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

Stock News04-23

CLSA has issued a report stating that Sands China Ltd's first-quarter performance aligned with expectations. Property EBITDA rose 18% year-on-year to $633 million, matching the firm's and market forecasts. The brokerage estimates the company's market share in gross gaming revenue increased by 1.3 percentage points quarter-on-quarter to 26%. Management believes its investment strategy is yielding results, having achieved EBITDA growth for four consecutive quarters. Renovation of rooms at The Venetian Macao has commenced and is expected to be completed between 2027 and 2028, with some refurbished rooms set to reopen in the second half of 2026, which is anticipated to cause no major disruptions. CLSA maintains 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 2026 at $400 million.

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