Investment Rating - The investment rating for Sands China Ltd. is maintained as "Buy" with a target price of HKD 21.20 [1][10]. Core Views - Sands China's gross gaming revenue (GGR) recovery is lagging behind the industry average, with the company relying heavily on hotel hardware attractiveness, which has impacted performance. The management acknowledges insufficient customer incentives [6][7]. - The renovation of The Londoner is expected to enhance customer attraction and improve business performance in the second half of 2025 [8][9]. - The company is anticipated to resume dividends, with a total payout expected to reach HKD 0.50 in 2025, following a HKD 0.25 dividend in 2024 [6][10]. Financial Performance Summary - For the fiscal year 2024, the projected revenue is HKD 55,224 million, with a year-on-year growth of 19.33%. The net profit attributable to the parent company is expected to be HKD 8,340 million, reflecting a significant increase of 43.87% [5]. - The adjusted EBITDA for Q2 2025 is reported at USD 566 million, showing a year-on-year increase of 1% and a quarter-on-quarter increase of 6% [8]. - The company’s earnings per share (EPS) for 2025 is projected at HKD 0.90, with a return on equity (ROE) of 59.35% [5]. Market and Competitive Position - Sands China's GGR for Q2 2025 was USD 1.72 billion, a year-on-year increase of 0.3%, but below the industry average of 83% recovery to pre-pandemic levels [6][7]. - The company’s VIP revenue recovery is at 28% compared to 2019, significantly lower than the industry average of 47% [7]. - The company is positioned as a leading player in the Macau gaming sector, with expectations of valuation premium due to its market leadership [10].
金沙中国有限公司（01928）：GGR恢复低于行业，伦敦人或支撑营收修复