Group 1 - Stellantis is lowering vehicle prices in France to recover lost market share, specifically on Fiat, Opel, and Peugeot models [1][2] - A new deal for the Fiat Pandina has been launched at €9,990 ($11,973) under certain conditions, with cheaper leasing options also available for the Peugeot 208 [1][2] - The entry price for petrol versions of the Opel Corsa has been reduced from €20,900 to €15,900 [2] Group 2 - CEO Antonio Filosa, who took over in June, is implementing price reductions to stabilize brands like Jeep and Peugeot after market share losses [2] - Filosa has plans for billions of dollars in investment in the US while addressing excess capacity in Europe and competition from Chinese manufacturers [3] - Stellantis operates twelve factories in France and is expected to unveil a new strategic plan in the first half of the year [3] Group 3 - Passenger car and van output in France increased to 661,000 units last year, up from 569,000 in 2024, aided by stronger production at sites like Sochaux [4] - Filosa has expressed concerns that the European Commission's updated vehicle emissions regulations do not provide a clear growth strategy for the EU car industry [4] - There is a possibility that Stellantis may increase European spending if the planned 2035 phase-out of petrol engines is relaxed [5]

Nike investors will look for signs this week that the recovery glimpsed last quarter is sustainable and that a bigger marketing budget is helping the sportswear maker claw back market share lost to ni... ...

Summary of Sands China 2Q25 Conference Call Company Overview - **Company**: Sands China (1928.HK) - **Industry**: Gaming and Leisure in Macau Key Financial Results - **2Q25 EBITDA**: US$566 million, aligning with expectations (Bloomberg consensus: US$555-580 million) [1] - **Adjusted EBITDA**: US$559 million, reflecting a 3% quarter-over-quarter (qoq) increase [1] - **Revenue Growth**: 4% qoq, with a slight margin slippage to 31.3% from 31.6% in 1Q25 [1] - **Total Gross Gaming Revenue (GGR)**: Increased by 7% qoq, primarily driven by mass-market gaming (+7%) and slots (+11%), while VIP rolling decreased by 20% qoq [1][18] - **Non-Gaming Revenue**: Improved from -8%/-1% year-over-year (yoy) in previous quarters [1] Market Dynamics - **Mass Market Recovery**: The recovery in GGR was led by the mass market rather than VIP, contrary to market expectations [1] - **Visitor Trends**: Significant increases in day-tripper and overnight visitation (+39%/+9% yoy in May) due to relaxed visa policies [1] - **Base Mass Segment Performance**: Base mass gaming revenue increased by 10%, while premium mass grew by 5%, reaching 93% and 106% of pre-COVID19 levels, respectively [1] Property Performance - **Londoner**: EBITDA increased by 34% qoq to US$205 million, exceeding 2Q19 levels by 24% [17] - **Venetian Macao**: Steady performance with flattish EBITDA at US$176 million, benefiting from base mass player return [17] - **Parisian**: Continued struggles with EBITDA down 33% qoq to US$44 million, attributed to weak positioning [17] - **Overall Market Share**: Sands China's GGR market share increased by 0.2 percentage points qoq to 22.8% [17] Strategic Insights - **Promotional Activities**: Management acknowledged the need for aggressive promotional strategies to improve yield on under-utilized facilities [1][18] - **Future Targets**: Short-term target to drive gaming volume closer to US$2.6-2.7 billion in EBITDA, with specific contributions from Londoner and Venetian Macao [19] - **Dividend Policy**: Intention to gradually increase dividends, subject to EBITDA and cash flow generation [19] Financial Projections - **Revised EBITDA Estimates**: FY25-27E EBITDA estimates adjusted down by 2-1% [20] - **Target Price**: Adjusted to HK$21.5 from HK$21.7 [20] - **Valuation Metrics**: Trading at 10.6x/9.2x EV/EBITDA for FY25/26E, indicating a non-demanding valuation relative to historical averages [20] Additional Insights - **Visitor Quality Improvement**: Increased visitation from wealthier coastal provinces, indicating a potential recovery in luxury spending [18] - **Promotional Allowance**: Increased promotional allowance as a percentage of GGR, indicating competitive pressures in the premium mass market [18] - **Cash Position**: Improved cash position by 4% qoq to US$1.5 billion, with net debt at US$5.9 billion [17] This summary encapsulates the key points from Sands China's 2Q25 conference call, highlighting financial performance, market dynamics, strategic insights, and future projections.