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]