--- title: "G Sachs Cuts SANDS CHINA LTD TP to HKD19.5; 2Q EBITDA Misses Forecasts" type: "News" locale: "en" url: "https://longbridge.com/en/news/293884478.md" description: "Goldman Sachs cut Sands China's target price to HKD19.5 and maintained a Buy rating after the company missed Q2 EBITDA forecasts due to low VIP hold rates and World Cup spending diversion. Adjusted property EBITDA was USD430 million, below expectations. The broker lowered its full-year EBITDA forecast by 7% but expects a rebound in H2. Despite the miss, G Sachs cited attractive valuation metrics, including an 8.8x adjusted EBITDA multiple and a 7.6% dividend yield." datetime: "2026-07-27T05:47:01.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293884478.md) - [en](https://longbridge.com/en/news/293884478.md) - [zh-HK](https://longbridge.com/zh-HK/news/293884478.md) generator: "portal-rs" --- # G Sachs Cuts SANDS CHINA LTD TP to HKD19.5; 2Q EBITDA Misses Forecasts G Sachs published a report stating that SANDS CHINA LTD (01928.HK) +0.580 (+4.149%) Short selling $35.00M; Ratio 23.531% reported its second-quarter results, with adjusted property EBITDA of USD430 million during the period, far below the broker's and market expectations. This was mainly due to an abnormally low VIP hold rate of 1.35% (vs 3.58% in 1Q and the theoretical level of 3.3%) and a below-normal mass-market hold rate of 20.4% (vs 21.4% in 1Q). Excluding the hold-rate impact, adjusted EBITDA would have been approximately USD517 million, down 16% QoQ and down 8% YoY, still affected by diversion of gaming spending during the World Cup period and weaker regional tourism trends. G Sachs noted that SANDS CHINA LTD's overall GGR market share in 2Q fell 2.2 ppts QoQ to 24%, among which VIP rolling chip volume market share dropped 3.5 ppts QoQ to 21.4%, while mass-market and slot-machine market share edged up 0.4 ppts QoQ to 26.3%. Management acknowledged that the second-quarter performance was disappointing and said the negative hold-rate impact in 2Q reached USD87 million, the highest on record, though no structural reasons were seen for persistently weak hold rates. The broker expected SANDS CHINA LTD's GGR market share to recover to 25%, while daily operating expenses would remain stable at USD6.7 million. It forecast property EBITDA to rebound to USD554 million and USD597 million in the third and fourth quarters, respectively. The broker cut its EBITDA forecast for SANDS CHINA LTD this year by 7%, while making slight adjustments to forecasts for the following two years. G Sachs maintained its Buy rating on SANDS CHINA LTD, while lowering the TP from HKD20.8 to HKD19.5, based on a valuation of 12x projected 2026 enterprise value-to-EBITDA. The broker believed the current share price was equivalent to 8.8x adjusted EBITDA for 2Q this year and offered a dividend yield of 7.6%, making the valuation attractive. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-27 12:25.) ### Related Stocks - [SCHYY.US](https://longbridge.com/en/quote/SCHYY.US.md) - [01928.HK](https://longbridge.com/en/quote/01928.HK.md) - [GS.US](https://longbridge.com/en/quote/GS.US.md) - [W4VR.SG](https://longbridge.com/en/quote/W4VR.SG.md) ## Related News & Research - [CLSA Says Interim DPS of SANDS CHINA LTD Meets Expectations, Rates Outperform](https://longbridge.com/en/news/296055108.md) - [07:58 ETSands China Wins Two PATA Gold Awards](https://longbridge.com/en/news/296486618.md) - [Sands China FY26 H1 profit falls 3.6% to US$398 million; net revenues rise 11.1% to US$3.88 billion](https://longbridge.com/en/news/295923623.md) - [SenzaGen restates Q2 EBITDA to SEK -1.2 million in corrected interim report](https://longbridge.com/en/news/296509911.md) - [RISK: ARR up 8% and churn at 0%, but extraordinary IT costs drove negative EBITDA in Q2 2026](https://longbridge.com/en/news/296323557.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**