Core Viewpoint - Sands China Limited reported a strong financial performance for 2024, with total revenue reaching $7.08 billion, an increase of 8.4% from $6.534 billion in 2023, and net profit attributable to shareholders rising significantly from $692 million to $1.045 billion. However, the company faces liquidity challenges, as its current ratio dropped from 1.23 in 2023 to 0.76 in 2024, indicating potential risks in cash flow management [1]. Debt Structure and Financial Pressure - The debt structure of Sands China deteriorated significantly in 2024, with short-term debt skyrocketing from $16 million in 2023 to $1.639 billion, a more than 100-fold increase, primarily due to the reclassification of notes maturing in 2025. Long-term debt decreased from $8.312 billion to $6.520 billion, but total liabilities still reached $10.138 billion, maintaining a high debt-to-asset ratio of 90.77% [3]. - Current liabilities surged from $1.372 billion in 2023 to $2.993 billion, while current assets only amounted to $2.285 billion, resulting in a net current liability of $708 million. Despite cash and cash equivalents increasing from $1.361 billion to $1.970 billion, this remains insufficient against the large short-term debt [3]. - The accounts receivable conversion cycle extended from 8 days to 10 days, while the accounts payable conversion cycle remained unchanged at 2 days, exacerbating cash flow management issues. Operating cash flow per share decreased from $0.28 in 2023 to $0.26 in 2024, indicating a decline in cash generation capability from operations [3]. Capital Expenditure Impact - Sands China committed to investing approximately $4.5 billion during the gaming license period from 2023 to 2032, significantly impacting cash flow. The investment cash flow per share for 2024 was negative $0.10, worsening from negative $0.02 in 2023, reflecting increased spending on infrastructure and equipment upgrades [4]. - The completion of the Londoner Macao project is expected in the second quarter of 2025, indicating continued substantial capital expenditures in the coming quarters. Additionally, renovations at the Galaxy Macau and phased updates at the Sheraton Hotel in Macau are expected to affect revenue generation in the short term [4]. - The company has invested approximately $17 billion in the development of integrated resorts in Macau, including over 10,000 hotel rooms and significant retail and convention space. While these investments may enhance long-term competitiveness, they currently serve as a major drag on cash flow [4]. Market Recovery and Profitability Concerns - Although the number of visitors to Macau increased to approximately 35 million in 2024 from 28 million in 2023, the quality of earnings for the company remains concerning. The gross profit margin declined from 61.88% in 2023 to 60.69%, indicating that intense market competition is compressing profit margins [6]. - Administrative expenses slightly increased from $1.970 billion to $1.977 billion, suggesting a need for improved cost control despite revenue growth. Adjusted property EBITDA rose from $2.23 billion to $2.33 billion, but the growth rate of 4.7% lagged behind the revenue growth of 8.4%, reflecting a decline in operational efficiency [6]. - The return on equity reached an unusually high 201.93%, primarily due to a low net asset base of $1.031 billion compared to total assets of $11.169 billion. The total asset return improved from 6.65% to 9.75%, but this improvement is more indicative of leverage effects rather than genuine operational enhancement [6]. - The net cash flow per share improved from negative $0.04 in 2023 to $0.07 in 2024, yet it remains at a relatively low level, indicating limited cash generation capacity [6].

Group 1 - The gaming stocks continue to rise, with Wynn Macau up 4.55%, SJM Holdings up 2.16%, Sands China up 1.2%, and Melco International Development up 1.01% [1] - Citigroup reported that Macau's total gaming revenue for the first six days of July may have reached approximately 4.3 billion MOP, indicating a daily average of about 717 million MOP, which is a 2% increase compared to June 2025 and a 30% surge compared to July 2024 [1] - Citigroup conservatively raised its forecast for July 2025 gaming revenue from 19.5 billion MOP to 20 billion MOP, anticipating a slowdown in daily gaming revenue after the conclusion of the concert series by Jacky Cheung [1] Group 2 - JPMorgan noted that despite the positive impact of Jacky Cheung's concert and seasonal factors in July, the performance is stronger than in June or May, with expectations of double-digit year-on-year growth for total gaming revenue in July [2] - The report indicates that Macau's gaming revenue has exceeded seasonal and market expectations for three consecutive months, suggesting that the industry has reached a cyclical turning point after a prolonged period of market profit forecast reductions [2]

Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]

