CLSA: Sands China's (01928) Q4 EBITDA Misses Expectations

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Jan 29

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.

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(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.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CLSA: Sands China's (01928) Q4 EBITDA Misses Expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCLSA: Sands China's (01928) Q4 EBITDA Misses Expectations\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2026-01-29 17:16</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>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.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0251144936.SGD","symbol_name":"Fidelity Sustainable Asia Equity A-SGD","start_time":0,"source_url":"","article_id":"1114673126","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1114673126","pubTimestamp":1769678177,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"CLSA issued a research report maintaining an \"Outperform\" rating on Sands China Ltd. (01928) with a target price of HK$22.9. 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