Glonghui, January 26 | Goldman Sachs published a research report saying that Sands China was affected by a 2.16% drop in VIP room win rate in the fourth quarter of last year, and the overall EBITDA was US$654 million. Adjusted revenue reached US$694 million, in line with expectations, meaning that the EBITDA margin increased by 100 basis points quarterly to 35.9%, fully returning to pre-pandemic levels. The report quoted Sands China's management as saying that they remain optimistic about the industry and business prospects, and emphasized that in addition to mainland people's strong demand for tourism and gaming in Macau, demand from overseas countries such as ASEAN is also gradually increasing. As for return on capital or a potential timeline for resuming dividends, management acknowledged that the company's strong cash flow generation had brought the company's net debt and EBITDA to healthy levels. The company still has $1.8 billion in senior notes due in fiscal year 2025, and will continue to evaluate cash flow and financial conditions to resume the dividend schedule. In response, the bank believes that the Group still has an opportunity to announce a dividend of HK$0.6 per share in the second half of the 2024 fiscal year. Goldman Sachs maintains Sands China's “Buy” rating, with a target price of HK$28.5.