The Zhitong Finance App learned that Macquarie released a research report saying that maintaining Sands China's (01928) “outperforming the market” rating, the adjusted EBITDA for the fourth quarter of last year fell 7%. Coupled with the impact of Londoners refurbishment projects, it lowered its revenue and adjusted EBITDA forecasts for this year and next two years, and lowered the stock's net profit forecast for this year and next two years by 14.9% and 8.9%. The target price dropped from HK$38.1 to HK$34.4.

The bank quoted management as saying that the second phase of the Londoner renovation project is underway and is expected to be completed in the first quarter of 2025. As far as operations are concerned, the first half of this year is expected to remain normal, as some renovations are still awaiting approval, but the impact will be seen in the second half of this year. Sands China expects Londoners to catch up with Venetians' profitability after the renovation, and management also mentioned a possible upgrade for Parisians to enhance their retail performance.