LLAASS VVEEGGAASS SSAANNDDSS CCOORRPP

LLVVSS :: NNYYSSEE

CHUTINUSH TAKSINAPINUNT

Date: 28/12/2010

Symbol: LVS

Exchange: NYSE

Industry: SERVICES

Sector: RESORTS&CASINO

Recommendation:

Target Price: 100.00

Current Price: 45.66

Summary

• Very strong growth in Asia

• Singapore’s Marina Bay Sands is

outperforming expectations

• Lower USD values will add to the bottom line

at LVS

• Sands China Ltd, the company also owns a

collection of properties in Macau, including

THE VENETIAN® Macao, Four Seasons Hotel

Macao and the Four Seasons-branded

serviced-apartments at its COTAI STRIP™

development, as well as the SANDS® Macao on

the Macau peninsula.

• Expansion in China approved

Fundamental Data

Market Cap ($M): 31.26

Avg.Vol (10Day): 27,684,800

52 Week High/Low: 55.47-14.87

P/E ratio (TTM): 8.283

P/B ratio: 5.14

Dividend yield (%): N.A.

ROA (%): 2.65

ROE (%): 3.75

Profit Margin (%): 3.37

Operating Margin (%): 13.32

Las Vegas Sands Corp. (NYSE: LVS) is the leading global developer of

destination properties (integrated resorts) that feature premium accommodations,

world-class gaming and entertainment, convention and exhibition facilities, celebrity

chef restaurants, and many other amenities.

THE VENETIAN® and THE PALAZZO

®, Five-Diamond luxury resorts on the Las Vegas Strip, are among the

company’s properties in the United States. In Singapore, the iconic MARINA BAY SANDS® is the most

recent addition to the company’s portfolio.

Through its majority-owned subsidiary Sands China Ltd, the company also owns a collection of properties

in Macau, including THE VENETIAN® Macao, Four Seasons Hotel Macao and the Four Seasons-branded

serviced-apartments at its COTAI STRIP™ development, as well as the SANDS® Macao on the Macau

peninsula.

The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the

Shangri-La, Traders, Sheraton, and St. Regis hotel brands.

Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360º program and is an

active community partner through its various charitable organizations.

http://www.lasvegassands.com/

LATEST NEWS

Sands China Nearing Approval Allowing for Sale of Co-Op Shares

MACAU -- (MARKET WIRE) -- 12/20/10 -- Sands China Ltd. (SCL), a majority-owned subsidiary

of Las Vegas Sands Corp. (NYSE: LVS), announced today it has received a letter from the Macau

Land, Public Works and Transport Bureau which its Macau counsel advises should clear the way

for the company to start preparing for the sale of shares in co-op fashion to prospective buyers

interested in having a Four Seasons-branded apartment at the Cotai Strip in Macau. The letter

states that "...the process is at its final proceeding..." and that after its approval the government

will provide the company a draft contract finalizing the approval process. The draft contract is

also expected to be issued very shortly.

"We truly appreciate the government's diligence in addressing this matter and we are optimistic

that a resolution could be forthcoming very quickly," said Mr. Sheldon G. Adelson, chairman of

both Sands China Ltd. and Las Vegas Sands Corp. "The company has been inquiring of

prospective buyers over many months and has accelerated the inquiries to ascertain the viability

of a concentrated sales effort starting after the first of the year."

"The reaction from prospective buyers is very positive and company management is optimistic

that our anticipated pricing will be well-received," he concluded.

Snapshot

SUMMARY INTRA-DAY INTERACTIVE CHART

Change -0.150 (-0.327%)

Bid 44.880

Ask 46.200

Open 45.420

High 45.680

Low 44.650

Volume N.A.

52-Week Range 55.47 - 14.87

1-Yr Return 200.197%

Earnings

EARNINGS FUNDAMENTALS

Earnings Past 12 Months 0.350 Shares (Millions) 684.730

Quarter Est. EPS (12/10) 0.38 Market Cap (Millions) 31,264.780

Quarter Est. EPS (03/11) 0.40 Float (Millions) 322.176

Year Est. EPS (12/10) 0.98 Return on Equity -6.951

Price/Earnings (Trailing) 130.457 Short Interest 32,020,422.000

Relative P/E 8.283 Last Dividend Reported N.A.

Earnings Growth Rate N.A. Dividend Yield (ttm) N.A.

Estimated P/E 46.700 Relative Dividend Yield N.A.

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CONSENSUS ESTIMATES ANALYSIS

# of Estimates Mean High Low 1 Year Ago

SALES (in millions)

Quarter Ending Dec-10 18 1,986.49 2,216.80 1,470.00 1,710.94

Quarter Ending Mar-11 12 2,046.39 2,257.00 1,832.00 1,792.32

Year Ending Dec-10 21 6,831.64 7,055.00 6,221.00 6,140.93

Year Ending Dec-11 21 8,559.93 9,072.87 8,045.40 6,988.48

EARNINGS (per share)

Quarter Ending Dec-10 22 0.38 0.47 0.29 0.11

Quarter Ending Mar-11 16 0.38 0.52 0.13 0.12

Year Ending Dec-10 26 0.95 1.30 0.55 0.31

Year Ending Dec-11 26 1.68 2.33 1.35 0.52

LT Growth Rate (%) 2 138.65 152.50 124.80 50.78

Sales and Earnings Figures in U.S. Dollars (USD)

