CICC: Maintains "Outperform" rating on Sands China (01928.HK) with target price of HK$13.50

Zhitong Finance APP has learned that CICC issued a research report stating that it maintains an "Outperform" rating on Sands China (01928.HK) with a target price of HK$13.50, corresponding to 9x EV/EBITDA for 2026, implying 19% upside from the current share price. The company's adjusted property EBITDA for the third quarter of 2026 was US$529 million, in line with the Visible Alpha consensus of US$538 million and the bank's forecast of US$528 million. The bank believes that the company's results were mainly driven by an increase in total gaming revenue market share and a return of win rate to normal levels. CICC maintains its EBITDA forecasts for the company for 2026 and 2027.