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DB lifts Sands China (01928) to HK$48
Deutsche Bank lifted its target price for Sands 
China (01928) to HK$48 from HK$42, and upgraded its rating to "buy" from "hold" as the key
beneficiary of Macau's mass growth re-acceleration.
  The research house said Macau gaming industry's 2017 VIP GGR sharply outgrew mass GGR
(24% yoy vs 13% yoy). For 2018, it thinks segment growth will converge - VIP growth
decelerating to 20% yoy while mass growth accelerating to 15% yoy. Mass growth and margin
expansion will thus become more important drivers.
  For 2018, DB likes mass share gainers Wynn Macau (01128), MGM China (02282), and Sands 
and margin enhancers (Wynn Macau & Sands).
  It believes Sands China has the most fundamentally stable business model in Macau with 
high exposure to mass gaming and non-gaming.

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