SANDS CHINA opened down 5%, with Citibank indicating that the EBITDA for the last quarter was below expectations

SANDS CHINA LTD (01928.HK) opened down 5% this morning (29th), trading at HKD 17.9, with a pre-market transaction of 1.2481 million shares, involving HKD 22.7422 million.

The controlling shareholder of SANDS CHINA, Las Vegas Sands Corp. (LVS.US), announced last year's performance. According to Generally Accepted Accounting Principles (GAAP), the total net revenues for the fourth quarter of last year increased by 16.4% year-on-year to USD 2.05 billion; net income fell by 10.1% to USD 213 million. Adjusted property EBITDA was USD 608 million, up 6.5% year-on-year.

As for the total net revenues of SANDS CHINA for the entire last year, it increased by 5.1% year-on-year to USD 7.44 billion; net income fell by 14.2% to USD 901 million. Adjusted property EBITDA decreased by 0.9% to USD 2.31 billion.

Citi stated that SANDS CHINA's EBITDA for the last quarter was 10% and 3% lower than their and market expectations, respectively, maintaining a "Outperform" rating with a target price of HKD 22.9