Goldman Sachs has raised its 2013-2017 Ebitda estimates for Sands China by 4 to 6 percent on higher margins at Plaza and Sands Cotai Central. The firm raises its sum-of-the-parts share price target to HK53.1 from HK$48.2, which doesn’t include potential contributions from The Parisian.
Goldman Sachs said the risks include fierce competition and Cotai project delays. The shares hit a record high on Monday of $60.50. Sands China reported Q3 adjusted property Ebitda rose 62 percent to $785.3 million in the third quarter, topping the average estimate for $732 million from 10 analysts compiled by Bloomberg. Meanwhile, Sands China is planning a premium mass-market gaming area in Sands Cotai Central next year, with 75 games.