HSBC research has published a report, lowering the revenue and EBITDA forecast for Sands China (01928.HK) from 2024 to 2026 by about 1-2% and about 2-6%, respectively. In the short term, the bank believes that the group lacks catalysts and the interference caused by the renovation project in London may correspondingly damage its basic quality. Although it is expected that with the completion of the phased upgrade work, the group's market share and revenue will have some recovery in 2025, the bank holds a more conservative attitude towards the profit margin.

HSBC research mentioned that Sands China management acknowledges that it has increased reinvestment plans in order to maintain demand during service interruption periods. However, the bank believes that the group's valuation is not high, so it maintains a "buy" rating and lowers the target price from 21.6 yuan to 20 yuan. The bank believes that although weak consumer sentiment has obscured strong growth prospects, profit visibility and certainty are still much higher than in mid-2021. In addition, with the completion of the London renovation, the company may resume dividends, which can be a positive factor.