Lyon: Sands China (01928) Third quarter adjusted property EBITDA beats expectations, rating upgraded to "outperform the market"

Lyon releases research report, stating that although profits have decreased as expected, Sands China (01928) saw a 2% year-on-year increase in adjusted property EBITDA in the third quarter to $599 million, which exceeded institutional and bank forecasts by 0.5% and 4% respectively. The market share of mid-tier revenue increased by 1.4 percentage points in the quarter to reach 25.4%, the highest level since the first quarter of last year. Additionally, Sands has lowered its total capital expenditure guidance for 2025 to 2027 by 4% to $1.25 billion, which is also a positive surprise. The bank has given Sands China an "outperform the market" rating with a target price of HK$22.