CLSA issued a research report maintaining an "Outperform" rating on Sands China Ltd. (01928) with a target price of HK$22.9. The company's fourth-quarter EBITDA grew 6% year-on-year to $608 million, which included a positive impact of $26 million from a higher-than-normal win rate in the VIP segment. However, this figure was still 3% and 10% below market and the firm's own expectations, respectively. The EBITDA margin fell by 2.7 percentage points year-on-year to 29.6%, primarily due to increased operating expenses and a higher revenue contribution from the premium gaming business. Looking ahead, the company has observed that promotional intensity has begun to stabilize, and the future focus will remain on expanding the scale of EBITDA.