SANDS CHIN LTD(01928.HK)：MARKET SHARE GAIN OF MASS GAMING

Market share gain of mass gaming. Mass GGR grew 12% YoY, with premium mass GGR up 6% YoY and base mass up 19% YoY, recovering to 111% and 99% of 2019 levels respectively. The company's mass gaming market share improved 1.4ppts QoQ to 25.4%, mainly thanks to the more aggressive customer reinvestment programs since mid-2Q25. 机构：申万宏源研究 研究员：贾梦迪 Maintain Buy. We like the resilience nature of the gaming business, and Sands China's further market share gain potential. We maintain target price of HK$22.5, and with ...