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G Sachs Lifts SANDS CHINA LTD's TP to HKD24.2 w/ Rating Buy; 3Q Results Solid
2025-10-24 11:40:01
SANDS CHINA LTD (01928.HK) posted steady 3Q25 results, reflecting a reversal of the declining trend in EBITDA and market share observed earlier this year, Goldman Sachs wrote in its research report.

During the period, SANDS CHINA LTD's EBITDA reached USD601 million, aligning with Goldman Sachs' market expectations, while its total revenue increased by 7% QoQ. Although its promotional expenses rose by 11% QoQ, accounting for 22.2% of total gaming revenue, its adjusted EBITDA margin still managed to slightly climb to 31.5% compared to 2Q25. Its market share also jumped by 1.1 ppts QoQ to 23.8%.

Goldman Sachs lifted its target price for SANDS CHINA LTD from HKD23.6 to HKD24.2 and kept the Buy rating unchanged. It considered the recent stock price pullback a good buying opportunity and the valuation attractive, expecting potential final dividend growth to drive a re-rating of the shares.
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