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 - The recovery of Gross Gaming Revenue (GGR) for Sands China is lagging behind the industry average, with GGR at USD 1.72 billion, reflecting a year-on-year increase of 0.3% and a quarter-on-quarter increase of 6.5%, recovering to 81% of the levels seen in Q2 2019, compared to the industry average of 83% [1][4]. - The company is overly reliant on hotel hardware appeal, which has affected performance due to insufficient customer incentives [1][4]. - The management is optimistic about the refurbishment of The Londoner, which is expected to enhance business through improved customer incentive mechanisms [1][5]. - The parent company has increased its stake in Sands China to 73.4% and plans to gradually restore dividends to pre-pandemic levels, with a projected total dividend of HKD 0.50 in 2025 [1][10]. Summary by Sections Financial Performance - Sands China's adjusted EBITDA for Q2 2025 was USD 566 million, a year-on-year increase of 1% and a quarter-on-quarter increase of 6%, recovering to 74% of the levels seen in Q2 2019 [5]. - The company’s revenue forecast for 2025-2027 has been adjusted downwards to HKD 578 billion, HKD 622 billion, and HKD 653 billion respectively [10]. Market Dynamics - The recovery of VIP and mass market segments is below industry standards, with VIP gross revenue at USD 156 million, recovering to only 28% of 2019 levels, while mass market revenue is at USD 1.376 billion, recovering to 99% of 2019 levels [4][10]. - The company has seen strong visitor traffic to Macau, but increased market competition and insufficient customer incentives have hindered performance [4][6]. Non-Gaming Initiatives - Sands China is expanding its non-gaming offerings, including hosting concerts and events to attract diverse customer demographics, with notable performances scheduled for the second half of 2025 [5][32]. - The introduction of various entertainment events is expected to enhance customer engagement and drive GGR recovery [6][32].
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