CLSA Retains "Outperform" Rating on Sands China with HK$20 Target Price

Deep News04-25 11:00

CLSA has released a research report stating that Sands China's first-quarter performance met expectations. Property EBITDA increased by 18% year-on-year to $633 million, aligning with the firm's and market forecasts. The report estimates that Sands China's market share of gross gaming revenue expanded by 1.3 percentage points quarter-on-quarter to 26% for the first quarter.

Management believes its investment strategy is yielding results, having achieved EBITDA growth for four consecutive quarters. Renovation work on guest rooms at The Venetian Macao has commenced and is expected to be completed between 2027 and 2028, with some refurbished rooms scheduled to be back in service during the second half of 2026. The renovations are not anticipated to cause significant operational disruption.

CLSA has maintained its "Outperform" rating on Sands China with a target price of HK$20. The report also noted that Sands China has raised its annual capital expenditure guidance for fiscal years 2027 and 2028 from $400 million to $600 million, while maintaining the guidance for fiscal year 2026 at $400 million.

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