VALUATION RATIOS

Company Industry Sector S&P 500

P/E Ratio (TTM) 1,485.41 82.21 11.61 18.15

P/E High - Last 5 Yrs. 314.21 86.45 44.01 49.68

P/E Low - Last 5 Yrs. 49.33 12.45 10.62 12.90

Beta 3.93 0.76 0.96 1.30

Price to Sales (TTM) 5.12 2.15 1.70 2.17

Price to Book (MRQ) 5.15 1.51 0.95 2.90

Price to Tangible Book (MRQ) 4.83 1.64 1.15 7.58

Price to Cash Flow (TTM) 39.20 11.85 5.19 10.96

Price to Free Cash Flow (TTM) -- 26.08 7.73 52.14

% Owned Institutions -- -- -- --

DIVIDENDS

Company Industry Sector S&P 500

Dividend Yield -- 3.05 1.03 1.61

Dividend Yield - 5 Year Avg. 0.00 2.34 1.36 2.51

Dividend 5 Year Growth Rate -- 10.00 2.03 -7.12

Payout Ratio(TTM) 0.00 66.57 13.19 38.62

GROWTH RATES

Company Industry Sector S&P 500

Sales (MRQ) vs Qtr. 1 Yr. Ago 67.27 19.59 5.18 9.48

Sales (TTM) vs TTM 1 Yr. Ago 40.03 8.30 7.31 9.25

Sales - 5 Yr. Growth Rate 30.69 12.43 9.37 9.84

EPS (MRQ) vs Qtr. 1 Yr. Ago 214.29 22.95 243.17 7.29

EPS (TTM) vs TTM 1 Yr. Ago 98.86 -- -- --

EPS - 5 Yr. Growth Rate -- -2.19 1.78 6.73

Capital Spending - 5 Yr. Growth Rate 35.06 2.17 5.08 4.74

FINANCIAL STRENGTH

Company Industry Sector S&P 500

Quick Ratio (MRQ) 1.42 3.78 0.61 0.66

Current Ratio (MRQ) 1.43 4.01 0.79 0.99

LT Debt to Equity (MRQ) 145.14 20.65 26.91 119.37

Total Debt to Equity (MRQ) 153.83 23.52 40.82 174.86

Interest Coverage (TTM) -0.34 -0.01 0.13 16.64

PROFITABILITY RATIOS

Company Industry Sector S&P 500

Gross Margin (TTM) 41.11 49.11 12.24 32.09

Gross Margin - 5 Yr. Avg. 40.63 42.23 24.32 28.79

EBITD Margin (TTM) 22.20 -- -- --

EBITD - 5 Yr. Avg 17.95 22.06 10.40 18.29

Operating Margin (TTM) 11.34 21.99 -1.83 --

Operating Margin - 5 Yr. Avg. 8.49 19.89 5.44 16.26

Pre-Tax Margin (TTM) 5.93 22.88 -1.86 14.63

Pre-Tax Margin - 5 Yr. Avg. 2.08 20.82 5.25 15.86

Net Profit Margin (TTM) 5.25 15.29 -2.71 10.87

Net Profit Margin - 5 Yr. Avg. 1.92 12.98 3.51 11.63

Effective Tax Rate (TTM) 11.54 31.24 16.04 51.41

Effecitve Tax Rate - 5 Yr. Avg. 7.43 33.12 32.67 25.31

EFFICIENCY

Company Industry Sector S&P 500

Revenue/Employee (TTM) 226,753 124,942,260 22,694,353 669,588

Net Income/Employee (TTM) 11,896 21,754,453 1,182,140 83,022

Receivable Turnover (TTM) 12.32 6.94 22.35 10.39

Inventory Turnover (TTM) 133.76 64.82 4.86 6.65

Asset Turnover (TTM) 0.32 0.48 0.40 0.55

MANAGEMENT EFFECTIVENESS

Company Industry Sector S&P 500

Return on Assets (TTM) 1.67 7.39 1.84 5.92

Return on Assets - 5 Yr. Avg. 0.59 6.53 3.51 5.68

Return on Investment (TTM) 1.93 8.93 2.77 7.59

Return on Investment - 5 Yr. Avg. 0.66 8.30 6.17 7.34

Return on Equity (TTM) 0.42 9.49 5.53 17.53

Return on Equity - 5 Yr. Avg. 0.82 8.91 8.95 9.24

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Contact Detail:

Chutinush Taksinapinunt

Business Development Director

Heffernan Capital Management

Email: chutinush@heffernan-inc.com

Chutinush Taksinapinunt holds a Bachelor of Business Administrators degree Majoring in

Finance and Banking. Chutinush Taksinapinunt is an experienced market maker and Portfolio

Manager, having worked with some of Thailand’s largest Securities Company and Financial

Institutions.

Price Estimate by Shayne Heffernan PhD

Shayne Heffernan of Ebeling Heffernan holds a PhD in Economics serves as CEO of Heffernan

Holdings Inc and Co Founder of Ebeling Heffernan www.ebeling-heffernan.com

Bangkok

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Tel: +66 2 126 8000 Fax: +66 2 126 8080

New York

347 5th Avenue, Suite 1402-508 Ny, NY 10016

Tel: +1 646-403-9881 Fax: +1 646-403-8014

Singapore

3 Raffles Place #07-01 Bharat Building Singapore 048617

Tel: +65 6329 6408Fax: +65 6329 9699

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