Market Performance - The Hong Kong stock market indices collectively declined in the afternoon, halting a three-day rally, with the Hang Seng Index falling by 0.33% to 26,346 points, the Hang Seng China Enterprises Index down by 0.97% to 9,375 points, and the Hang Seng Tech Index decreasing by 1.26%, barely holding above 6,000 points [1][3]. Sector Performance - Major technology stocks, which serve as market indicators, turned negative in the afternoon, contributing to the market's decline. Notable declines included NetEase down by 2.35%, Xiaomi, Meituan, and Tencent each dropping nearly 2%, while Alibaba, Baidu, and JD.com also experienced losses [3]. - The spot gold price fell below $3,930, leading to a decline in gold stocks, with significant drops observed in companies like Chifeng Jilong Gold Mining and Zijin Mining. Other sectors such as copper and aluminum also saw declines [3]. - Popular sectors including semiconductor stocks, Chinese brokerage firms, heavy infrastructure, and Apple-related stocks experienced significant downward pressure in the afternoon, alongside collective weakness in paper, mobile gaming, home appliance, film, and wind power stocks [3]. Specific Stock Movements - Macau's gaming revenue is expected to show potential upward trends in October, leading to an overall increase in gaming stocks. Additionally, the recent stabilization of raw milk prices is anticipated to accelerate industry de-stocking in the second half of the year, resulting in active performance from dairy stocks [3]. - Two new stocks were listed on the Hong Kong market, with Dipo Technology surging over 121% and Bama Tea achieving an 86.7% increase [3].

Market Performance - The Hong Kong stock market indices collectively declined in the afternoon, halting a three-day rally, with the Hang Seng Index down 0.33% to 26,346 points, the Hang Seng China Enterprises Index down 0.97% to 9,375 points, and the Hang Seng Tech Index down 1.26%, barely holding above 6,000 points [1] Sector Performance - Major technology stocks, which serve as market indicators, turned negative in the afternoon, contributing to the market's decline. Notable declines included NetEase down 2.35%, Xiaomi, Meituan, and Tencent each down nearly 2%, and Alibaba, Baidu, and JD.com also experiencing losses [1] - Gold prices fell below $3,930, leading to a decline in gold stocks, with significant drops in companies like Chifeng Jilong Gold Mining and Zijin Mining. Other sectors such as copper and aluminum also saw declines [1] - Popular sectors including semiconductor stocks, Chinese brokerage firms, heavy infrastructure, and Apple-related stocks experienced significant downward pressure in the afternoon, while paper, mobile gaming, home appliance, film and television, and wind power stocks showed collective weakness [1] Specific Stock Movements - Macau's October gambling revenue is expected to show potential upward trends according to Morgan Stanley, leading to an overall increase in gaming stocks [1] - Recent stabilization in raw milk prices is anticipated to accelerate industry destocking in the second half of the year, resulting in active performance from dairy stocks [1] - There was significant divergence in insurance stocks [1] - Two new stocks were listed on the Hong Kong market, with Dipo Technology rising over 121% and Bama Tea rising 86.7% [1]

Group 1 - Morgan Stanley forecasts a 9% growth in Sands China’s free cash flow to equity (FCFE) for next year [1] - Target price raised by 10% to HKD 23, maintaining an "Overweight" rating [1] - EBITDA forecasts for 2025, 2026, and 2027 increased by 1%, 6%, and 8% respectively, with earnings per share estimates rising by 1%, 12%, and 14% during the same period [1]

Core Viewpoint - The company, Macau Legend Development Limited, is undergoing a capital restructuring to optimize its capital structure and provide more flexibility for future actions, while adjusting the timeline for a proposed rights issue due to the need for additional time to complete the restructuring [1] Group 1: Capital Restructuring - The capital restructuring aims to meet certain legal and procedural conditions under Cayman Islands law for the proposed rights issue [1] - The company plans to deregister in the Cayman Islands and continue its existence under Bermuda law as an exempted company, which will not affect its continuity or listing status on the stock exchange [1] - Following the change of registered location, the company will implement a capital reduction, reducing the nominal value of its issued share capital from HKD 1.00 to HKD 0.01 per share [1] Group 2: Adjustments and Agreements - The timeline for the proposed rights issue will be adjusted accordingly due to the updated action plan for the capital restructuring [1] - A supplemental agreement has been established to reflect the capital restructuring and the revised timeline [1] - The company and its joint underwriters have not changed their intention to proceed with the rights issue despite the adjustments [1]

集团早已积极规划其他娱乐及消遣设施，以提升英皇娱乐酒店的酒店服务体验，从而拓宽收入基础。集 团对澳门旅游业的前景仍保持乐观态度，并将继续提升其产品及服务以把握商机。董事会将寻求合适机 会，利用其财务资源，旨在扩大其酒店业务。 智通财经APP讯，英皇娱乐酒店(00296)发布公告，于 2025年10月27日(交易时段后)，天豪(为公司全资 附属公司)与澳娱双方订立终止协议，据此，该协议将自2025年10月31日起提前终止。自终止日期起， 天豪不再提供该等服务予澳娱，于澳门的英皇娱乐酒店的博彩区将终止营运。 集团将继续从事酒店业务，包括位于香港的 (i) 英皇骏景酒店、(ii) The Unit Morrison Hill、(iii) The Unit Happy Valley 及 (iv) The Unit Soho 租赁公寓，以及位于澳门的 (v) 英皇娱乐酒店及 (vi) 盛世酒店。集团 来自酒店及租赁公寓的收入于截至2024年及2025年3月 31日止的财政年度大致保持稳定。此外，于截至 2025年3月31日止，集团维持稳健的财务状况，银行结余及现金约为5.26亿港元，并无任何银行借款。 ...

