Citibank: Adding Sands China (01928) to the downward catalyst watchlist for the next 30 days, target price of HK$19.

Citigroup released a research report stating that it is expected that Sands China (01928) will experience the largest quarter-on-quarter decline in EBITDA market share in the second quarter of 2026 (according to the bank's forecast, down 2.5 percentage points to about 27%), believing that this will have a negative impact on its recent stock price performance. Sands was included in the bank's 30-day catalyst observation list with a target price of HK$19 and a "buy" rating. The bank stated that Sands China is the casino enterprise with the most hotel rooms in Macau and can usually increase market share during peak traffic periods. With the full opening of Londoner Macao, Sands China is expected to become a strong competitive force in the high-end middle market and is expected to be the fastest growing company in market share this year. Based on its past performance, the bank believes that Sands will continue to be cautious in player reinvestment.