Sands China Ltd (01928) surged more than 3% in late trading, closing at HK$20.58 with a turnover of HK$223 million. Analysts noted the company delivered solid Q3 2025 results, driven by the full operation of Londoner Phase II and new promotional campaigns, which are expected to further boost revenue and profitability.
Market share recovery was observed following the launch of Londoner Phase II and revised marketing strategies. With industry growth and strategic adjustments, both market share and EBITDA are projected to rise. Short-term EBITDA is forecasted to reach $2.7–2.8 billion.
Industrial Securities highlighted Sands China’s sequential quarterly improvement in Q3 2025, with sustained year-on-year growth in revenue and EBITDA despite temporary disruptions from typhoons in Southern China. Excluding weather impacts, EBITDA performance would have been stronger.
The Londoner property continues its upward trajectory as the company actively refines strategies to capture additional market share. Analysts remain optimistic about Sands China’s scale advantages and mass-market operations, anticipating gradual potential realization from Londoner. Additionally, dividend yield upside is expected in the future.
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