Gaming Revenue Resilience

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SANDSCHINA LTD.(01928.HK):MACAUGAMING25JUL2025 FINANCIAL REPORTS DISCLOSURE
格隆汇· 2025-07-26 11:38
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 ...