海富通基金指出，港股估值当前处于历史相对低位，估值绝对水平远低于美欧日市场水平，性价比相对 较高。 汇添富基金表示，下半年港股走势或呈现"震荡上行+结构分化"格局。核心驱动因素包括宏观政策将聚 焦高质量发展、科技创新与内需提振，叠加稳增长政策加码，有望推动港股基本面修复；全年南向资金 净流入或突破万亿元规模，持续改善港股流动性。同时，海外区域性资金对港股关注度上升，若基本面 持续改善，外资配置比例有望从当前的低位逐步回升。 华夏基金认为，在国内经济复苏、AI业绩催化预期以及更多优质企业赴港上市的背景下，下半年恒生 科技的估值有望持续提升。而一旦有爆点事件催化，高弹性、高成长等特性也使其具备更大的向上动 能。 恒生指数高开0.96%，恒生科技指数涨1.07%。银河娱乐涨超9%，金沙中国涨6%，吉利汽车涨近5%。 关于港股后市 光大证券称，短期在流动性较难继续放松的背景下，结合A股财报披露扰动、中美关系仍有不确定性等 事件对风险偏好可能有所压制，港股市场可能呈现震荡走势。长期来看，港股整体盈利能力相对较强， 同时互联网、新消费、创新药等资产相对稀缺，结合当前估值仍偏低，长期配置性价比仍较高。 中信证券表示，在港股 ...

金沙中国有限公司在港交所公告，于2025年6月11日（美国时间），所有未偿付二零二五年票据 （1,800,000,000美元5.125%二零二五年到期的优先票据和1,786,475,000美元5.125%二零二五年到期的优 先票据）已根据二零二五年票据契约之条款及条件被全部赎回。因此，不再有未偿付二零二五年票据。 公司已向香港联交所申请撤销二零二五年票据的上市。有关撤销上市预期将于2025年6月20日营业时间 结束时生效。 ...

Market Overview - The Hong Kong stock market started June on a negative note, with the Hang Seng Index dropping to 23,157.97 points, down 0.57% or 131.8 points, with a total turnover of HKD 145.245 billion [1] - The Hang Seng Tech Index fell over 3% at one point but later narrowed its losses, closing down 0.7% at 5,134.11 points [1] - The market has shown signs of recovery after the "reciprocal tariffs" impact, with a significant decline in risk premiums being a key driver [1] Blue Chip Performance - Sands China (01928) led blue-chip gains, rising 4.28% to HKD 16.08, contributing 2.69 points to the Hang Seng Index [2] - Macau's gaming revenue for May reached MOP 21.193 billion, a 5% year-on-year increase, with total revenue for the first five months at MOP 97.707 billion, up 1.7% [2][5] - Other notable blue-chip movements included Chow Tai Fook (01929) up 3.22% and Galaxy Entertainment (00027) up 1.8%, while CSPC Pharmaceutical (01093) fell 4.81% [2] Sector Highlights Stablecoin Sector - The stablecoin sector surged following the enactment of the Stablecoin Ordinance in Hong Kong, with LianLian Digital (02598) rising 64.27% and Yike (09923) up 39.87% [3][4] - The ordinance aims to enhance the regulatory framework for digital asset activities in Hong Kong, with compliant stablecoins expected to launch by the end of the year [4] Gaming Sector - The gaming sector saw most stocks rise, with Sands China and Wynn Macau (01128) also posting gains [5] - Citigroup forecasts a 5% year-on-year increase in gaming revenue for June, estimating daily revenue at approximately MOP 6.17 billion [5] Gold Sector - Gold stocks performed well, with Tongguan Gold (00340) up 18.23% and other gold-related stocks also seeing gains due to rising gold prices amid geopolitical tensions [6] - Spot gold prices reached USD 3,350 per ounce, reflecting a nearly 2% increase [6] Real Estate Sector - The real estate sector faced challenges, with major developers like Agile Group (03383) and R&F Properties (02777) experiencing significant declines [7] - The top 100 real estate companies in China reported a 10.8% year-on-year drop in sales for the first five months of 2025 [7] Automotive Sector - The automotive sector is under pressure due to a new wave of price wars, with companies like GAC Group (02238) and Li Auto (02015) seeing declines [8] - The Ministry of Industry and Information Technology has expressed opposition to "cutthroat" competition in the automotive industry [8] Notable Stock Movements - Mixue Group (02097) reached a new high, closing up 7.54% at HKD 584.5, with an upgraded target price reflecting strong sales growth [9] - Alibaba Pictures (01060) rose 7.41% after announcing a name change to Damai Entertainment, indicating a strategic shift towards live events [10] - Leap Motor (09863) reported a 148% year-on-year increase in May deliveries, prompting an upgrade in sales forecasts [11] - CSPC Pharmaceutical (02005) fell 5.46% after reporting a significant drop in revenue and profit for Q1 2025 [12]

