On July 25th, Glorious Advisor released a research report pointing out that Sands China's second quarter adjusted property EBITDA fell 12% quarter-on-quarter to $0.565 billion, 2% lower than the bank's and 3% lower than Bloomberg's forecasts, believed to be due to higher rebates and reinvestment. At the same time, the disruption caused by the Londoner Macao's Phase II project continues to affect the company's business and is expected to peak in the third quarter of this year. The bank rated the group as "outperforming the market" and set a target price of HKD 21.6.