Group 1: Dividend Announcements - China Communications Construction Company announced a dividend of HKD 0.12929 per share, ex-dividend date on December 1, 2025, and payment date on January 9, 2026 [1] - Zoomlion Heavy Industry Science and Technology Co., Ltd. declared a dividend of RMB 0.2 per share, ex-dividend date on December 15, 2025, and payment date on January 9, 2026 [1] - Chow Tai Fook Jewellery Group Limited will pay a dividend of HKD 0.22 per share, ex-dividend date on December 15, 2025, and payment date on December 24, 2025 [1] - NIRAKU announced a dividend of HKD 0.01 per share, ex-dividend date on December 8, 2025, and payment date on January 12, 2026 [1] Group 2: Industry Classification - China Communications Construction Company is classified under the heavy construction sector and is a constituent of the CSI Central State-Owned Enterprises Dividend Index [1] - Zoomlion Heavy Industry is categorized under heavy machinery and is not part of the CSI Central State-Owned Enterprises Dividend Index [1] - Chow Tai Fook is classified as an other retailer and is part of the Hang Seng High Dividend Yield Index [1] - NIRAKU operates in the casino and gaming sector and is not included in the CSI Central State-Owned Enterprises Dividend Index [1] Group 3: Additional Dividend Announcements - MiiMii Life Department Store announced a dividend of HKD 0.003 per share, ex-dividend date on December 16, 2025, and payment date on January 9, 2026 [2] - Bens International declared a dividend of HKD 0.025 per share, ex-dividend date on December 11, 2025, and payment date on December 23, 2025 [2] - Kwansei Fragrance announced a dividend of HKD 0.05 per share, ex-dividend date on December 8, 2025, and payment date on December 23, 2025 [2] - Sanhua Intelligent Controls declared a dividend of RMB 0.1200 per share, with no specified ex-dividend or payment dates [2] Group 4: Industry Insights - The CSI Central State-Owned Enterprises Dividend Index includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.66% as of November 25, higher than the 10-year government bond yield of 3.84% [4] - The Hang Seng High Dividend Yield Index includes high dividend stocks from mainland companies listed in Hong Kong, with a one-year dividend yield of 5.31% as of November 25, also higher than the 10-year government bond yield of 3.49% [4]

Core Insights - Sands China has reported a solid performance for the third quarter of 2025, with property EBITDA reaching $601 million, marking a 3% year-over-year increase and a 6% quarter-over-quarter increase, the first time surpassing the $600 million mark since Q1 2024 [1] - The company's new customer rebate strategy has shown early positive results, with market share estimated to have increased by 1 percentage point to 23.4% compared to the previous quarter [1] - The improvement in EBITDA occurred with only a slight decline in profit margins, indicating operational efficiency [1] Financial Performance - EBITDA for Sands China reached $601 million, exceeding the $600 million threshold for the first time since Q1 2024 [1] - Year-over-year growth of 3% and quarter-over-quarter growth of 6% in EBITDA [1] - The impact of a super typhoon at the end of September temporarily interrupted operations, suggesting that EBITDA could have exceeded $600 million without this disruption [1] Market Position - The new customer rebate strategy has contributed to an increase in market share, now estimated at 23.4% [1] - Sands China remains a preferred stock for Citigroup, with expectations of continued EBITDA recovery into Q4 of this year and next year [1] - The stock rating is "Buy" with a target price set at HKD 25.5 [1]