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<Research>CLSA: SANDS CHINA LTD 4Q25 EBITDA Misses
Recommend
4
Positive
10
Negative
8
SANDS CHINA LTD (01928.HK) logged a 6% YoY growth in EBITDA for 4Q25, reaching USD608 million, CLSA's research report said. This figure included a positive impact of USD26 million due to above-usual VIP win rates, but it was still 3% and 10% below market's and CLSA's estimates, respectively.

Looking ahead, the company sees that promotional intensity have begun to stabilize, with a key focus still on growing the EBITDA. CLSA assigned an Outperform rating on SANDS CHINA LTD with a target price of HKD22.9.

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