Core Viewpoint - Sands China reported 3Q25 results that met market expectations, with net revenue of $1.906 billion, an 8% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 90% of 3Q19 levels [1] Financial Performance - Adjusted property EBITDA for 3Q25 was $601 million, up 3% year-on-year and 6% quarter-on-quarter, aligning closely with Bloomberg's consensus estimate of $596 million [1] - The increase in gaming revenue market share from 22.6% in 2Q25 to 23.7% in 3Q25 was driven by rebate incentive policies [1] Development Trends - Management reiterated a full-year Macau gross gaming revenue assumption of $33-34 billion, maintaining a short-term EBITDA target of $2.7-2.8 billion for the year, equating to $675 million per quarter [1] - Despite intense competition in the high-end mass segment, Sands China aims to remain competitive to achieve its short-term EBITDA goals while adjusting reinvestment plans and sales team resource allocation across properties [1] - The company plans to re-enter the intermediary VIP business as high-end VIP customer visits increase, although the mass market is expected to contribute the majority of revenue [1] - Strong passenger traffic driven by same-day round trips continued in 3Q25, with ordinary mass market growth lagging behind high-end mass business; ordinary mass traffic recovered to 119% of 3Q19 levels (7% quarter-on-quarter growth), while high-end mass recovered to 106% of 3Q19 levels (10% quarter-on-quarter growth) [1] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 10 times 2025 and 9 times 2026 EV/EBITDA [1] - The company maintains an outperform rating and a target price of HKD 23.80, which corresponds to 12 times 2025 and 11 times 2026 EV/EBITDA, indicating a 29% upside potential from the current stock price [1]