UBS Maintains a 'Buy' on Las Vegas Sands (LVS); Revising Singapore Market Estimates
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Price: $46.23 --0%
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
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UBS maintains a 'Buy' on Las Vegas Sands (NYSE: LVS) price target lowered from $67 to $64.
Analyst, Robin M. Farley, said, "Driven primarily by revision to our mass market estimates and some in VIP. We now expect +8% YOY growth in Singapore mass market vs. previous expectations of +14%. Our VIP gross gaming revenue growth estimate for ’12 is roughly unchanged at +8% YOY, with ’13 VIP market now expected to grow +11% vs. +20% previously. VIP volume growth est. is at +12% and +15% in ’12 and ‘13 vs. previous expectations of +12% and +20%, respectively."
"We still expect LVS to maintain a dominant market share in mass in ‘12, at ~52% vs. previous estimate of 54%, while for VIP we est. a normalized 50:50 split between the 2 operators in ‘12. With Singapore a key differentiated growth component for LVS, we also reiterate that the company remains a robust growth story in Macau, being the only property to enjoy supply growth over the next 2-3 years in a supply-constrained environment." (FY12 EPS estimate cut from $3.01 to $2.91 and FY13 from $3.91 to $3.71)
For an analyst ratings summary and ratings history on Las Vegas Sands click here. For more ratings news on Las Vegas Sands click here.
Shares of Las Vegas Sands closed at $46.38 yesterday.
Analyst, Robin M. Farley, said, "Driven primarily by revision to our mass market estimates and some in VIP. We now expect +8% YOY growth in Singapore mass market vs. previous expectations of +14%. Our VIP gross gaming revenue growth estimate for ’12 is roughly unchanged at +8% YOY, with ’13 VIP market now expected to grow +11% vs. +20% previously. VIP volume growth est. is at +12% and +15% in ’12 and ‘13 vs. previous expectations of +12% and +20%, respectively."
"We still expect LVS to maintain a dominant market share in mass in ‘12, at ~52% vs. previous estimate of 54%, while for VIP we est. a normalized 50:50 split between the 2 operators in ‘12. With Singapore a key differentiated growth component for LVS, we also reiterate that the company remains a robust growth story in Macau, being the only property to enjoy supply growth over the next 2-3 years in a supply-constrained environment." (FY12 EPS estimate cut from $3.01 to $2.91 and FY13 from $3.91 to $3.71)
For an analyst ratings summary and ratings history on Las Vegas Sands click here. For more ratings news on Las Vegas Sands click here.
Shares of Las Vegas Sands closed at $46.38 yesterday.
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