Grants 24th of October | Morgan Stanley's research report states that Sands China's EBITDA in the third quarter was 0.585 billion US dollars, exceeding expectations by 7%, mainly due to a 30 basis point increase in market share to 24.8%, a 2.1 percentage point decrease in reinvestment rate, while operating expenses remained flat for the quarter. EBITDA profit margin increased by 1 percentage point for the quarter. With renovation projects completed and the mid-market recovery, the profit margin is expected to further improve. Morgan Stanley stated that Sands China is their preferred investment target, with a 'shareholding' rating and a target price of 20.5 Hong Kong dollars.