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SANDS CHINA LTD Opens 5% Lower as CLSA Says 4Q25 EBITDA Misses
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SANDS CHINA LTD (01928.HK) opened 5% lower at $17.9 this morning (29th), with a pre-market trading volume of 1.2481 million shares, involving $22.7422 million.

The controlling shareholder of SANDS CHINA LTD, Las Vegas Sands Corp., announced its 2025 results. On a US GAAP basis, total net revenues for 4Q25 increased 16.4% YoY to US$2.05 billion, while net income fell by 10.1% to US$213 million. Adjusted property EBITDA was US$608 million, up 6.5% YoY.

Related NewsUBS: SANDS CHINA LTD 4Q25 EBITDA Misses; Rating Neutral
For 2025, total net revenues for SANDS CHINA LTD increased 5.1% YoY to US$7.44 billion, while net income dropped 14.2% to US$901 million. Adjusted property EBITDA decreased 0.9% to US$2.31 billion.

SANDS CHINA LTD's 4Q25 EBITDA missed the expectations of CLSA/ market by 10%/ 3% respectively, CLSA said. Therefore, the broker kept rating at Outperform, with a target price of $22.9.
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