Core Insights - Sands China has reported a solid performance for the third quarter of 2025, with property EBITDA reaching $601 million, marking a 3% year-over-year increase and a 6% quarter-over-quarter increase, the first time surpassing the $600 million mark since Q1 2024 [1] - The company's new customer rebate strategy has shown early positive results, with market share estimated to have increased by 1 percentage point to 23.4% compared to the previous quarter [1] - The improvement in EBITDA occurred with only a slight decline in profit margins, indicating operational efficiency [1] Financial Performance - EBITDA for Sands China reached $601 million, exceeding the $600 million threshold for the first time since Q1 2024 [1] - Year-over-year growth of 3% and quarter-over-quarter growth of 6% in EBITDA [1] - The impact of a super typhoon at the end of September temporarily interrupted operations, suggesting that EBITDA could have exceeded $600 million without this disruption [1] Market Position - The new customer rebate strategy has contributed to an increase in market share, now estimated at 23.4% [1] - Sands China remains a preferred stock for Citigroup, with expectations of continued EBITDA recovery into Q4 of this year and next year [1] - The stock rating is "Buy" with a target price set at HKD 25.5 [1]
大行评级丨花旗：预期金沙中国EBITDA复苏将在第四季及明年持续 评级“买入”