Goldman Sachs maintains a "buy" rating on Sands China (01928) and lowers the target price to HK$21.2.

Goldman Sachs released a research report stating that the performance of Sands China (01928) in the first quarter was in line with expectations, with EBITDA recording 535 million USD, at the lower end of the market forecast range. After adjusting for VIP win rate, EBITDA for the quarter fell by 8% to 545 million USD, also in line with expectations. Taking into account the market share trend of gaming revenue from the beginning of the year, Goldman Sachs has revised down its EBITDA forecast for Sands China for the fiscal years 2025 to 2027 by 7%, lowering the target price from 24 Hong Kong dollars to 21.2 Hong Kong dollars, believing that Sands China's weak performance in stock price since the beginning of the year is due to its underperforming gaming revenue and market share. The "buy" rating is maintained.