[I-bank focus]JP Morgan cuts Sands China (01928) to HK$45.5

   J.P. Morgan cut its target price for Sands China (01928) to HK$45.5 from HK$46.5 and maintained its "overweight" rating.
  The research house said Sands offers a relatively low-risk, high-return investment opportunity. JPM looks at Sands as the best way to play the structural mass story given its outsized exposure (mass/non-game driving well over 90% of EBITDA), as well as unparalleled dominance in mass with ample room (it controls the majority of casino hotel
rooms in Macau) and powerful clustering.
  The stock is also essentially VIP risk-free (junkets driving 5% of EBITDA), while its defensive business mix and well-supported 6% dividend yield should provide downside protection in this turbulent market.