Research Report Highlights | CICC: Lowers Sands China Target Price to $51.8, Maintains "Outperform" Rating

Glonghui, July 24 | China International Capital Corporation (CICC) released a report stating that Sands Group’s net revenue for the second quarter was $3.154 billion, down 1% year-on-year and 12% quarter-on-quarter. Adjusted property EBITDA was $1.119 billion, representing a 16% year-on-year decrease and a 21% quarter-on-quarter decline, which was lower than the market consensus of $1.288 billion. The report notes that Sands Group’s performance was mainly dragged down by a lower VIP win rate at Sands China, as well as diverted gaming demand in both Singapore and Macau, China during the World Cup period.