Core Viewpoint - Goldman Sachs reports that Sands China (01928) slightly underperformed expectations in Q4, with adjusted EBITDA rising 1% quarter-on-quarter to $608 million, below market expectations of $610 million to $640 million [1] Group 1: Financial Performance - Adjusting the VIP room win rate from 3.9% to the theoretical value of 3.3% would reduce EBITDA by $26 million to $582 million, representing a 3% quarter-on-quarter decline or a 2% year-on-year increase [1] - The target price for Sands China has been lowered from HKD 24.2 to HKD 23.2 due to a decrease in EBITDA margin forecasts [1] Group 2: Future Outlook - Management remains relatively optimistic about the outlook for the Macau gaming industry and does not expect the World Cup to significantly impact total gaming revenue [1] - EBITDA margin forecasts for 2026 and 2027 are projected at 31% and 31.4%, with property EBITDA expected to be $2.5 billion and $2.7 billion, respectively, approaching the company's mid-term target of $2.7 billion to $2.8 billion but below the $3 billion level of 2019 [1] - Due to lower EBITDA margins, EBITDA forecasts for 2026 and 2027 have been revised down by 4% to 5% [1]

Core Viewpoint - Goldman Sachs reports that Sands China (01928) slightly missed expectations for Q4 performance, with adjusted EBITDA rising 1% quarter-on-quarter to $608 million, below market expectations of $610 million to $640 million [1] Financial Performance - Adjusted EBITDA for Q4 is $608 million, which is a 1% increase quarter-on-quarter but lower than market expectations [1] - If the VIP room win rate is adjusted from 3.9% to the theoretical value of 3.3%, EBITDA would decrease by $26 million to $582 million, representing a 3% quarter-on-quarter decline or a 2% year-on-year increase [1] Future Outlook - Management remains relatively optimistic about the outlook for the Macau gaming industry and does not believe that the World Cup will significantly impact total gaming revenue [1] - EBITDA margin forecasts for 2026 and 2027 are 31% and 31.4%, respectively, with property EBITDA projected at $2.5 billion and $2.7 billion, approaching the company's mid-term target of $2.7 billion to $2.8 billion but below the $3 billion level of 2019 [1] Adjustments and Target Price - Due to lower EBITDA margins, Goldman Sachs has reduced its EBITDA forecasts for 2026 and 2027 by 4% to 5% and lowered the target price from HKD 24.2 to HKD 23.2 [1] - The company is expected to continue increasing dividends in the coming years, as there are no major capital expenditures anticipated [1]

Core Viewpoint - CICC maintains its EBITDA forecasts for Sands China (01928) for 2026 and 2027, with the current stock price corresponding to 9 times the 2026 estimated EV/EBITDA. The firm maintains an outperform rating and a target price of HKD 23.80, indicating a 26% upside from the current stock price [1]. Group 1: Financial Performance - Sands China reported a net revenue of USD 2.058 billion for 4Q25, a year-on-year increase of 16% and a quarter-on-quarter increase of 8%, recovering to 92% of 4Q19 levels. Adjusted property EBITDA was USD 608 million, up 6% year-on-year and 1% quarter-on-quarter, but fell short of the consensus estimate of USD 632 million [2]. Group 2: Market Share and Costs - The company achieved a higher gaming revenue market share of 24.5% in 4Q25, up from 23.7% in 3Q25, driven by membership programs and growth in other Asian customer segments. However, EBITDA was impacted by rising operational costs, including expenses related to events like the NBA China Games and increased employee compensation due to higher gaming table capacity [3]. - The high-end segment (VIP and premium mass) is expected to continue leading industry growth, with the marketing rebate environment anticipated to stabilize in 2026, potentially positively impacting EBITDA margins. The deployment of side-bet products is ongoing, but participation from Macau customers has been below expectations, which may limit structural growth in win rates [3]. - Despite property foot traffic exceeding 2019 levels, the premium mass segment has recovered to 117% of 4Q19 levels, showing a 6% quarter-on-quarter increase, while the mass market segment has only recovered to 95% of 4Q19 levels, indicating a decline in per capita spending in the mass market [3].

