瑞银称，本季度利润率低于预期，主要反映成本增加以及收入结构向利润率较低的高端板块倾斜。管理 层重申其目标，即澳门物业年度EBITDA达到27亿美元，该行认为这将由资产利用率的改善支持。管理 层认为，自第2季度以来营销计划的改进和新设施的推出，促使博彩收入增长走在正确方向，并将在 2026年重点优化促销效率。管理层指出，基础中场板块的人均消费保持停滞，向高端板块的倾斜可能影 响其利润率结构。 瑞银发布研报称，拉斯维加斯金沙(LVS)公布2025年第4季度澳门物业调整后EBITDA为6.08亿美元，同 比增长约6%，若调整贵宾厅的投注率，EBITDA为5.82亿美元，低于市场共识预测的6.28亿美元。该行 予金沙中国(01928)"中性"评级，目标价22.4港元。 ...

Investment Rating - The report maintains an "Outperform" rating for Sands China [2][16]. Core Insights - The company achieved net revenue of USD 2.058 billion in Q4 2025, representing a year-over-year increase of 16.2%. Adjusted property EBITDA reached USD 608 million, up 6.5% year-over-year, with an adjusted property EBITDA margin of 29.5% [4][12]. - The performance of the company's properties varied, with The Venetian and Plaza showing net revenue increases both year-over-year and quarter-over-quarter, while The Parisian and Sands underperformed [13][14]. - The company's gaming gross revenue increased significantly to USD 2.02 billion, up 23.1% year-over-year, driven by growth in VIP and premium mass segments [5][14]. - The adjusted EBITDA margin declined to 29.5%, down 2.7 percentage points year-over-year, primarily due to a shift in business structure and rising operating costs [6][15]. - The company's market share improved to 24.4% in Q3 2025, up from 23.7% in Q3 2024, indicating a positive trend in competitive positioning [7]. Financial Projections - For FY 2026 and 2027, net revenue is projected to be USD 7.937 billion and USD 8.363 billion, respectively, with gaming gross revenue expected to reach USD 7.652 billion and USD 8.082 billion [16]. - The adjusted property EBITDA is forecasted to be USD 2.483 billion in 2026 and USD 2.643 billion in 2027, with corresponding adjusted property EBITDA margins of 31.3% and 31.6% [16].

里昂发布研报称，予金沙中国(01928)"跑赢大市"评级，目标价22.9港元。2025年第四季EBITDA同比增 长6%至6.08亿美元，当中包括因贵宾厅赢率高于正常水平而带来的2,600万美元正面影响，但仍较市场 及该行预期低3%及10%。EBITDA利润率同比下降2.7个百分点至29.6%，主要由于营运开支上升，以及 高端博彩业务的收入占比增加。展望未来，公司见到促销力度已开始稳定，未来重点仍集中于扩大 EBITDA规模。 ...

智通财经APP获悉，里昂发布研报称，予金沙中国(01928)"跑赢大市"评级，目标价22.9港元。2025年第 四季EBITDA同比增长6%至6.08亿美元，当中包括因贵宾厅赢率高于正常水平而带来的2,600万美元正面 影响，但仍较市场及该行预期低3%及10%。EBITDA利润率同比下降2.7个百分点至29.6%，主要由于营 运开支上升，以及高端博彩业务的收入占比增加。展望未来，公司见到促销力度已开始稳定，未来重点 仍集中于扩大EBITDA规模。 ...

瑞银发表研报指，拉斯维加斯金沙公布2025年第四季度澳门物业调整后EBITDA为6.08亿美元，按年增 长约6%，若调整贵宾厅的投注率，EBITDA为5.82亿美元，低于市场共识预测的6.28亿美元。本季度利 润率低于预期，主要反映成本增加以及收入结构向利润率较低的高端板块倾斜。瑞银称，管理层重申其 目标，即澳门物业年度EBITDA达到27亿美元，这将由资产利用率的改善支持。管理层认为，自第二季 度以来营销计划的改进和新设施的推出，促使博彩收入增长走在正确方向，并将在2026年重点优化促销 效率。该行予金沙中国"中性"评级，目标价为22.4港元。 ...

