大行评级丨海通国际：首次覆盖金沙中国 予其“优于大市”评级及目标价25.6港元

Core Viewpoint - Haitong International's report indicates that Sands China, as a leading player in the Macau gaming industry, is entering a positive cycle of "profitability enhancement - cash flow quality improvement - stable dividends" amid industry recovery, with current valuations still below pre-pandemic levels [1] Group 1 - Sands China is recognized as the leader in the Macau gaming sector [1] - The company is experiencing a recovery in profitability and cash flow quality [1] - Current valuations of Sands China are lower than those before the pandemic [1] Group 2 - Haitong International has initiated coverage on Sands China with an "outperform" rating [1] - The target price set for Sands China is HKD 25.6 [1]