Macau's hypergrowth may have peaked, but after Sands Cotai Central opens, Sands China (HKG:1928) will own about 58% of the city's hotel rooms and 27% of the gaming tables, CLSA says in its research report.

The brokerage forecasts of a 24% EBITDA CAGR (compound annual growth rate) for 2011-2014 and 4-7% dividend yield for 2012-2014 for Sands China.

CLSA raises its price target for Sands China to HK$35.7. Spinning off retail assets and resolution of the Four Seasons serviced-apartments offers further catalysts for the stock, the brokerage says, rating the stock Buy.

For 2012, CLSA expects Sands China to report a net profit of US$1.304 billion - up 16.5% on year, and EPS of US 16.2 cents.