The Zhitong Finance App learned that Lyon released a research report stating that it maintains Sands China's (01928) “outperforms the market” rating, and the target price is HK$16.2.

Sands China's adjusted property EBITDA for the third quarter fell 12% year over year to US$529 million, in line with the bank's expectations. Among them, the VIP room win rate was higher than normal, which had a positive impact on the company of $11 million and supported the increase in its gaming revenue market share by 1.5 percentage points to 25.4% year over year. The bank indicated that Sands China raised its total capital expenditure guidelines from 2026 to 2028 by 12.5% to US$1.8 billion, including some of the expenses related to license renewal in advance.

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