Core Viewpoint - Despite a decline in profits as expected, Sands China (01928) reported a 2% year-on-year increase in adjusted property EBITDA for Q3, reaching $599 million, which exceeded both institutional and the bank's forecasts by 0.5% and 4% respectively [1] Financial Performance - Adjusted property EBITDA for Q3 increased by 2% year-on-year to $599 million [1] - The market share of the mid-market revenue segment increased by 1.4 percentage points quarter-on-quarter to 25.4%, marking the highest level since Q1 of the previous year [1] Capital Expenditure Guidance - Sands China lowered its total capital expenditure guidance for 2025 to 2027 by 4% to $1.25 billion, which is considered a positive surprise [1] Analyst Rating - The bank has assigned Sands China an "Outperform" rating with a target price of HKD 22 [1]
里昂：金沙中国(01928)第三季经调整物业ebitda胜预期 予“跑赢大市”评级