MSSANDS@EP2611A

First Shanghai Securities and DBS Maintain 'Buy' Rating for Sands China

Macquarie Downgrades Sands China's Investment Rating and Target Price

Sands China's April Short Interest Fell Sharply

CICC and DBS Maintain Buy Rating for Sands China with High Target Prices

Guotai Junan Reiterates Buy Rating on Sands China

Sands China Launches New Side Bets in Macau

Sands China's stock price falls, casino stocks under pressure

Sands China Reports Q1 Earnings and Outlines Group Growth Strategy

Sands China Reports Yearly Growth, Reaffirms Macau Investment Commitment

Sands China's Short Positions Plummet in March

UBS Maintains Positive Outlook on Macau Gaming Sector and Adjusts Ratings and Targets

Sands China Announces Annual Results and New Chairman

Sands China Announces Last Year's Performance, Net Income Up Over 50%

Sands China Ltd released FY2025 9 Months earnings on February 13, 2026 (BJT), actual revenue HKD 42.66 B, actual EPS HKD 0.6307

SANDS CHINA LTD released FY2025 Q3 earnings on February 13, 2026 (BJT), actual revenue HKD 15.37 B (forecast HKD 14.86 B), actual EPS HKD 0.2322 (forecast HKD 0.2331)

Shanghai Sands Reports 14.3% Decrease in Net Revenue for 2025 Fiscal Year

SANDS CHINA LTD released FY2025 Q4 earnings on February 13 After-Market (BJT), actual revenue HKD 15.37 B (forecast HKD 15.84 B), actual EPS HKD 0.2321 (forecast HKD 0.3108)

SANDS CHINA LTD released FY2025 earnings on February 13 After-Market (BJT), actual revenue HKD 58.04 B (forecast HKD 57.96 B), actual EPS HKD 0.8632 (forecast HKD 0.9938)

Multiple Countries to Release Macro Data and Officials to Give Speeches

Sands China Partners with Alipay to Enhance Macau's Tourism with Payment Technology

REF HOLDINGS

KANGLI INT HLDG

JY GRANDMARK

GANGLONG CHINA

EDICO HOLDINGS

SHING CHI HLDGS

KWONG MAN KEE

JIN MI FANG GP

ZHONGKE GROUP

CH DEMETER FIN

02282

00027

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HSBC Research reported that Macau's GGR for the first 10 days of May was MOP7.8 billion, with an average daily GGR of MOP780 million, remaining flat YoY but up 18% MoM. The report forecasts full-month May GGR between MOP21.7 billion and MOP23.3 billion, indicating YoY growth of 2% to 10%. The broker is bullish on SANDS CHINA LTD, GALAXY ENT, and MGM CHINA, all rated Buy with unchanged target prices. Non-gaming spending by mainland visitors showed positive growth in Q1 2026, driven by shopping.

AASTOCKS News

MGM CHINA

GALAXY ENT

SANDS CHINA LTD

HSBC HOLDINGS

HSBC

HSBC 5xShortSG241213

HSBC Holdings Plc

Sands China

Galaxy Entertainment Group

HSBC Research: Macau Avg Daily GGR in First 10 Days of May Flat; Bullish on SANDS CHINA LTD , GALAXY ENT  and MGM CHINA

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GXYYY

00200

MLCO

00880

WYNN

Latest data from the Macau Financial Services Bureau showed that cumulative gaming tax revenue for January to April this year amounted to 34.872 billion Macau patacas, up 16.9% YoY, reaching 37.7% of the full-year budget target. (su/j)

WYNN MACAU

MGM Resorts

MELCO INT'L DEV

Melco Resorts & ENT

SJM HOLDINGS

Wynn Resorts

VanEck Gaming ETF

Macau JanApr Cumulative Gaming Tax Revenue Up 16.9% YoY, Reaching 37.7% of Full-Year Budget

The Macao Government Tourism Office reported that during the five-day May Day holiday (May 1-5), Macau welcomed approximately 873,000 visitors, marking a 2.7% year-on-year increase. The average daily visitor count was around 175,000, exceeding 2019 levels by 10.4%. The peak day for arrivals was May 2, with 248,000 visitors, the highest recorded since official statistics began. Hotel occupancy averaged 92.7% during the holiday period.

