M Stanley downgraded SANDS CHINA LTD from Outperform to Neutral due to a reduction in its valuation basis from 12x to 10x forecast enterprise value multiple, reflecting an expected slowdown in growth. The target price was cut by 21% to HKD16.7. Despite a strong performance in 1Q26, the analysts believe the company's valuation will align with peers, and management's plans to raise dividends could positively impact share prices.
