Core Viewpoint - Haitong International maintains an "outperform" rating for Sands China (01928), projecting net income for 2026-2027 at $7.937 billion and $8.363 billion, representing year-on-year growth of 6.2% and 5.4% respectively [1] Group 1: Financial Performance - The company reported net income of $2.058 billion for Q4 2025, a year-on-year increase of 16.2%, with adjusted property EBITDA reaching $608 million, up 6.5% [2][4] - The adjusted property EBITDA margin was 29.5%, down 2.7 percentage points year-on-year, marking the lowest quarterly margin since 2024 [4] - The company's gaming gross revenue reached $2.02 billion, a year-on-year increase of 23.1%, exceeding the industry growth rate of 15% [3] Group 2: Revenue Breakdown - The revenue contributions from gaming and non-gaming segments were $1.54 billion and $520 million respectively, with year-on-year growth of 17.1% and 13.5% [2] - By property, the Venetian, Londoner, Parisian, and Galaxy reported net revenues of $750 million, $700 million, $230 million, and $260 million respectively, with year-on-year changes of +10.3%, +34.9%, +2.2%, and +18.4% [2] Group 3: Market Share and Customer Trends - The company maintained a market share of 24.4% in Q3 2025, an increase from 23.7% in Q3 2025 and 23% in Q4 2024 [5] - The customer structure is shifting towards VIP and high-end mass market segments, with VIP gaming gross revenue increasing by 155.8% year-on-year [3]
海通国际：维持金沙中国(01928)“优于大市”评级 25Q4经调整EBITDA低于预期