Group 1 - The gaming stocks continue to rise, with notable increases in share prices for companies such as Melco International Development (+6.63%), Galaxy Entertainment (+4.07%), Wynn Macau (+1.64%), and Sands China (+1.28%) [1] - Melco International Development reported a total operating revenue of $1.23 billion for Q1 2025, representing an approximate 11% year-on-year increase, attributed to improved performance in both gaming and non-gaming operations [1] - Galaxy Entertainment announced a net revenue of HKD 11.2 billion for Q1 2025, up 6% year-on-year but down 1% quarter-on-quarter, with adjusted EBITDA rising 16% year-on-year to HKD 3.3 billion [1] Group 2 - Morgan Stanley reported that Macau's gaming revenue for the first five days of May reached MOP 1.02 billion, achieving a strong 12% year-on-year growth despite a high base from the previous year, recovering to over 90% of pre-pandemic levels [2] - The reported figures significantly exceeded the expected daily average of MOP 850 million, marking the largest positive surprise in years, with growth particularly encouraging [2] - Over half of Macau's gaming operators have released their Q1 results, but the current financial reports are expected to have limited impact on stock prices, with focus shifting to management's insights on the sustainability of the Golden Week's performance and detailed operational data from various operators [2]

Group 1 - The China Securities Hong Kong Stock Connect Consumer Theme RMB Index (931455) increased by 0.11% as of May 6, 2025, with notable gains in constituent stocks such as Nongfu Spring (09633) up 7.49%, MGM China (02282) up 6.60%, Chow Tai Fook (01929) up 6.04%, Sands China Ltd. (01928) up 5.21%, and Meituan-W (03690) up 4.98% [1] - The Hong Kong Stock Consumer ETF (159735) rose by 3.32%, with the latest price at 0.81 yuan. Over the past two weeks, the ETF has accumulated a rise of 4.53% as of April 30, 2025 [1] - The trading activity for the Hong Kong Stock Consumer ETF was active, with a turnover of 24.85% and a transaction volume of 159 million yuan. The average daily transaction volume over the past month was 154 million yuan, ranking it first among comparable funds [1] Group 2 - According to Galaxy Securities, the impact of the U.S. so-called "reciprocal tariff" policy is diminishing, leading to a gradual recovery in investor risk appetite. Positive fiscal policies and moderately loose monetary policies are expected to support stable earnings growth in Hong Kong stocks [2] - Current valuations of Hong Kong stocks are at historically low to medium levels, indicating high medium to long-term investment value. Short-term focus should be on sectors benefiting from domestic demand expansion policies, technology sectors with improved self-sufficiency, and sectors with low trade dependency and high dividend yields [2]

1Q25 Earnings Presentation April 23, 2025 Forward Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this presentation, the words "anticipates," "believes," ...

