Core Viewpoint - Goldman Sachs reports that Sands China’s Q3 performance is robust, indicating a reversal of the declining trend in EBITDA and market share observed earlier this year [1] Financial Performance - EBITDA for the period reached $601 million, aligning with market expectations [1] - Total revenue increased by 7% quarter-on-quarter [1] Management Outlook - Management has become more confident compared to previous quarters, revealing that the total gaming revenue share has been increasing for several consecutive months since mid-year [1] - The expectation for Macau's total gaming revenue next year is projected to reach between $33 billion to $34 billion, slightly above Goldman Sachs' forecast [1] Investment Recommendation - Goldman Sachs has slightly adjusted its EBITDA forecasts for Sands China for 2025 to 2027 by 0% to 2% and raised the target price from HKD 23.6 to HKD 24.2, maintaining a "Buy" rating [1] - The recent stock price correction is viewed as a good buying opportunity, with attractive valuations expected to drive potential dividend growth and re-rating of the shares [1]

Core Viewpoint - UBS reported that Sands China’s adjusted property EBITDA for Q3 was $601 million, representing a year-on-year increase of approximately 3% and a quarter-on-quarter increase of about 6% [1] Financial Performance - The EBITDA, excluding the impact of VIP room commissions, would reach $599 million, aligning with UBS and market expectations of $596 million [1] - The management of Sands China anticipates that the momentum for market share growth will continue into Q4, primarily benefiting from the product mix provided by the reinvestment plan [1] Strategic Initiatives - The positive performance is attributed to the restructuring of the market distribution team, which includes adjustments to personnel structure and staffing [1] Analyst Rating - UBS maintains a "Neutral" rating on Sands China with a target price of HKD 21.6 [1]

Group 1 - Morgan Stanley forecasts a 9% growth in Sands China’s free cash flow to equity (FCFE) for next year [1] - Target price raised by 10% to HKD 23, maintaining an "Overweight" rating [1] - EBITDA forecasts for 2025, 2026, and 2027 increased by 1%, 6%, and 8% respectively, with earnings per share estimates rising by 1%, 12%, and 14% during the same period [1]

Core Viewpoint - Morgan Stanley forecasts a 9% growth in Free Cash Flow to Equity (FCFE) for Sands China (01928) next year and raises the target price for the stock by 10%, from HKD 21 to HKD 23, while maintaining an "Overweight" rating [1] Financial Projections - Morgan Stanley has increased its EBITDA forecasts for Sands China for the years 2025 to 2027 by 1%, 6%, and 8% respectively [1] - Consequently, the earnings per share estimates for the same period have been raised by 1%, 12%, and 14% respectively [1]

Group 1 - Morgan Stanley forecasts a 9% growth in Free Cash Flow to Equity (FCFE) for Sands China (01928) next year [1] - The target price for Sands China has been raised by 10%, from HKD 21 to HKD 23, while maintaining an "Overweight" rating [1] - EBITDA forecasts for Sands China have been increased by 1%, 6%, and 8% for the years 2025 to 2027, leading to per-share earnings estimates rising by 1%, 12%, and 14% respectively [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 SANDS CHINA LTD. 金沙中國有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1928及票據證券代號：5142、5733、 40246、40247、40584、40585、40852、40853、40854、5413、5414、5415） 內幕消息 本公司控股股東 LAS VEGAS SANDS CORP. 截至二零二五年九月三十日止 第三個財政季度業績 1 0 - Q表季度報告 LVS及其綜合附屬公司的財務業績（包括於LVS季度報告中所載者）乃根據美國公認會計 原則（「美國公認會計原則」）編製，該等原則與我們在編製及呈列本公司的財務業績及 有關財務資料時所受限於的國際財務報告準則（「國際財務報告準則」）不同。本公司證 券持有人及本公司證券潛在投資者應諮詢彼等各自的專業顧問，以了解國際財務報告 準則與美國公認會計原則的差異。 前瞻性陳述 本公告可能載有前瞻性陳述。該等前瞻性陳述包括有 ...

Core Viewpoint - Sands China reported 3Q25 results that met market expectations, with net revenue of $1.906 billion, an 8% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 90% of 3Q19 levels [1] Financial Performance - Adjusted property EBITDA for 3Q25 was $601 million, up 3% year-on-year and 6% quarter-on-quarter, aligning closely with Bloomberg's consensus estimate of $596 million [1] - The increase in gaming revenue market share from 22.6% in 2Q25 to 23.7% in 3Q25 was driven by rebate incentive policies [1] Development Trends - Management reiterated a full-year Macau gross gaming revenue assumption of $33-34 billion, maintaining a short-term EBITDA target of $2.7-2.8 billion for the year, equating to $675 million per quarter [1] - Despite intense competition in the high-end mass segment, Sands China aims to remain competitive to achieve its short-term EBITDA goals while adjusting reinvestment plans and sales team resource allocation across properties [1] - The company plans to re-enter the intermediary VIP business as high-end VIP customer visits increase, although the mass market is expected to contribute the majority of revenue [1] - Strong passenger traffic driven by same-day round trips continued in 3Q25, with ordinary mass market growth lagging behind high-end mass business; ordinary mass traffic recovered to 119% of 3Q19 levels (7% quarter-on-quarter growth), while high-end mass recovered to 106% of 3Q19 levels (10% quarter-on-quarter growth) [1] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 10 times 2025 and 9 times 2026 EV/EBITDA [1] - The company maintains an outperform rating and a target price of HKD 23.80, which corresponds to 12 times 2025 and 11 times 2026 EV/EBITDA, indicating a 29% upside potential from the current stock price [1]

