Morgan Stanley upgrades Sands China on mass market prospects

    Morgan Stanley has upgraded Sands China to a buy on the back of the company’s potential to tap the mass market. The firm also raised its price target from HK$64 to HK$70. Sands China may be able to double its earnings by 2016 by converting its hotel rooms to cater to the premium mass market, it said. That sector of the market will make up more than half of the company’s bottom line compared with just 30 percent at present, it said. Sands China has around 25 percent of all Macau hotel rooms and most analysts say this capacity gives Sands the edge over its peers.