Investment Rating - The report maintains a "Buy" rating for Sands China with a target price of HKD 22.5, indicating a potential upside of 22% [1][6]. Core Insights - The gaming industry shows resilience, with Sands China's market share in the mass gaming segment increasing in Q3 2025. The company reported net revenue of USD 1.9 billion, a year-on-year increase of 8% and a quarter-on-quarter increase of 6% [1][6]. - The overall gaming gross revenue in Macau grew by 13% year-on-year in Q3, recovering to 88% of 2019 levels, driven by limited supply and high-end customer demand [1][6]. Summary by Sections Sands China Q3 2025 Performance - Sands China achieved net revenue of USD 1.9 billion, with an adjusted EBITDA of USD 600 million, reflecting a year-on-year growth of 2% and a quarter-on-quarter growth of 7%. The performance is 79% of the 2019 levels, aligning with expectations [1][6]. - The company maintains earnings per share forecasts of USD 0.13 for 2025, USD 0.16 for 2026, and USD 0.19 for 2027 [1][6]. Market Share and Revenue Growth - Sands China's mass gaming revenue increased by 12% year-on-year, with high-end and regular mass gaming segments growing by 6% and 19%, respectively, recovering to 111% and 99% of 2019 levels [2][7]. - The company's market share in the mass gaming segment rose by 1.4 percentage points to 25.4%, attributed to aggressive customer reinvestment initiatives since mid-Q2 [2][7]. Industry Overview - The gaming industry's gross revenue in Macau is showing resilience, with a year-on-year increase of 13% in Q3, primarily driven by VIP and high-end mass market customers [1][6]. - The report highlights that the recovery in gaming revenue is supported by limited supply and the resurgence of events such as concerts [1][6].
海外消费周报：海外社服：博彩行业具备韧性，金沙中国3Q25中场市占率提升-20251023