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of HKD 24.00 [1][9]. Core Insights - The company's total Gross Gaming Revenue (GGR) for Q3 2025 reached USD 1.837 billion, reflecting a year-on-year increase of 9% and a quarter-on-quarter increase of 7%, recovering to 90% of the levels seen in Q3 2019, which is above the industry average of 88% [6][9]. - The report highlights that while the overall GGR recovery is strong, the recovery in VIP and mass market segments is lagging behind the industry, with VIP GGR at USD 148 million, recovering only to 34% of 2019 levels compared to the industry average of 54% [7]. - The company is expected to increase its dividend to HKD 0.50 in 2025, compared to HKD 0.25 in 2024, indicating a positive outlook for shareholder returns [6][9]. Financial Performance - Projected revenue for the company is expected to grow from HKD 55.224 billion in 2024 to HKD 66.820 billion by 2027, with a compound annual growth rate (CAGR) of approximately 9.72% [5]. - The net profit attributable to the parent company is forecasted to increase from HKD 8.340 billion in 2024 to HKD 11.878 billion in 2027, reflecting a significant growth trajectory [5]. - The report anticipates an increase in the company's EBITDA from USD 6.01 billion in Q3 2025, which is 80% of the levels seen in Q3 2019, indicating a recovery in operational efficiency [8]. Market Dynamics - The company is leveraging innovative gaming solutions such as smart gaming tables and side betting to enhance market share, particularly in the mass market segment [6][7]. - The report notes that the Londoner property has maintained its attractiveness, with a year-on-year GGR increase, and is expected to benefit from upcoming non-gaming events, including concerts and sports events, which could drive additional foot traffic [8][9]. - The report suggests that the overall gaming sector in Macau is likely to continue its upward trend in the second half of 2025, supported by favorable policies and increased consumer spending [9].

Investment Rating - The report maintains an "Outperform" rating for Sands China [2][6] Core Insights - The company achieved net revenue of USD 1.91 billion in Q3 2025, representing a year-on-year increase of 7.6% [3][10] - Adjusted property EBITDA reached USD 601 million, up 2.7% year-on-year, with an adjusted property EBITDA margin of 31.5% [3][13] - The market share of Sands China increased to 23.7% in Q3 2025, up from 22.7% in Q2 2025 [5][14] Financial Performance Summary - Revenue projections for 2025-2027 are USD 7,395 million, USD 7,907 million, and USD 8,325 million, with year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [6][15] - Gaming gross revenue is expected to be USD 7,034 million, USD 7,471 million, and USD 7,864 million for the same period, with growth rates of 4.2%, 6.2%, and 5.3% [6][15] - Adjusted property EBITDA is forecasted at USD 2,327 million, USD 2,601 million, and USD 2,784 million, with margins of 31.5%, 32.9%, and 33.4% [6][15] Property Performance Breakdown - The performance of individual properties varied, with The Londoner showing a net revenue increase of 49% year-on-year, while The Venetian and The Parisian experienced declines [3][11] - The net revenue contributions from properties were as follows: The Venetian and The Londoner at USD 690 million each, The Parisian at USD 220 million, Plaza at USD 210 million, and Sands at USD 70 million [3][11] Market Share and Competitive Position - Sands China continues to hold the leading market share in Macau, benefiting from its large-scale casinos and convention centers [6][15] - The company’s gaming gross revenue reached USD 1.84 billion, up 9.2% year-on-year, although this growth was below the industry average of 12.5% [4][12]

Core Viewpoint - CICC maintains its "outperform" rating and a target price of 23.8 HKD for Sands China (01928) for the years 2025 and 2026 adjusted EBITDA forecasts [1] Financial Performance - Sands China reported a net revenue of 1.906 billion USD for Q3 2025, representing an 8% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 90% of the level seen in Q3 2019 [1] - The adjusted property EBITDA for Sands China was 601 million USD, showing a 3% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 80% of the level in Q3 2019, aligning with market expectations of 596 million USD [1] Market Position - The company's promotional strategies have positively impacted its performance, with market share increasing from 22.6% in Q2 2025 to 23.7% in Q3 2025 [1] - The operational scale of The Londoner Macao is gradually improving [1]