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<Research>CLSA Maintains SANDS CHINA LTD (01928.HK)'s Outperform Rating, TP HKD20
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30
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7
CLSA issued a research report on SANDS CHINA LTD (01928.HK), which delivered in-line 1Q26 results. Property EBITDA mounted 18% YoY to USD633 million, meeting both the broker's and market's forecasts.

The broker estimated that its 1Q GGR market share expanded 1.3 ppts QoQ to 26%. Management envisaged its investment strategy is yielding results, with EBITDA growth achieved for four straight quarters.

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CLSA noted that SANDS CHINA LTD raised its annual capex guidance for FY27 and FY28 from USD400 million to USD600 million, while maintaining FY26 guidance at USD400 million.

The broker maintained its Outperform rating on SANDS CHINA LTD with a TP of HKD20.
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