Core Viewpoint - First Shanghai maintains a "Buy" rating for Sands China (01928) with a target price of HKD 25.11, citing strong performance in Q3 2025 and confidence in the group's long-term development [1] Group 1: Q3 2025 Performance Overview - The overall performance in Q3 2025 was strong, with net revenue increasing by 7.3% year-on-year and 6.1% quarter-on-quarter to USD 1.9 billion, recovering to 90% of 2019 levels [1] - VIP business saw a decline of 16.3% year-on-year and 5.2% quarter-on-quarter, recovering to 34% of 2019 levels [1] - Mass market business grew by 12.1% year-on-year and 9.0% quarter-on-quarter, with high-end mass market up 6.3% year-on-year and 10.8% quarter-on-quarter, and mass market up 18.6% year-on-year and 7.3% quarter-on-quarter [1] Group 2: Retail Business Performance - Gross revenue and operating profit in the retail segment increased by 4.0% and 4.6% year-on-year, and 4.0% and 3.7% quarter-on-quarter, respectively [2] - Hotel occupancy rate was 96.8% with an average price of USD 230 [2] - Adjusted EBITDA grew by 2.7% year-on-year and 6.2% quarter-on-quarter to USD 600 million, recovering to 80% of 2019 levels [2] Group 3: Performance of Individual Casinos - Revenue from various casinos: Venetian Macao at USD 692 million, Londoner at USD 686 million, Parisian at USD 218 million, Four Seasons at USD 206 million, and Sands Macao at USD 72 million [3] - Adjusted EBITDA for these casinos: USD 242 million for Venetian, USD 219 million for Londoner, USD 53 million for Parisian, USD 102 million for Four Seasons, and USD 8 million for Sands, with recovery rates to 2019 levels at 71%, 130%, 44%, 136%, and 15% respectively [3] Group 4: Other Key Points - The group's market share has rebounded due to the full service of the second phase of the Londoner and new promotional strategies [4] - Short-term EBITDA is expected to reach USD 2.7-2.8 billion, with growth in the VIP segment driven by super VIP clients and increased market liquidity [4] - The group has repurchased USD 340 million in shares, increasing its ownership stake to 74.76% [4]

Core Viewpoint - The report from Industrial Securities maintains a "Buy" rating for Sands China (01928), projecting revenue growth for 2025E/2026E/2027E at $7.4 billion, $7.9 billion, and $8.3 billion, respectively, with year-on-year growth rates of 4.4%, 6.8%, and 4.9% [1] Group 1 - The company's Q3 2025 performance met expectations, achieving a total net income of $1.9 billion, reflecting a year-on-year increase of 7.5% and a quarter-on-quarter increase of 6.1% [2] - Adjusted EBITDA for Q3 2025 was $601 million, showing a year-on-year growth of 2.7% and a quarter-on-quarter growth of 6.2% [2] - Revenue composition by business segment includes 76.3% from gaming, 11.7% from rooms, 3.7% from dining, 6.9% from shopping centers, and 1.3% from other retail [2] Group 2 - The strong performance of the Londoner property is highlighted, with revenue growth of 6.9% quarter-on-quarter and 49.1% year-on-year, while EBITDA increased by 6.8% quarter-on-quarter and 76.6% year-on-year [2] - The report indicates that the Londoner still has potential for EBITDA margin improvement compared to other properties [2] - The company is actively adjusting its strategy to capture new market share, particularly in the London property segment [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Sands China Ltd, with a stock price increase of 4.4% to HKD 20.42 per share and a trading volume of HKD 302 million as of August 7 [1] - Sands China Ltd is a leading developer and operator of multi-purpose integrated resorts and casinos, focusing on high-end entertainment services in Macau, the largest gaming market globally and the only legal gaming zone in China [1] - The company operates several renowned resorts, including The Venetian and Sands Macao, offering over 11,000 hotel rooms and one of Asia's top convention centers, aiming to become the preferred destination for gaming, leisure, and conferences in Asia [1] Group 2 - As of the 2024 annual report, Sands China Ltd reported total revenue of HKD 50.894 billion and a net profit of HKD 7.512 billion [2] - Dongwu Securities International maintains a "Buy" rating for Sands China Ltd with a target price of HKD 21 [3]

