巴黎人娱乐城

巴黎人娱乐城’s Sector Outlook: Neutral. 巴黎人娱乐城 expects resilient power and gas demand in APAC, driven by stronger economic growth than the rest of the world, and higher penetration rates. Fossil fuel still accounts for the majority of the power generation in the region, so a further decline in global fuel costs will help to support margins. The contribution from renewable generation is rising, which will help also boost margins as renewables have a much wider margin than thermal power, but will lead to high capex. Sector median leverage will remain elevated despite higher EBITDA, as high capex will keep free cash flow (FCF) negative, which in turn will push up net debt. We currently expect a stable dividend in 2025 as most issuers prioritise cash deployment to fund capex.