On July 27, SANDS CHINA LTD rose 3.22% in regular trading, trading at 14.34 HKD/share, with turnover of HKD 31.21 million. The stock continued to gain alongside the broader Macau gaming sector, supported by summer tourism recovery signals and sustained broker endorsements despite a disappointing Q2.

UBS maintained its Buy rating on July 24 with a target price of 18.70 HKD, noting that while Q2 adjusted property EBITDA of USD 430 million was the weakest since the pandemic — down 24% year-over-year and 32% sequentially — the miss was largely attributable to unusually low VIP win rates (1.4%) and World Cup disruption. Excluding VIP hold normalization, EBITDA would have been USD 517 million. Citi similarly maintained a Buy rating with a slightly trimmed target of 18.5 HKD.

Management emphasized that underlying trends remain robust, with May monthly mass gaming revenue reaching a record high. The company reiterated its long-term target of achieving quarterly Macau property EBITDA of USD 700 million. Industry data showed July daily gross gaming revenue recovering to approximately MOP 679 million, up 9% week-over-week, reinforcing confidence in the summer high season.

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