Group 1 - The core viewpoint of the articles indicates that the company's second-quarter performance for 2025 met expectations, with a net income of $1.79 billion, reflecting a year-on-year growth of 2.3% and a quarter-on-quarter growth of 5.3% [1] - The VIP business saw a decline of 13.3% year-on-year and 4.9% quarter-on-quarter, recovering to 28% of the levels seen in the same period of 2019 [1] - Retail business revenue and operating profit increased by 7.8% and 4.8% year-on-year, respectively, while luxury goods performance remained weak [1] Group 2 - The adjusted EBITDA for the quarter grew by 0.9% year-on-year and 5.8% quarter-on-quarter, reaching $566 million, which is 74% of the level seen in the same period of 2019 [1] - The hotel occupancy rate was 96.2%, with an average price of $226 [1] - The company holds approximately $985 million in cash, with net debt reduced by $90 million to $5.94 billion [1] Group 3 - The performance of various entertainment venues includes revenue figures of $663 million for Venetian Macao, $642 million for Londoner, and $194 million each for Parisian and Four Seasons, with adjusted EBITDA recovery rates ranging from 21% to 124% compared to 2019 [2] - The recent positive industry performance is attributed to increased foot traffic, new project launches, and popular non-gaming products, with high-end mass gaming being a key growth driver [2] - The company has initiated a change in strategy regarding customer promotion expenses, leading to improved performance in May and June [2] Group 4 - The company maintains a buy rating with a target price of HKD 25.31, reflecting confidence in revenue and profit growth due to the second phase of the Londoner and new promotional activities [3] - The company is recognized as the largest integrated resort operator in Macau, holding a leading position in mass gaming and non-gaming sectors [3] - The company has repurchased $179 million worth of shares, increasing its ownership stake to 73.4% [2]

Core Viewpoint - CICC maintains the adjusted EBITDA forecast for Sands China (01928) for 2025 and 2026, with a target price raised by 19% to HKD 23.80, reflecting a 29% upside potential from the current stock price [1] Group 1: Financial Performance - Sands China reported 2Q25 net revenue of USD 1.797 billion, recovering to 84% of 2Q19 levels (up 2% year-on-year and 5% quarter-on-quarter) [2] - Adjusted property EBITDA for 2Q25 was USD 566 million, recovering to 74% of 2Q19 levels (up 1% year-on-year and 6% quarter-on-quarter), aligning with institutional expectations of USD 562 million [2] - The performance is attributed to more aggressive marketing rebate activities, improved VIP win rates, and increased market share from 22.4% in 1Q25 to 22.6% in 2Q25 due to the opening of Londoner [2] Group 2: Management Insights - Management disclosed a short-term EBITDA target of approximately USD 2.7 billion annually (USD 675 million quarterly), with contributions expected from Venetian and Londoner (USD 2 billion), Four Seasons (USD 400 million), Parisian (USD 200 million), and Sands Macao (USD 100 million) [3] - Management acknowledged previous conservatism in customer rebate reinvestment rates, which negatively impacted performance in Macau, but noted improvements in May and June 2025 following a shift in rebate strategy [3] - The new rebate strategy aims to increase rebate spending to drive traffic to Parisian and Sands Macao, while strong natural traffic is expected to support performance at Venetian and Londoner under limited rebate spending [3] - Management believes Macau has become a regional entertainment hub, hosting numerous global and regional events, which will continue to drive visitor traffic [3] - Continued high visitor numbers are supported by day-trip travelers, with mass market recovery at 93% of 2Q19 levels (up 10% quarter-on-quarter) and premium mass market recovery at 106% of 2Q19 levels (up 5% quarter-on-quarter) [3]