Glonghui, January 25 | Jefferies released a report saying that Sands China (1928.HK) recorded a hold-adjusted EBITDA of US$694 million in the fourth quarter of last year, up 13% from quarter to quarter (equivalent to 88% in the fourth quarter of 2019), in line with expectations. The recovery is expected to continue, maintaining a “buy” rating, while the target price dropped nearly 10% from HK$41 to HK$37. According to the bank, Sands China's profits and profit margins continued to improve last quarter, but these are already market expectations; management remains optimistic about the outlook and expects Macau to follow Singapore's recovery and exceed pre-pandemic levels in terms of profit margins. However, Jefferies believes that Sands China's valuation is still at a low level, so it maintains a “buy” rating, but believes that the mainland economy may be headwinds or drag down the industry's recovery.