with the total visitation in Macau recovering to 93%. Among them, visitation from Guangdong province increased by 6% compared to 2019, while regions in mainland China outside of Guangdong recovered 82%. The visitor volume from Hong Kong to Macau recovered to 96%, and other regions recovered to 80%.
arvr遊戲收入反彈。在2024年第三季度，總毛收入(GGR)同比增長14%，恢復到2019年水平的79%，相較於前兩個季度的75%和77%的恢復率，有所改善。按業務板塊劃分，貴賓廳GGR同比增長11%，恢復到2019年水平的42%，而大衆廳GGR增長15%，相較2019年水平增長了7%。大衆廳GGR的恢復速度比遊客數量的恢復速度要快，澳門總入境量恢復至93%。其中，來自廣東省的入境量同比增長6%，而廣東省以外的中國內地地區恢復至82%。從香港到澳門的遊客數量恢復至96%，其他地區恢復至80%。
Strong premium mass business. During 3Q24, Sands China's mass table revenue recovered 93% of 3Q19 level, with premium mass revenue surpassing 4% and base mass revenue recovering 83%. Premium mass revenue contributed 52% of total mass gaming revenue. Slot revenue surpassed 2019 level by 4%; VIP rolling chip volume recovered 34%. Hotel occupancy improved 3ppts QoQ to 98% with ADR increasing 7ppts QoQ to US$216.
強勁的高級大衆業務。在2024年第三季度，金沙中國的大衆牌桌收入恢復了3Q19水平的93%，高級大衆收入超過4%，基礎大衆收入恢復了83%。高級大衆收入貢獻了總大衆遊戲收入的52%。老虎機收入超過2019年水平4%；貴賓廳滾球成交量恢復了34%。酒店入住率環比提高3個百分點至98%，ADR環比增長7個百分點至216美元。
Temporary renovation disruption. In late September 2024, Londoner Grand Casino debuted with 300 new Londoner Grand suites. The refurbished Venetian Arena will reopen in November. 1,200 additional Londoner Grand suites and 905 Londoner Grand rooms will come online in phases through 2Q25. The Londoner Macau's earnings results were directly impacted during the quarter but the earnings power of the completed project would meet and even exceed that of the Venetian.
暫時性裝修中斷。2024年9月底，倫敦人大賭場推出300間全新的倫敦人大套房。翻新的威尼斯人競技場將於11月重新開放。額外的1,200間倫敦人大套房和905間倫敦人大客房將分階段於2025年第二季度投入使用。倫敦人澳門的盈利結果在本季度受到直接影響，但完成項目的盈利實力將達到甚至超過威尼斯人的水平。
Maintain Buy. We like the resilience of the gaming business. We raise target price from HK$20 to HK$25, and with 29% upside potential, we maintain Buy rating.
維持買入。我們喜歡遊戲業務的韌性。我們將目標價從HK$20提高至HK$25，上漲潛力爲29%，我們維持買入評級。
Risks: Lower-than-expected revenue growth.
風險：營業收入增長低於預期。
譯文內容由第三人軟體翻譯。