Financial Performance - The total net revenue for the year ended December 31, 2024, was $7,080,000,000 (HK$54,990,000,000), an increase of 8.4% compared to $6,530,000,000 (HK$51,060,000,000) for the year ended December 31, 2023[8]. - The profit for the year ended December 31, 2024, was $1,050,000,000 (HK$8,120,000,000), representing a significant increase of 51.0% from $692,000,000 (HK$5,410,000,000) in the previous year[8]. - The adjusted property EBITDA for the year ended December 31, 2024, was $2,330,000,000 (HK$18,090,000,000), which is a 4.7% increase from $2,230,000,000 (HK$17,390,000,000) for the year ended December 31, 2023[8]. - The net revenue from the gaming segment was $5,350,000,000, up 10.4% from $4,840,000,000 in the previous year, primarily due to increased visitor volume[144]. - The total revenue from the hotel segment was $774,000,000, reflecting a 1.7% increase from $761,000,000, driven by higher occupancy rates[149]. - The non-gaming revenue from food and beverage increased by 8.3%, reaching $260,000,000, up from $240,000,000[143]. - Operating expenses rose to $5.714 billion, a 7.6% increase from $5.309 billion in 2023, attributed to higher business volumes across most categories[157]. - The average daily room rate for The Venetian Macao was $203, a decrease of 2.4% from $208 in 2023[151]. - The revenue per available room (RevPAR) for The Venetian Macao was $199, a 1.5% increase from $196 in the previous year[151]. Visitor Statistics - The company attracted a total of 95,000,000 visitors in 2024, averaging approximately 260,000 visitors per day[13]. - The number of visitors to Macau in 2024 was approximately 35,000,000, compared to 28,000,000 in 2023 and 6,000,000 in 2022[61]. - The company hosted approximately 652,000 visitors for incentive travel events in Macau, with around 580,000 attending 30 exhibitions and trade fairs[18]. - Total visitor numbers to Macau reached approximately 24,500,000 for the year ending December 31, 2024, an increase of about 28.6% compared to 2023[135]. - The Venetian Macao recorded approximately 31.6 million visitors in 2024, an increase from 30.3 million in 2023[118]. - The Londoner Macao had approximately 25.6 million visitors in 2024, up from 22.5 million in 2023[125]. - The Parisian Macao had a total of approximately 13,500,000 visitors in 2024, up from about 11,600,000 in 2023[127]. Investments and Developments - The company has invested approximately $17,000,000,000 to support Macau's economic diversification and enhance its status as a leading leisure and business travel destination[63]. - The company plans to invest about $4,500,000,000 in capital and operational investments in Macau during the current gaming license period from 2023 to 2032[63]. - The company has made significant progress on the post-completion works of The Londoner Macao, with a capital investment project expected to be completed in the second quarter of 2025[62]. - The company has committed to invest at least MOP 35,800,000,000 (approximately USD 4,480,000,000) in Macau, with a focus on non-gaming projects[187]. - The investment plan includes projects aimed at attracting foreign visitors, hosting exhibitions, entertainment performances, sports events, and enhancing Macau's reputation as a culinary capital[98]. - The company plans to expand its conference and exhibition capabilities by constructing a state-of-the-art venue connected to the existing Cotai Expo[102]. - A unique garden-themed attraction is planned to be developed next to The Londoner Macao, featuring a signature greenhouse and themed green spaces[102]. Corporate Governance and Management - The company has a board of directors consisting of eight members, with four being independent non-executive directors[30]. - The Chairman and non-executive director, Robert Glen Goldstein, has held various senior positions within the company since 2014, including CEO from January 2021 to January 2024[30]. - The Executive Vice Chairman and executive director, Wilfred Wong, has extensive experience in property development and has held senior management positions in several listed companies in Hong Kong[33]. - The CEO and president, Zheng Junuo, has been with the company since 2013 and previously worked at UBS Investment Bank for 14 years, overseeing various roles[37]. - The company has a strong focus on governance, with various committees including the remuneration committee and capital expenditure committee led by experienced directors[33]. - The company emphasizes the importance of financial management expertise within its board, ensuring compliance with regulatory standards[44]. - The company has a commitment to corporate governance, as evidenced by the roles of independent directors in various committees[42][44][49]. Legal Matters - The claim amount from Asian American Entertainment Corporation against the company is approximately $375 million, based on alleged breaches related to a joint bidding agreement[192]. - The claim amount was later increased to approximately $12.06 billion, covering lost earnings from 2004 to 2018, with rights reserved for further claims until 2022[194]. - The Macau Court ruled in favor of the company in April 2022, stating that the claims were malicious[196]. - The company continues to actively defend against the litigation and believes that it will not have a significant adverse effect on its financial condition or cash flow[199]. - The Macau Intermediate Court dismissed the plaintiff's appeal based on procedural defects, reaffirming the malicious nature of the claims[198]. - Management remains confident that the ongoing litigation will not materially affect the company's financial performance[199]. Market Position and Strategy - The company ranked first in market share for sold hotel rooms on major platforms including Ctrip, Alibaba's Fliggy, and Meituan in Macau[15]. - The company’s non-room revenue market share for dining and attraction tickets ranked first, with Meituan leading in dining product market share[15]. - The company is positioned to benefit from Macau's projected gross gaming revenue of MOP 226.78 billion (approximately USD 28.35 billion) in 2024, an increase of 23.9% from 2023[76]. - The company focuses on high-margin mass gaming operations, which accounted for 76% of market revenue in 2024, according to the Gaming Inspection and Coordination Bureau[79]. - The company continues to innovate its gaming product offerings to capture a larger market share across all customer segments in Macau[79]. - The company has established a significant presence in the retail sector with approximately 770 stores across 2.1 million square feet of retail space[71]. Awards and Recognition - The company received multiple awards in 2024, including the Best Integrated Resort in Asia Pacific from Travel + Leisure for the Macau Sands Resort[23]. - The company has been recognized as the best luxury hotel in Macau by the 2024 TTG China Travel Awards[27]. - The company has a platinum rating for its restaurant, 紫逸軒, in the 2024 Ctrip Reputation List for luxury restaurants[27]. - The company received multiple awards in 2024, including the "Best Luxury Hotel" in Macau from Travel + Leisure and a five-star rating from Forbes Travel Guide for the Four Seasons Hotel Macau[27]. Transportation and Visitor Experience - The company has invested in transportation networks to enhance visitor experience, including the "Cotai Water Jet" ferry service, which has been operational since November 2007[87]. - The "Cotai Water Jet" ferry service operates high-speed vessels with a capacity of over 400 passengers, with a maximum speed of approximately 42 knots[87]. - The company provides a fleet of over 110 luxury cars for its "Cotai Limousine" service, ensuring round-the-clock availability for VIP clients[89]. - The company operates 150 shuttle buses, including 34 owned and 116 leased, to facilitate transportation between its properties and key locations[90].