According to CLSA's latest report, while profits declined as anticipated, Sands China Ltd (01928) reported a 2% year-over-year increase in adjusted property EBITDA for Q3, reaching $599 million, surpassing both institutional and their forecast by 0.5% and 4%, respectively. The market share for gaming revenue rose by 1.4 percentage points quarter-over-quarter to 25.4%, marking the highest level since Q1 of last year. Additionally, Sands lowered its total capital expenditure guidance for 2025-2027 by 4% to $1.25 billion, which is viewed as a positive surprise. CLSA maintains an "Outperform" rating for Sands China Ltd, with a target price of HKD 22.
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