Core Viewpoint - CICC maintains its EBITDA forecasts for Sands China (01928) for 2026 and 2027, with the current stock price corresponding to 9x 2026e EV/EBITDA, and a target price of HKD 23.80, indicating a 26% upside potential from the current price [1] Group 1: Financial Performance - Sands China reported 4Q25 net revenue of USD 2.058 billion, a year-on-year increase of 16% and a quarter-on-quarter increase of 8%, recovering to 92% of 4Q19 levels [2] - Adjusted property EBITDA for 4Q25 was USD 608 million, up 6% year-on-year and 1% quarter-on-quarter, but fell short of the consensus estimate of USD 632 million [2] Group 2: Market Share and Costs - The company achieved a higher gaming revenue market share of 24.5% in 4Q25, up from 23.7% in 3Q25, driven by membership programs and growth in customers from other Asian regions [3] - Despite the increased market share, EBITDA was impacted by higher operational costs, including expenses related to events like the NBA China Games and rising employee salaries due to increased gaming table capacity [3] Group 3: Industry Outlook - The high-end segment (VIP business and premium mass) is expected to continue leading industry growth, with the marketing rebate environment anticipated to stabilize in 2026, potentially positively impacting EBITDA margins [4] - The deployment of side-bet products is ongoing, but participation from Macau customers has not met expectations, which may limit structural growth in win rates; visitor numbers and customer plans during the Spring Festival are expected to remain strong [4] - Although property foot traffic has surpassed 2019 levels, the premium mass segment has recovered to 117% of 4Q19 levels, while the mass market segment has only recovered to 95%, indicating a decline in per capita spending in the mass segment [4]

Core Viewpoint - The report from Haitong International indicates that Sands China achieved a net revenue of $2.058 billion in Q4 last year, representing a year-on-year increase of 16.2% [1]. Financial Performance - Adjusted property EBITDA reached $608 million, up 6.5% year-on-year, with an adjusted property EBITDA margin of 29.5% [1]. - The net revenue for the period met market expectations, but the adjusted property EBITDA fell short of market forecasts [1]. Future Projections - The company is expected to generate net revenues of $7.937 billion and $8.363 billion for the years 2026 and 2027, reflecting year-on-year growth rates of 6.2% and 5.4% respectively [1]. - Gaming gross revenue is projected to be $7.652 billion and $8.082 billion for the same years, with year-on-year growth rates of 6.6% and 5.6% [1]. - Adjusted property EBITDA forecasts have been revised down to $2.483 billion and $2.643 billion, with adjusted property EBITDA margins of 31.3% and 31.6% [1]. Rating and Target Price - Haitong International maintains an "Outperform" rating for Sands China, with a target price set at HKD 22.3 [1].

Group 1 - The core viewpoint of the report is that higher activity spending is expected to re-emerge for Sands China (01928) over the next four years (2026 to 2029), with confidence that the EBITDA margin can reach a low 30% level, while maintaining a "Buy" rating but lowering the target price from HKD 24.25 to HKD 23 [1] - Sands China's Q4 performance for the previous year was largely in line with expectations, with net revenue increasing by 16% year-on-year to USD 2.058 billion (up 8% quarter-on-quarter), and property EBITDA rising by 6% year-on-year to USD 608 million (up 1% quarter-on-quarter), which was slightly below the market consensus of USD 628 million by 3% [1] - Adjusted EBITDA margin decreased by approximately 3.9 percentage points year-on-year to about 28.9% [1] Group 2 - The report cites management comments from Sands China during an analysis call, indicating that significant spending on events, particularly the NBA China Games and the 15th National Games, contributed to the EBITDA margin decline of 2.7 percentage points (29.5% in Q4 2025; 32.2% in Q4 2024) [2] - The report suggests that despite the decline in EBITDA margin, Sands China has performed well in controlling operating expenses [2] - Management also noted a year-on-year decrease in the win rate by approximately 140 basis points, with promotional efforts stabilizing and plans for further optimization in 2026 [2]

Group 1 - The core viewpoint is that Citigroup expects increased activity spending to re-emerge for Sands China (01928) over the next four years (2026 to 2029), while maintaining confidence that Sands China's EBITDA margin can reach a low 30% level, reiterating a "Buy" rating but lowering the target price from HKD 24.25 to HKD 23 [1] - Sands China reported Q4 earnings that were broadly in line with Citigroup's expectations, with net revenue increasing by 16% year-on-year to USD 2.058 billion (up 8% quarter-on-quarter), and property EBITDA rising by 6% year-on-year to USD 608 million (up 1% quarter-on-quarter), which was slightly below the market consensus of USD 628 million [1] - Adjusted EBITDA margin decreased by approximately 3.9 percentage points year-on-year to about 28.9% [1] Group 2 - The management of Sands China indicated during the analysis conference call that significant spending on activities, primarily due to the NBA China Games and the 15th National Games, contributed to a year-on-year EBITDA margin decline of 2.7 percentage points (29.5% in Q4 2025; 32.2% in Q4 2024) [2] - Considering the aforementioned activities and a less favorable revenue mix from VIP and mass market segments, Citigroup believes that the reported EBITDA margin indicates Sands China is still managing operational expenses effectively [2] - The management also mentioned a year-on-year decline in the win rate by approximately 140 basis points, with promotional efforts stabilizing and plans for further optimization in 2026 [2]

