Group 1 - The core viewpoint of the report is that Sands China (01928) is rated "Outperform" with a target price of HKD 25.6, benefiting from the recovery of the Macau gaming industry and its strong market position [1] - Sands China operates approximately 1,680 gaming tables and around 3,700 slot machines, making it the largest among the six listed gaming companies in Macau [1] - The company focuses on the mass market segment, targeting mid-to-high-end customers, which contributes to higher profitability due to a high win rate in the mass market [1] Group 2 - Sands China's adjusted EBITDA margin has rebounded to 31.9% following the completion of renovations at The Londoner Macao in the second quarter, with expectations for continued improvement [1] - Revenue projections for Sands China from 2025 to 2027 are estimated at USD 7.395 billion, USD 7.907 billion, and USD 8.325 billion, reflecting year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [2] - The forecasted gross gaming revenue for the same period is USD 7.034 billion, USD 7.471 billion, and USD 7.864 billion, with growth rates of 4.3%, 6.2%, and 5.3% [2]
海通国际：首次覆盖金沙中国(01928)予“优于大市”评级 目标价25.6港元