摩根士丹利发布研报称，金沙中国(01928)去年末季EBITDA为6.07亿美元，经赢率调整后为5.82亿美 元，低于市场预期的6.17亿美元，业绩逊预期原因包括大众市场基数持平、产品组合恶化及成本上升。 予该股"增持"评级，目标价23港元。 集团第四季度EBITDA利润率按季减200个基点至29.5%。营运支出按季增长12%，大摩引述公司指竞争 强度已趋于稳定，其策略正在见效，但大摩尚未看到此迹象。 大摩指出，以2026年预估绩效为基准，其交易价格对应企业价值倍数为10.7倍，及自由现金流收益率为 8.2%，相较于历史平均水平具有吸引力。 ...

Core Viewpoint - Morgan Stanley reported that Sands China (01928) had an EBITDA of $607 million for the last quarter of the year, adjusted to $582 million, which was below the market expectation of $617 million due to stagnant mass market base, deteriorating product mix, and rising costs [1] Group 1: Financial Performance - The fourth quarter EBITDA margin decreased by 200 basis points quarter-on-quarter to 29.5% [1] - Operating expenses increased by 12% quarter-on-quarter [1] Group 2: Market Position and Strategy - Morgan Stanley noted that competition intensity has stabilized, and the company's strategy is beginning to show results, although no signs of this have been observed yet [1] Group 3: Valuation Metrics - Based on projected performance for 2026, the trading price corresponds to an enterprise value multiple of 10.7 times and a free cash flow yield of 8.2%, which is attractive compared to historical averages [1]

Core Viewpoint - Morgan Stanley's report indicates that Sands China’s EBITDA for the last quarter was $607 million, adjusted for winning rates to $582 million, which fell short of market expectations of $617 million due to stagnant mass market growth, deteriorating product mix, and rising costs [1] Financial Performance - EBITDA profit margin decreased by 200 basis points quarter-on-quarter to 29.5% [1] - The estimated enterprise value multiple based on projected performance for 2026 is 10.7 times, with a free cash flow yield of 8.2%, which is attractive compared to historical averages [1] Market Strategy - Morgan Stanley cites that the intensity of competition has stabilized, and the company's strategies are beginning to show effectiveness, although no clear signs of this have been observed yet [1] Investment Rating - The stock is rated "Overweight" with a target price of HKD 23 [1]

每经AI快讯，金沙中国(01928.HK)跌逾8%，截至发稿，跌8.23%，报17.29港元，成交额2.65亿港元。 ...

Group 1 - The Hong Kong gaming stocks experienced a significant decline, with Sands China dropping over 8%, reaching a new low for the period [1] - Other notable declines include Galaxy Entertainment down over 3%, Wynn Macau down 2.8%, MGM China down 2.5%, Melco International Development down 1.8%, and SJM Holdings down over 1% [1] Group 2 - Sands China announced that its net revenue for Q4 2025 is projected to increase by 16.4% to $2.05 billion compared to Q4 2024, which was $2.37 billion [1] - The adjusted property EBITDA for Q4 2025 is expected to be $608 million, up from $571 million in Q4 2024 [1] - For the full year 2025, the adjusted property EBITDA is projected to be $2.31 billion, slightly down from $2.33 billion in 2024 [1] Group 3 - According to a report by Jefferies, the average daily gaming revenue in Macau for the week ending January 25 was MOP 695 million, reflecting an 18% year-on-year increase but a slight week-on-week decline of 1% [1] - Channel surveys indicate that both mass and VIP gaming revenues have increased by 6% to 8% month-to-date, although the win rate has slightly decreased to between 2.4% and 2.7% [1]