华泰金融(HK)10月11日发布公告。We value Sands China (SCL) at 12x 2025E EV/EVITDA (equivalent to the average of Las Vegas gaming segment and US-listed premium hotel sector), with our target price raised from HKD19.5 to HKD24.7, chiefly given: 1) we believe customers should return as the property revamp is about to conclude; 2) we expect the company to resume dividend payouts in advance; 3) previous under-allocation due to ill-performing stock price bodes well for allocation increases. Maintain BUY.