格隆汇10月27日｜中金发表研报指，金沙中国第三季度净收入为19.06亿美元，按年上升8%，经调整物 业EBITDA为6.01亿美元，按年上升3%，与市场预期基本一致。中金将金沙中国的表现归因于受到返点 激励政策的推动，博彩收入市场份额从第二季度的22.6%提升至第三季度的23.7%，伦敦人名汇放量。 中金维持金沙中国2025和2026年调整后EBITDA预测，维持"跑赢行业"评级和目标价23.8港元，对应 2025年12倍和2026年11倍企业价值/税息折旧及摊销前利润(EV/EBITDA)，较当前股价存在29%上行空 间。 ...

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]

Core Insights - Sands China (1928 HK) reported a strong performance in Q3 2025, with adjusted EBITDA exceeding expectations, reaching USD 601 million, a year-on-year increase of 3% and surpassing market forecasts by 7% [1][2] - Total net revenue for Sands China grew by 7.5% year-on-year to USD 1.9 billion, driven by the successful renovation of "The Londoner," which saw net revenue increase by 49% to USD 686 million and adjusted property EBITDA surge by 77% to USD 219 million [1][2] - The overall gaming revenue for the industry increased by 9% year-on-year, with Sands China's market share recovering to 23.6%, although it still lags behind the industry average growth rate [2] Company Performance - Sands China's total gaming revenue reached USD 1.8 billion in Q3 2025, reflecting a 9% year-on-year growth, while the industry average was 13% [2] - The mass market segment showed robust performance with a 12% increase in gaming revenue to USD 1.5 billion, benefiting from an 8% rise in betting amounts and a 0.7 percentage point improvement in win rates [2] - VIP gaming revenue, however, declined by 16% year-on-year to USD 148 million, despite a slight improvement in win rates [2] Market Position - Sands China's market share has shown a quarter-on-quarter recovery, indicating a positive trend since the low point in Q1 2025 [2] - The company has implemented a more aggressive reinvestment strategy since Q2 2025, which has contributed to the stable performance of its mass market operations [2] - The stock is projected to have an EV/EBITDA of 10 times for 2026, suggesting potential for future growth [2]

Investment Rating - The report maintains an "Outperform" rating for Sands China [2][6] Core Insights - The company achieved net revenue of USD 1.91 billion in Q3 2025, representing a year-on-year increase of 7.6% [3][10] - Adjusted property EBITDA reached USD 601 million, up 2.7% year-on-year, with an adjusted property EBITDA margin of 31.5% [3][13] - The market share of Sands China increased to 23.7% in Q3 2025, up from 22.7% in Q2 2025 [5][14] Financial Performance Summary - Revenue projections for 2025-2027 are USD 7,395 million, USD 7,907 million, and USD 8,325 million, with year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [6][15] - Gaming gross revenue is expected to be USD 7,034 million, USD 7,471 million, and USD 7,864 million for the same period, with growth rates of 4.2%, 6.2%, and 5.3% [6][15] - Adjusted property EBITDA is forecasted at USD 2,327 million, USD 2,601 million, and USD 2,784 million, with margins of 31.5%, 32.9%, and 33.4% [6][15] Property Performance Breakdown - The performance of individual properties varied, with The Londoner showing a net revenue increase of 49% year-on-year, while The Venetian and The Parisian experienced declines [3][11] - The net revenue contributions from properties were as follows: The Venetian and The Londoner at USD 690 million each, The Parisian at USD 220 million, Plaza at USD 210 million, and Sands at USD 70 million [3][11] Market Share and Competitive Position - Sands China continues to hold the leading market share in Macau, benefiting from its large-scale casinos and convention centers [6][15] - The company’s gaming gross revenue reached USD 1.84 billion, up 9.2% year-on-year, although this growth was below the industry average of 12.5% [4][12]

Core Viewpoint - CICC maintains its "outperform" rating and a target price of 23.8 HKD for Sands China (01928) for the years 2025 and 2026 adjusted EBITDA forecasts [1] Financial Performance - Sands China reported a net revenue of 1.906 billion USD for Q3 2025, representing an 8% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 90% of the level seen in Q3 2019 [1] - The adjusted property EBITDA for Sands China was 601 million USD, showing a 3% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 80% of the level in Q3 2019, aligning with market expectations of 596 million USD [1] Market Position - The company's promotional strategies have positively impacted its performance, with market share increasing from 22.6% in Q2 2025 to 23.7% in Q3 2025 [1] - The operational scale of The Londoner Macao is gradually improving [1]