Investment Rating - The report maintains an "Outperform" rating for Sands China [2][16]. Core Insights - The company achieved net revenue of USD 2.058 billion in Q4 2025, representing a year-over-year increase of 16.2%. Adjusted property EBITDA reached USD 608 million, up 6.5% year-over-year, with an adjusted property EBITDA margin of 29.5% [4][12]. - The performance of the company's properties varied, with The Venetian and Plaza showing net revenue increases both year-over-year and quarter-over-quarter, while The Parisian and Sands underperformed [13][14]. - The company's gaming gross revenue increased significantly to USD 2.02 billion, up 23.1% year-over-year, driven by growth in VIP and premium mass segments [5][14]. - The adjusted EBITDA margin declined to 29.5%, down 2.7 percentage points year-over-year, primarily due to a shift in business structure and rising operating costs [6][15]. - The company's market share improved to 24.4% in Q3 2025, up from 23.7% in Q3 2024, indicating a positive trend in competitive positioning [7]. Financial Projections - For FY 2026 and 2027, net revenue is projected to be USD 7.937 billion and USD 8.363 billion, respectively, with gaming gross revenue expected to reach USD 7.652 billion and USD 8.082 billion [16]. - The adjusted property EBITDA is forecasted to be USD 2.483 billion in 2026 and USD 2.643 billion in 2027, with corresponding adjusted property EBITDA margins of 31.3% and 31.6% [16].
金沙中国有限公司（01928）：25Q4经调整EBITDA低于预期，市场份额提升