Netherlands-based carmaker Stellantis is lowering vehicle prices in France as it attempts to recover lost market share. The company is reducing prices on Fiat, Opel and Peugeot models while reviewing operations worldwide. At a media event, as reported by Bloomberg, Xavier Duchemin, head of Stellantis in France, said a new deal had been launched for the Fiat Pandina at €9,990 ($11,973) under certain conditions. He added that there are also cheaper leasing options for vehicles including the Peugeot 208 c ...

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.