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<Research>Citi: SANDS CHINA LTD's New Customer Rebate Strategy Powers EBITDA Growth w/ Mild Margin Decline
Recommend 8 Positive 22 Negative 3 |
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SANDS CHINA LTD (01928.HK) has commenced its 3Q25 earnings season with robust performance, Citi wrote in its research report. The company's property EBITDA grew by 3% YoY or 6% QoQ to USD601 million, marking the first time since 1Q24 that it surpassed the USD600 million level. If not for the operational disruption caused by a super typhoon at the end of September, its EBITDA could have easily exceeded USD600 million. The new customer rebate strategy also showed initial success, driving SANDS CHINA LTD's market share up by an estimated 1 ppt from the previous quarter to 23.4%. More encouragingly, the improvement in EBITDA was accompanied by only a slight decline in profit margins. Citi continued to name SANDS CHINA LTD as one of its top picks, giving it a Buy rating and a target price of HKD25.5. AAStocks Financial News |
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