金沙中国有限公司-SANDSCHINA LTD.(01928.HK)：MACAUGAMING25JUL2025 FINANCIAL REPORTS DISCLOSURE

机构：申万宏源研究研究员：贾梦迪 Sands China reported 2Q25 net revenue of US $1.8bn (+3% YoY, +5% QoQ) and luck-adjusted property EBITDA of$ 559m (-1% YoY, +3% QoQ), recovering to 73% of 2019 level, lower than our expectations, primarily due to lower-than-anticipated performance of Parisian. We lower our 2025E EPS forecast from US $0.20 to US$ 0.13, 2026E forecast from US $0.22 to US$ 0.16, and 2027E forecast from US $0.23 to US$ 0.19. We lower target price from HK $25 to HK$ 22.6, and with 21% upside potential, we maintain a Buy ...