In "Major Banks," China International Capital Corporation (CICC) states that Sands China’s fourth-quarter EBITDA is below expectations, and dividends are expected to increase

CICC's research report indicates that Sands China (01928.HK) had a net revenue of USD 2.058 billion in the fourth quarter of last year, an increase of 16% year-on-year and 8% quarter-on-quarter, recovering to 92% of the same period in 2019. The adjusted property EBITDA was USD 608 million, up 6% year-on-year and 1% quarter-on-quarter, recovering to 75% of the same period in 2019, but falling short of market expectations of USD 632 million, attributed to increased costs from marketing rebate programs and daily operating costs.

The firm believes that the high-end segment is expected to continue leading industry growth, and the marketing rebate environment in the industry may remain highly competitive. The company's dividend is expected to increase, maintaining the stock's "outperform the industry" rating and target price of HKD 23.8