<Research>CLSA: SANDS CHINA LTD Reports Lower Than Expected EBITDA for Q4 2025
Financial Performance: SANDS CHINA LTD reported a 6% year-over-year growth in EBITDA for 4Q25, totaling USD608 million, although this was below market expectations by 3% and CLSA's estimates by 10%.
Market Outlook: The company anticipates stabilization in promotional intensity and aims to continue expanding its EBITDA scale, with CLSA assigning an Outperform rating and a target price of HKD22.9.
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HSI Rises 138 Points in Half-Day Trading as CMOC/LAOPU GOLD Jumps 6% After Blue Chip Inclusion; Overall HSI Increases 32% in Year of the Snake
Hong Kong Stock Performance: On February 16, Hong Kong stocks saw a positive half-day session, with the HSI closing up 138 points (0.5%) at 26,705, marking a strong overall performance in the Year of the Snake with a 32% gain.
HSI Quarterly Review Changes: The quarterly review of the HSI included the addition of CATL, CMOC, and LAOPU GOLD, which saw significant gains, while ZHONGSHENG HLDG was removed from the index.
Individual Stock Movements: Notable stock movements included SANDS CHINA LTD rising 2.7% despite a slight decline in property EBITDA, while ANTA SPORTS experienced a minor drop after shareholder approval for a significant acquisition.
US Department of War Update: The US Department of War's withdrawal of the "List of Chinese Military Companies" impacted stock prices, with BABA-W declining 0.5% and BIDU-SW increasing by 1.3%.
UBS: SANDS CHINA LTD (01928.HK) Dividend Meets Expectations; Share Price Anticipated to Respond Favorably
Dividend Announcement: SANDS CHINA LTD declared a final dividend per share (DPS) of $0.5 for FY2025, consistent with expectations, following an interim DPS of $0.25.
Future Dividend Outlook: The final dividend suggests a potential FY2026 DPS of at least $1, contingent on improved operating cash flow, which could lead to increased dividends.
Implied Dividend Yield: UBS estimates the implied dividend yield for FY2026 at approximately 5.4%, which is considered attractive and may support the stock price.
Market Reaction: The stock price is anticipated to respond positively to the dividend announcement and the outlook provided by UBS.
HSI Declines by 65 Points at Opening; CATL and CMOC Start Strong Among Blue Chips; Alibaba and Baidu Struggle
US Inflation and Stock Market Update: US inflation was below expectations while core inflation met them; the DJIA rose by 0.1% last Friday.
Hong Kong Stock Market Performance: The Hong Kong bourse opened lower, with the HSI down 0.2% and other indices also showing declines.
HSI Quarterly Review Changes: CATL, CMOC, and LAOPU GOLD were added to the HSI, while ZHONGSHENG HLDG was removed; CATL and CMOC saw slight increases in their stock prices.
Notable Stock Movements: Stocks like BABA-W and BIDU-SW dropped significantly after being listed as Chinese military companies, while ANTA SPORTS received approval for a stake acquisition in PUMA.
Change in Chairperson at SANDS CHINA LTD Effective March 1
Leadership Change: Robert Glen Goldstein has stepped down as Chairman and Non-Executive Director of SANDS CHINA LTD effective March 1.
New Appointment: Patrick Sydney Dumont has been appointed as the new Chairman of the Board and Chairman of the Nomination Committee, also effective March 1.
Stock Performance: The stock of SANDS CHINA LTD (01928.HK) saw a slight increase of 1.081%, with a short selling amount of $81.80 million.
Market Data: The HK stocks quote is delayed by at least 15 minutes, with short selling data reported as of February 13, 2026.
SANDS CHINA LTD Collaborates with Alipay and Macau Pass to Introduce 'Alipay Tap!' Smart Spending Initiative for Retail, Dining, and Beauty
Collaboration Announcement: SANDS CHINA LTD is enhancing its partnership with Alipay and Macau Pass to launch a special Lunar New Year campaign for the Year of the Horse.
Interactive Technology Integration: The campaign utilizes Alipay's "Alipay Tap!" technology to create engaging check-in interactions, aiming to attract more visitors to Macau and provide a seamless smart spending experience.
Coverage of Integrated Resorts: The "Alipay Tap!" spending model is fully implemented across SANDS CHINA LTD's integrated resorts, which include various sectors such as retail, dining, beauty, fashion, and souvenirs.
Market Activity: As of the latest data, SANDS CHINA LTD's stock is experiencing short selling activity amounting to $33.34 million, with a short selling ratio of 27.915%.
JPM Projects SANDS CHINA LTD Will Increase DPS to HKD1 This Year; Maintains Overweight Rating
4Q25 Performance: Sands China Ltd reported weaker-than-expected results for 4Q25, with a margin decline attributed to business mix, poor mass-hold, and rising operational expenses, leading JPMorgan to adjust its EBITDA forecast down by about 3%.
Stock Price Reaction: Despite Sands' stock price dropping 10% over the past month, JPMorgan views this reaction as excessive, citing seasonal factors and non-recurring issues as the main reasons for the weak performance.
Future Outlook: Haitong International maintains an "Outperform" rating on Sands China, expecting market share growth and a doubling of the annual dividend per share (DPS) to HKD1, which would yield 5.4% at current prices.