海通国际发布研报称，维持金沙中国(01928)"优于大市"评级。该行预计公司2026-2027年的净收益为 7937/8363百万美元，同比增长6.2%/5.4%，博彩毛收入为7652/8082百万美元，同比增长6.6%/5.6%，经 调整物业EBITDA为2483/2643百万美元(原为2601/2784百万美元)，经调整物业EBITDA利润率为 31.3%/31.6%，公司在澳门的市场份额持续多年第一，拥有规模最大的娱乐场及会展中心，该行给予公 司2026E 12x EV/EBITDA(原为12.5x)，对应市值为1804亿港元，对应股价为22.3港元。 海通国际主要观点如下： LVS发布金沙中国25Q4业绩 公司实现净收益20.58亿美元，同比提升16.2%;经调整物业EBITDA达6.08亿美元，同比提升6.5%，对应 经调整物业EBITDA利润率为29.5%。整体来看，25Q4公司净收益符合市场预期，但经调整物业 EBITDA低于市场预期。 公司旗下各物业业绩分化，威尼斯人/百丽宫净收益同比环比均有所提升 公司实现净收益20.58亿美元，同比提升16.2%。其中，博彩/非博彩业务分别贡献15.4/5 ...

Core Viewpoint - UBS reports that Las Vegas Sands (LVS) announced an adjusted EBITDA of $608 million for Q4 2025 in Macau, reflecting a year-on-year growth of approximately 6%, but falling short of market consensus expectations of $628 million [1] Group 1: Financial Performance - The adjusted EBITDA of $608 million for Q4 2025 represents a 6% increase year-on-year [1] - If the VIP room betting rate is adjusted, the EBITDA would be $582 million, which is below market consensus [1] - The profit margin for the quarter was lower than expected, primarily due to increased costs and a revenue structure leaning towards lower-margin high-end segments [1] Group 2: Management Insights - Management reiterated its goal of achieving an annual EBITDA of $2.7 billion for Macau properties, which is expected to be supported by improved asset utilization [1] - Improvements in marketing plans and the introduction of new facilities since Q2 have driven growth in gaming revenue, with a focus on optimizing promotional efficiency in 2026 [1] - Management noted that per capita spending in the mass market segment has remained stagnant, and the shift towards high-end segments may impact the profit margin structure [1]

Core Viewpoint - Haitong International maintains an "outperform" rating for Sands China (01928), projecting net income for 2026-2027 at $7.937 billion and $8.363 billion, representing year-on-year growth of 6.2% and 5.4% respectively [1] Group 1: Financial Performance - The company reported net income of $2.058 billion for Q4 2025, a year-on-year increase of 16.2%, with adjusted property EBITDA reaching $608 million, up 6.5% [2][4] - The adjusted property EBITDA margin was 29.5%, down 2.7 percentage points year-on-year, marking the lowest quarterly margin since 2024 [4] - The company's gaming gross revenue reached $2.02 billion, a year-on-year increase of 23.1%, exceeding the industry growth rate of 15% [3] Group 2: Revenue Breakdown - The revenue contributions from gaming and non-gaming segments were $1.54 billion and $520 million respectively, with year-on-year growth of 17.1% and 13.5% [2] - By property, the Venetian, Londoner, Parisian, and Galaxy reported net revenues of $750 million, $700 million, $230 million, and $260 million respectively, with year-on-year changes of +10.3%, +34.9%, +2.2%, and +18.4% [2] Group 3: Market Share and Customer Trends - The company maintained a market share of 24.4% in Q3 2025, an increase from 23.7% in Q3 2025 and 23% in Q4 2024 [5] - The customer structure is shifting towards VIP and high-end mass market segments, with VIP gaming gross revenue increasing by 155.8% year-on-year [3]