Core Viewpoint - Despite a decline in profits as expected, Sands China (01928) reported a 2% year-on-year increase in adjusted property EBITDA for Q3, reaching $599 million, which exceeded both institutional and the bank's forecasts by 0.5% and 4% respectively [1] Financial Performance - Adjusted property EBITDA for Q3 increased by 2% year-on-year to $599 million [1] - The market share of the mid-market revenue segment increased by 1.4 percentage points quarter-on-quarter to 25.4%, marking the highest level since Q1 of the previous year [1] Capital Expenditure Guidance - Sands China lowered its total capital expenditure guidance for 2025 to 2027 by 4% to $1.25 billion, which is considered a positive surprise [1] Analyst Rating - The bank has assigned Sands China an "Outperform" rating with a target price of HKD 22 [1]

Core Viewpoint - MGM China (02282.HK) experienced a significant increase in stock price, rising over 5% in the afternoon trading session, indicating positive market sentiment towards the company [1] Group 1 - MGM China's stock price rose by 5.02%, reaching HKD 15.05 [1] - The trading volume for MGM China was reported at HKD 87.37 million [1]

Core Viewpoint - MGM China (02282) shares rose over 5%, reaching HKD 15.05, with a trading volume of HKD 87.37 million, indicating positive market sentiment ahead of earnings announcement on October 30 [1] Group 1: Industry Performance - Citigroup forecasts a 7% year-on-year increase in EBITDA for the Macau gaming operators in Q3, with MGM China expected to achieve a 13% year-on-year growth [1] - The anticipated higher EBITDA growth for MGM China compared to the industry may provide positive stock momentum before the earnings report [1] Group 2: Analyst Ratings and Price Targets - Citigroup maintains a "Buy" rating for MGM China, setting a target price of HKD 19 and including it in the positive catalyst watchlist for 30 days [1] - Credit Lyonnais believes MGM China has revaluation potential, with its 2026 EV/EBITDA and P/E ratios remaining low among six Macau gaming companies [1] - Following an assessment of market share, profit margins, return on capital, and dividend growth, Credit Lyonnais raised its target price from HKD 18.3 to HKD 22.7 while maintaining an "Outperform" rating [1]

Market Overview - The Hang Seng Index is expected to hold at 25,000 points, reflecting a forecasted price-to-earnings ratio of 12 times over the next 12 months, amid concerns over U.S.-China relations and weak consumer spending in mainland China [1] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to reduced expectations for future rate reductions, with only one cut anticipated in 2026, lower than market expectations [3][5] Company News - Ping An Good Doctor (1833) and Prada (1913) are in focus due to their earnings reports [2] - Minglue Technology (2718) is starting its IPO today, aiming to raise 1 billion HKD, with plans to allocate 35% of the proceeds to enhance R&D capabilities [9] - China Unicom (0762) reported a 5% increase in net profit for the first three quarters, reaching 20 billion RMB, with service revenue growing by 1.1% [9] - Sands China (1928) reported a 3% increase in adjusted property EBITDA for the third quarter, with net revenues rising by 7.5% to 1.9 billion USD [9] - Longjiang Storage is considering an IPO as early as next year, potentially seeking a valuation of up to 300 billion RMB [9] Industry Insights - The insurance sector is expected to benefit from strong A-share performance, leading to improved investment returns in Q3 [6] - The AI sector is seeing accelerated adoption in mainland China, with breakthroughs in chip development [6] - The Chinese gaming industry has received approval for 159 domestic and 7 imported games in October, indicating a recovery in the sector [7] - The Shenzhen government is supporting leading companies in strategic industries to list in Hong Kong or refinance, aiming to enhance the quality of listed companies by 2027 [7]

里昂发表研究报告指，金沙中国第三季经调整物业Ebitda按年增长2%至5.99亿美元，分别较彭博及该行 预测高出0.5%和4%。中场收入市场份额按季增1.4个百分点，达到25.4%，是自去年第一季以来的最高 水平。同时，金沙将2025至27年的总资本开支指引下调4%至12.5亿美元，亦属一个正面惊喜。该行予 金沙中国"跑赢大市"评级，目标价为22港元。 ...

港股濠赌股普遍反弹，其中，金沙中国绩后一度涨超4%，美高梅中国涨近2%，汇彩控股涨1.3%，银河 娱乐、新濠国际发展、金界控股跟涨。消息上，金沙中国2025年第三季的净收益总额由2024年第三季增 加7.5%至19亿美元；第三季的净收入为2.72亿美元，而2024年第三季则为2.68亿美元。摩根士丹利报告 指，金沙中国第三季EBITDA为6.01亿美元(经持有调整后为5.99亿美元)，符合预期。中金公司维持2025 年澳门总博彩收入预测，同时上调2026年预测，预计今明两年总博彩收入分别按年增长9%和5%，恢复 至2019年的84%和88%。其中，该行预计今明两年的中场博彩收入按年增长7%和6%，恢复至2019年的 119%和126%；并预计贵宾博彩收入2025年按年增长19%，2026年按年下降5%，恢复至2019年的29%和 28%。(格隆汇) ...

消息面上，金沙中国的控股股东Las Vegas Sands Corp.公布9月底止第三季业绩，根据美国公认会计原 则，季内金沙中国净收益总额同比增加7.5%至19亿美元；净收入升1.5%至2.72亿美元。经调整物业 EBITDA升2.7%至6.01亿美元。期内，经扣除资本化金额后的利息开支为1.87亿美元，而去年同季则为 1.79亿美元。加权平均债项结余为159.4亿美元，而去年同期为138.7亿美元。 金沙中国(01928)涨超3%，截至发稿，涨3.04%，报18.98港元，成交额2.48亿港元。 ...

Core Insights - Sands China (01928) shares rose over 3%, reaching HKD 18.98 with a trading volume of HKD 248 million [1] Financial Performance - Las Vegas Sands Corp., the controlling shareholder of Sands China, reported a 7.5% year-on-year increase in net revenue for Q3, totaling USD 1.9 billion [1] - Net income for the quarter increased by 1.5% to USD 272 million [1] - Adjusted property EBITDA rose by 2.7% to USD 601 million [1] Debt and Interest Expenses - Interest expenses, after capitalized amounts, were USD 187 million, compared to USD 179 million in the same quarter last year [1] - The weighted average debt balance was USD 15.94 billion, up from USD 13.87 billion in the same period last year [1]

格隆汇10月23日｜金沙集团公布第三季度业绩，收入为33.3亿美元，超过分析师平均预期的30.3亿美 元；调整后每股盈利78美分，亦超过分析师预期的60美分。期内，澳门业务总收入同比增长7.6%，达 19.1亿美元，新加坡业务总收入同比增长56.3%，达14.4亿美元，均超预期。金沙集团将年度股息提高 至每股1.2美元，并将股票回购额提高至20亿美元。 ...

2025年第三季度的加权平均债项结余为159.4亿美元，较2024年第三季度的138.7亿美元有所上升。 2025年第三季度的加权平均借贷成本为4.5%，低于2024年第三季度的5.1%。 2025年第三季度，金沙中国的净收益总额为19亿美元，较2024年第三季度增长7.5%。 同期净收入为2.72亿美元，高于2024年第三季度的2.68亿美元。 ...