Gronghui reported on October 21 that the adjusted property EBITDA of Sands China (1928.HK) in the third quarter was US $32 million, down 76% quarter-on-quarter, slightly lower than the US $36 million estimated by Motors, but Motors believes that in the absence of clear guidance from customs clearance and management, the third-quarter results have limited predictive effect on the group's future performance. Motors has a "underweight" rating on Sands China, with a target price of HK $20. According to Moto, total gaming revenue in Sands China in the third quarter fell 37% on a quarterly basis, which was worse than the market average, while non-casino businesses showed a bright spot, falling only 4% on a quarter-on-quarter basis, reflecting the strong market demand for high-end products. Sands China's retail business continues to recover to near pre-epidemic levels. Sands China management reiterated its confidence in license renewal. Motors also mentioned that by the end of the third floor, Sands China had liquidity of about US $2.5 billion, slightly lower than the US $2.9 billion at the end of the second quarter, but enough to cope with the difficult operating environment. The stock is now trading at HK $17.44, with a total market capitalization of HK $141.1 billion.