Core Viewpoint - Sands China (01928) has shown a strong performance with a stock increase of 3.07%, reaching HKD 19.82, driven by positive quarterly results from its parent company, Las Vegas Sands Corp. [1] Financial Performance - For the third quarter ending September, Sands China reported a net revenue increase of 7.5% year-on-year to USD 1.9 billion [1] - The net income rose by 1.5% to USD 272 million [1] - Adjusted property EBITDA increased by 2.7% to USD 601 million [1] Market Position and Strategy - Citi noted that Sands China has started the 2025 third quarter earnings season with solid performance, achieving property EBITDA of USD 601 million, marking a 3% year-on-year increase and a 6% quarter-on-quarter increase, the first time surpassing USD 600 million since Q1 2024 [1] - The company's new customer rebate strategy has begun to show results, with an estimated market share increase of 1 percentage point to 23.4% compared to the previous quarter [1] - Encouragingly, the improvement in EBITDA occurred with only a slight decline in profit margins [1] Analyst Outlook - Citi continues to favor Sands China as a top pick, anticipating that the EBITDA recovery will persist into Q4 of this year and into next year [1]

Core Viewpoint - Sands China (01928) has shown a strong performance with a stock increase of 3.07%, reaching HKD 19.82, and a trading volume of HKD 138 million, following the release of its parent company Las Vegas Sands Corp.'s Q3 earnings report, which indicates a positive trend in revenue and EBITDA growth [1][1][1] Financial Performance - For the third quarter ending September, Sands China's net revenue increased by 7.5% year-on-year to USD 1.9 billion, while net income rose by 1.5% to USD 272 million [1][1][1] - Adjusted property EBITDA grew by 2.7% to USD 601 million, marking the first time since Q1 2024 that it surpassed the USD 600 million threshold [1][1][1] Market Position and Strategy - Citi has noted that Sands China has initiated the 2025 Q3 earnings season with robust performance, achieving a property EBITDA of USD 601 million, which reflects a year-on-year increase of 3% and a quarter-on-quarter increase of 6% [1][1][1] - The company's new customer rebate strategy has begun to show positive results, with an estimated market share increase of 1 percentage point to 23.4% compared to the previous quarter [1][1][1] Future Outlook - Citi maintains that Sands China remains one of its preferred stocks, anticipating continued EBITDA recovery in Q4 of this year and into the next year [1][1][1]