MO 'May Day' Holiday Posts Avg. Daily Visitors of 175K; Hotel 5-day Avg Occupancy at 92.7%

SCHYY

On May 4, during the Mainland "May Day" holiday, Macau recorded 152,000 inbound visitors, contributing to over 749,000 total passenger trips across border checkpoints. Outbound visitors numbered 174,000, with the Barrier Gate Checkpoint, Hengqin Port, and Hong Kong-Zhuhai-Macao Bridge being the main entry points. Previous days saw inbound visitors at 203,000, 247,000, and 182,000 respectively.

- On May 4, during the fourth day of China's "May Day" holiday, the Macau Public Security Police reported over 749,000 border crossings.  
- A total of 152,000 visitors entered Macau, while 174,000 visitors exited, with primary checkpoints being the Gongbei checkpoint, Hengqin port, and the Hong Kong-Zhuhai-Macau Bridge checkpoint.  
- Earlier reports indicated the number of inbound visitors on the first three days of the holiday was 203,000, 247,000, and 182,000 respectively.

Las Vegas Sands

Macau Logs 152,000 Inbound Visitors on Fourth Day of "May Day" Holiday

CLSA forecasts Macau's May gross gaming revenue (GGR) to reach 22.6 billion patacas, supported by increased foot traffic and healthy betting levels observed during the Golden Week holiday. The report highlights new gaming options at casinos, which may enhance long-term win rates. CLSA anticipates a 6.6% year-on-year growth in GGR by May 2026. The current EV/EBITDA multiple for Macau's gaming sector is considered undemanding. Investment ratings were assigned to several stocks, with GALAXY ENT, MGM CHINA, and SANDS CHINA rated as Outperform, while WYNN MACAU and SJM HOLDINGS received Hold and Underperform ratings, respectively.

CLSA Expects Macau May GGR of 22.6B Patacas Achievable

Citi's report indicates that Macau's VIP mass betting during the first two days of the Labour Day holiday reached HKD23 million, the second highest this year, with GALAXY ENT and SANDS CHINA LTD leading market shares at 29% and 26%, respectively. Inbound visitors exceeded 200,000, similar to Lunar New Year levels. The report also highlights new side bets for baccarat, which could enhance Macau's GGR, and notes a rise in average minimum bets across several casinos. Overall, Macau remains a top destination for Mainland tourists during Golden Week.

Citigroup

CITIGROUP INC 6.250 NON CUM SER II PFD WI

Citi: Macau VIP Mass Betting in First Two Days of Labour Day Holiday Hits Second Highest This Year; GALAXY ENT  and SANDS CHINA LTD Lead Market Share

Haitong International forecasts an 8% year-on-year increase in Macau's GGR for May, following a 5.5% rise to MOP19.894 billion in April. The average daily GGR in April was MOP663 million, down 9.1% from March, indicating seasonal softening. Year-to-date, total industry revenue is up 12.1% YoY, reaching 86% of 2019 levels. Despite a decline in hotel room rates during the May Day Golden Week, occupancy rates improved. The expected growth in May would bring total industry revenue to 88.2% of the 2019 level.

Haitong International Expects Macau May GGR to Rise 8% YoY

CICC reported that Macau's gross gaming revenue (GGR) in April increased by 5.5% year-on-year, slightly below market expectations of 6.5%. Month-on-month, GGR fell by 12%, reaching 84.3% of April 2019 levels. The subdued performance was attributed to the low season, lower win rates, and stricter regulations. VIP gaming revenue dropped 46% to 55% compared to April 2019, while mass-market revenue rose by 11% to 19%. CICC forecasts May GGR between MOP21.7 billion and MOP23.3 billion, with a year-on-year growth of 2% to 10%.

CICC

CICC: Macau Apr GGR Largely In Line

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First Shanghai Securities analyst maintained a Buy rating on Sands China yesterday and set a price target of HK$21.12.Claim 55% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks In a report released on April 16, DBS also maintained a Buy rating on the stock with a HK$22.86 price target.

Tip Ranks

SANDS N2903

FIRST SHANGHAI

First Shanghai Securities Remains a Buy on Sands China (SCHYF)

MSSANDS@EP2611A(28929.HK)

HSBC Research: Macau Avg Daily GGR in First 10 Days of May Flat; Bullish on SANDS CHINA LTD , GALAXY ENT and MGM CHINA