{"id":219943,"date":"2022-07-06T13:24:04","date_gmt":"2022-07-06T18:24:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=219943"},"modified":"2022-07-06T15:55:51","modified_gmt":"2022-07-06T20:55:51","slug":"sands-stock-supported-by-singapore-resort-says-jpmorgan","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sands-stock-supported-by-singapore-resort-says-jpmorgan\/","title":{"rendered":"Sands Stock Attractive on Risk\/Reward Basis, Says JPMorgan Analyst"},"content":{"rendered":"

Despite considerable challenges in Macau, which is the company\u2019s marquee market, Las Vegas Sands (NYSE:LVS) offers investors a favorable risk\/reward setup. That’s particularly true if momentum builds at Marina Bay Sands in Singapore.<\/p>\n

\"Las
Marina Bay Sands in Singapore, seen above. JPMorgan is bullish on the venue as a catalyst for LVS stock. (Image: Reuters<\/em>)<\/figcaption><\/figure>\n

That\u2019s the sentiment of JPMorgan analyst Joseph Greff, who in a new note to clients rates LVS stock \u201coverweight,\u201d with a $42 price target. While that price forecast is down from $46, it implies upside of 20% from the July 6 close. Predictably, the looming issue is Macau and how quickly recovery materializes<\/a> in a market in which Sands runs five integrated resorts.<\/p>\n

We don\u2019t think there is a strong view for any gross gaming revenue (GGR) come-back for Macau until next year (at the earliest) since it\u2019s been near impossible to predict easing of mainland China\u2019s zero COVID-19 tolerance policy,\u201d<\/strong> says Greff.<\/p><\/blockquote>\n

He adds that market participants\u2019 expectations regarding Macau are \u201cwashed out,\u201d and that soft revenue figures in the world\u2019s largest casino hub are likely through the end of 2022.<\/p>\n

Sands Geographic Outlook<\/h2>\n

With the second-quarter earnings season slated to start this month, it\u2019s likely LVS will offer up some dismal Macau results.<\/p>\n

\n

Analysts on JPMorgan\u2019s Asia team recently said it\u2019s likely that all six Macau concessionaires, including Sands China, are unlikely to report positive earnings before interest, taxes, depreciation, and amortization (EBITDA) for the June quarter. In terms of GGR, June was the worst month of 2022 for Macau operators, and amid a spate of new COVID-19 cases<\/a>, casinos there open on a mostly token basis, keeping visitors at bay.<\/p>\n<\/div>\n

On the other hand, Las Vegas Sands has some geographic benefits, including a lack of exposure to the US. Analysts say cracks are appearing<\/a> in the domestic casino industry as high inflation and declining consumer confidence are pressuring gaming spending in some markets.<\/p>\n

\u201cAs well, we like the fact that LVS doesn\u2019t fall into the bucket of stocks where its business is experiencing decelerating revenue\/EBITDA trends like many U.S. gaming\/lodging operators,\u201d<\/strong> Greff added.<\/p>\n

For Sands, Singapore Matters<\/h2>\n

With no US venues and muted expectations for Macau, Marina Bay Sands in Singapore needs to carry the day for LVS.<\/p>\n

The Singapore integrated resort accounts for half of the operator\u2019s current market capitalization and is forecast to sport a one-year forward annual property level EBITDA rate of $1.2 billion, according to JPMorgan.<\/strong><\/p>\n

Greff says there\u2019s positivity in terms of revenue and visitation at Marina Bay Sands, and that could be reflected in the operator\u2019s second-quarter results. The analyst adds that the combination of easing travel restrictions, Singapore\u2019s COVID-19 vaccine policy, and a resurgence in premium mass players are among the factors boding well for the property.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite considerable challenges in Macau, which is the company\u2019s marquee market, Las Vegas Sands (NYSE:LVS) offers investors a favorable risk\/reward setup. That’s particularly true if momentum builds at Marina Bay Sands in Singapore. That\u2019s the sentiment of JPMorgan analyst Joseph Greff, who in a new note to clients rates LVS stock \u201coverweight,\u201d with a $42 […]<\/p>\n","protected":false},"author":46,"featured_media":219945,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\nSands Stock Supported by Singapore Resort, Says JPMorgan<\/title>\n<meta name=\"description\" content=\"Sands Stock offers value and is play on Singapore rebound, says JPMorgan analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/sands-stock-supported-by-singapore-resort-says-jpmorgan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sands Stock Supported by Singapore Resort, Says JPMorgan\" \/>\n<meta property=\"og:description\" content=\"Sands Stock offers value and is play on Singapore rebound, says JPMorgan analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sands-stock-supported-by-singapore-resort-says-jpmorgan\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-06T18:24:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-06T20:55:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/MBS2-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1710\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-stock-supported-by-singapore-resort-says-jpmorgan\/\",\"url\":\"https:\/\/www.casino.org\/news\/sands-stock-supported-by-singapore-resort-says-jpmorgan\/\",\"name\":\"Sands Stock Supported by Singapore Resort, Says JPMorgan\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-stock-supported-by-singapore-resort-says-jpmorgan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-stock-supported-by-singapore-resort-says-jpmorgan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/MBS2-scaled.jpg\",\"datePublished\":\"2022-07-06T18:24:04+00:00\",\"dateModified\":\"2022-07-06T20:55:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Sands Stock offers value and is play on Singapore rebound, says JPMorgan analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-stock-supported-by-singapore-resort-says-jpmorgan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sands-stock-supported-by-singapore-resort-says-jpmorgan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-stock-supported-by-singapore-resort-says-jpmorgan\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/MBS2-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/MBS2-scaled.jpg\",\"width\":2560,\"height\":1710,\"caption\":\"Marina Bay Sands in Singapore. 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