Glonghui, Feb. 1 | J.P. Morgan Chase released a report stating that Sands China's quarterly results were in line with expectations, the forecast was fine-tuned, 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 similar to market estimates. The bank lowered its target price from HK$32 to HK$29, mainly due to a moderate reduction in the EBITDA forecast and a moderate increase in capital expenditure assumptions. The target price reflects the corporate value multiples (EV/EBITDA) of today and next two years by 13 times and 11 times, respectively, with a rating of “increase in holdings”.