M Stanley Downgrades SANDS CHINA LTD to Neutral, Cuts TP to HKD16.7
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M Stanley downgraded SANDS CHINA LTDfrom Outperform to Neutral, cutting the target price by 21% to HKD16.7. The downgrade reflects a shift to a valuation in line with peers, anticipating mid-single-digit growth. The company reported a 1Q26 adjusted property EBITDA of USD633 million, up 18.3% YoY, benefiting from a capacity advantage. M Stanley also adjusted its EBITDA forecasts for 2026-2028 down by less than 1% annually, influenced by cautious margin assumptions, despite better-than-expected 1Q26 results.
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