Analyst Ratings: JPMorgan has rated Sands China Ltd as "Overweight," lowering the target price from HKD23 to HKD22, while projecting progressive dividend growth to over HKD1.5 by 2028.
HSI Rises 138 Points in Half-Day Trading as CMOC/LAOPU GOLD Jumps 6% After Blue Chip Inclusion; Overall HSI Increases 32% in Year of the Snake
Hong Kong Stock Performance: On February 16, Hong Kong stocks saw a positive half-day session, with the HSI closing up 138 points (0.5%) at 26,705, marking a strong overall performance in the Year of the Snake with a 32% gain.
HSI Quarterly Review Changes: The quarterly review of the HSI included the addition of CATL, CMOC, and LAOPU GOLD, which saw significant gains, while ZHONGSHENG HLDG was removed from the index.
Individual Stock Movements: Notable stock movements included SANDS CHINA LTD rising 2.7% despite a slight decline in property EBITDA, while ANTA SPORTS experienced a minor drop after shareholder approval for a significant acquisition.
US Department of War Update: The US Department of War's withdrawal of the "List of Chinese Military Companies" impacted stock prices, with BABA-W declining 0.5% and BIDU-SW increasing by 1.3%.
UBS: SANDS CHINA LTD (01928.HK) Dividend Meets Expectations; Share Price Anticipated to Respond Favorably
Dividend Announcement: SANDS CHINA LTD declared a final dividend per share (DPS) of $0.5 for FY2025, consistent with expectations, following an interim DPS of $0.25.
Future Dividend Outlook: The final dividend suggests a potential FY2026 DPS of at least $1, contingent on improved operating cash flow, which could lead to increased dividends.
Implied Dividend Yield: UBS estimates the implied dividend yield for FY2026 at approximately 5.4%, which is considered attractive and may support the stock price.
Market Reaction: The stock price is anticipated to respond positively to the dividend announcement and the outlook provided by UBS.
HSI Declines by 65 Points at Opening; CATL and CMOC Start Strong Among Blue Chips; Alibaba and Baidu Struggle
US Inflation and Stock Market Update: US inflation was below expectations while core inflation met them; the DJIA rose by 0.1% last Friday.
Hong Kong Stock Market Performance: The Hong Kong bourse opened lower, with the HSI down 0.2% and other indices also showing declines.
HSI Quarterly Review Changes: CATL, CMOC, and LAOPU GOLD were added to the HSI, while ZHONGSHENG HLDG was removed; CATL and CMOC saw slight increases in their stock prices.
Notable Stock Movements: Stocks like BABA-W and BIDU-SW dropped significantly after being listed as Chinese military companies, while ANTA SPORTS received approval for a stake acquisition in PUMA.
Change in Chairperson at SANDS CHINA LTD Effective March 1
Leadership Change: Robert Glen Goldstein has stepped down as Chairman and Non-Executive Director of SANDS CHINA LTD effective March 1.
New Appointment: Patrick Sydney Dumont has been appointed as the new Chairman of the Board and Chairman of the Nomination Committee, also effective March 1.
Stock Performance: The stock of SANDS CHINA LTD (01928.HK) saw a slight increase of 1.081%, with a short selling amount of $81.80 million.
Market Data: The HK stocks quote is delayed by at least 15 minutes, with short selling data reported as of February 13, 2026.
SANDS CHINA LTD Collaborates with Alipay and Macau Pass to Introduce 'Alipay Tap!' Smart Spending Initiative for Retail, Dining, and Beauty
Collaboration Announcement: SANDS CHINA LTD is enhancing its partnership with Alipay and Macau Pass to launch a special Lunar New Year campaign for the Year of the Horse.
Interactive Technology Integration: The campaign utilizes Alipay's "Alipay Tap!" technology to create engaging check-in interactions, aiming to attract more visitors to Macau and provide a seamless smart spending experience.
Coverage of Integrated Resorts: The "Alipay Tap!" spending model is fully implemented across SANDS CHINA LTD's integrated resorts, which include various sectors such as retail, dining, beauty, fashion, and souvenirs.
Market Activity: As of the latest data, SANDS CHINA LTD's stock is experiencing short selling activity amounting to $33.34 million, with a short selling ratio of 27.915%.
JPM Projects SANDS CHINA LTD Will Increase DPS to HKD1 This Year; Maintains Overweight Rating
4Q25 Performance: Sands China Ltd reported weaker-than-expected results for 4Q25, with a margin decline attributed to business mix, poor mass-hold, and rising operational expenses, leading JPMorgan to adjust its EBITDA forecast down by about 3%.
Stock Price Reaction: Despite Sands' stock price dropping 10% over the past month, JPMorgan views this reaction as excessive, citing seasonal factors and non-recurring issues as the main reasons for the weak performance.
Future Outlook: Haitong International maintains an "Outperform" rating on Sands China, expecting market share growth and a doubling of the annual dividend per share (DPS) to HKD1, which would yield 5.4% at current prices.
Analyst Ratings: JPMorgan has rated Sands China Ltd as "Overweight," lowering the target price from HKD23 to HKD22, while projecting progressive dividend growth to over HKD1.5 by 2028.
