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G Sachs: SANDS CHINA LTD (01928.HK) 3Q Results Solid; TP Raised to $24.2
2025-10-24 10:17:16
SANDS CHINA LTD (01928.HK) delivered solid 3Q25 results, with EBITDA and market share showing an evident reversal from the downswing at the beginning of the year, Goldman Sachs said in a research report.

EBITDA recorded USD601 million, and after adjusting for VIP win rate, it came in at USD599 million, representing a 7% QoQ growth, suggesting a slim improvement in the adjusted EBITDA margin to 31.5%.

The management of Sands China maintained a positive attitude and was more confident about further growth in market share of GGR.

The broker reiterated its Buy rating on the company, raising the target price from HK$23.6 to HK$24.2, and continued to list it as a top pick.
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