Core Viewpoint - CICC maintains its "outperform" rating and a target price of 23.8 HKD for Sands China (01928) for the years 2025 and 2026 adjusted EBITDA forecasts [1] Financial Performance - Sands China reported a net revenue of 1.906 billion USD for Q3 2025, representing an 8% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 90% of the level seen in Q3 2019 [1] - The adjusted property EBITDA for Sands China was 601 million USD, showing a 3% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 80% of the level in Q3 2019, aligning with market expectations of 596 million USD [1] Market Position - The company's promotional strategies have positively impacted its performance, with market share increasing from 22.6% in Q2 2025 to 23.7% in Q3 2025 [1] - The operational scale of The Londoner Macao is gradually improving [1]
中金：维持金沙中国(01928)“跑赢行业”评级 上季市占率升