The Zhitong Finance App learned that Xiaomo released a research report stating that the target price was lowered from HK$32 to HK$29 for the “increase in holdings” rating for Sands China (01928), mainly due to a moderate reduction in the EBITDA forecast and a moderate increase in capital expenditure assumptions.

The bank said that the company's quarterly results were in line with expectations, and the revenue forecast remained largely unchanged. The EBITDA forecast for this year and next two years was lowered by about 3%, reflecting investors' concerns about marketing and operating expenses. The projected EBITDA for this year is US$2.8 billion, which is close to market estimates.