CICC: Maintains Outperform rating on Sands China (01928), raises target price to HK$23.8

According to the Wisdom Financial APP, CICC released a research report stating that it maintains its adjusted EBITDA forecast for Sands China (01928) in 2025 and 2026. The current stock price corresponds to 10 times the 2025 EV/EBITDA. The bank maintains an outperform industry rating and raises the target price by 19% to HK$23.80, corresponding to 11 times 2H25+1H26 EV/EBITDA, to better reflect the Londoner property climbing. There is a 29% upside potential compared to the current stock price.