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Sands China
(1928)
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Rating:59Neutral
Price Target:
HK$11.00
▼(-22.10% Downside)
Action:Reiterated
Date:08/06/26
The score is primarily held back by financial risk—especially high leverage and revenue volatility despite the profit recovery—while valuation is a positive offset (moderate P/E and ~5% dividend yield). Technicals are mildly positive short term but still weak versus longer-term moving averages.
Positive Factors
Integrated Resort Model
The integrated-resort model creates multiple ways to monetize each visitor beyond gaming, including accommodation, shopping, dining, entertainment and events. Cross-traffic across these offerings can support customer spending, improve asset utilization and provide a broader operating platform over the next several quarters.
Negative Factors
High Leverage
Very high leverage and the history of negative equity leave Sands China with limited balance-sheet flexibility despite its return to positive equity. Debt obligations can constrain reinvestment, increase sensitivity to weaker operating periods and make the business less resilient when earnings fluctuate.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated Resort Model
The integrated-resort model creates multiple ways to monetize each visitor beyond gaming, including accommodation, shopping, dining, entertainment and events. Cross-traffic across these offerings can support customer spending, improve asset utilization and provide a broader operating platform over the next several quarters.
Read all positive factors
Sands China (1928) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$86.44B
Dividend Yield9.36%
Average Volume (3M)21.18M
Price to Earnings (P/E)12.6
Beta (1Y)0.90
Revenue Growth8.73%
EPS Growth-3.66%
CountryHK
Employees28,652
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.11
Shares Outstanding8,093,379,400
10 Day Avg. Volume18,294,439
30 Day Avg. Volume21,178,455
Financial Highlights & Ratios
PEG Ratio-1.49
Price to Book (P/B)14.55
Price to Sales (P/S)2.74
P/FCF Ratio13.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$17.70Price Target Upside25.35% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.11
Revenue Forecast (FY)HK$7.93B
Sands China Business Overview & Revenue Model
Company Description
Sands China Ltd. functions as an investment holding entity, primarily engaged in the development, ownership, and management of integrated resorts and casinos throughout Macao. Its portfolio features iconic properties such as The Venetian Macao, Th...
How the Company Makes Money
Sands China makes money primarily by operating integrated resorts in Macau, generating revenue from multiple on-property streams. The largest contributor is typically casino gaming, where the company earns gambling revenue from table games and slo...
Sands China Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
38
Negative
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.27B | 7.44B | 7.08B | 6.53B | 1.60B | 2.87B |
| Gross Profit | 4.25B | 5.91B | 4.18B | 5.24B | 487.00M | 1.73B |
| EBITDA | 2.07B | 2.09B | 2.15B | 2.06B | -427.00M | 25.00M |
| Net Income | 880.04M | 896.00M | 1.04B | 692.00M | -1.58B | -1.05B |
Balance Sheet | ||||||
| Total Assets | 9.63B | 10.57B | 11.17B | 10.26B | 10.56B | 10.09B |
| Cash, Cash Equivalents and Short-Term Investments | 850.88M | 1.50B | 1.97B | 1.36B | 790.00M | 678.00M |
| Total Debt | 6.43B | 7.10B | 8.16B | 8.33B | 10.20B | 7.95B |
| Total Liabilities | 8.34B | 9.17B | 10.14B | 10.26B | 11.26B | 9.21B |
| Stockholders Equity | 1.29B | 1.40B | 1.03B | -4.00M | -700.00M | 888.00M |
Cash Flow | ||||||
| Free Cash Flow | 1.54B | 1.56B | 1.21B | 2.09B | -676.00M | -476.00M |
| Operating Cash Flow | 1.92B | 2.10B | 2.07B | 2.29B | -473.00M | 88.00M |
| Investing Cash Flow | -374.59M | -512.00M | -810.00M | -180.00M | -325.00M | -634.00M |
| Financing Cash Flow | -1.67B | -2.06B | -658.00M | -2.45B | 1.82B | 366.00M |
Sands China Technical Analysis
Negative
14.12
Price Trends
12.20
Negative
12.79
Negative
14.39
Negative
Market Momentum
-0.41
Positive
34.75
Neutral
10.98
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1928, the sentiment is Negative. The current price of 14.12 is above the 20-day moving average (MA) of 11.14, above the 50-day MA of 12.20, and below the 200-day MA of 14.39, indicating a bearish trend. The MACD of -0.41 indicates Positive momentum. The RSI at 34.75 is Neutral, neither overbought nor oversold. The STOCH value of 10.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1928.
Sands China Risk Analysis
Sands China disclosed 25 risk factors in its most recent earnings report. Sands China reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Sands China Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$140.33B | 13.09 | 12.77% | 5.30% | 8.39% | 11.34% | |
64 Neutral | HK$34.66B | 7.60 | 129.87% | 6.61% | 11.01% | 6.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$23.80B | 7.88 | -22.18% | 9.92% | 9.38% | 60.07% | |
59 Neutral | HK$86.44B | 12.58 | 65.49% | 9.36% | 8.73% | -3.66% | |
52 Neutral | HK$5.09B | 4.87 | 52.47% | 0.66% | 6.61% | ― | |
44 Neutral | HK$8.06B | -14.88 | -4.07% | 3.09% | -16.41% | -3217.39% |
* Consumer Cyclical Sector Average
HK:1928
Sands China
10.68
-8.15
-43.29%
HK:0880
SJM Holdings
1.14
-1.70
-59.89%
HK:0200
Melco International
2.24
-2.43
-52.03%
HK:2282
MGM China Holdings
9.12
-4.93
-35.08%
HK:0027
Galaxy Entertainment Group
32.06
-4.76
-12.93%
HK:1128
Wynn Macau
4.49
-1.61
-26.43%
Sands China Corporate Events
Sands China Raises US$1 Billion via New Senior Notes Offering
Oct 27, 2026
Sands China Ltd. has entered into a purchase agreement with Barclays Capital Inc., BofA Securities, Inc. and Goldman Sachs Co. LLC for the issuance of new senior notes to professional investors. The notes, which are not being offered to the publi...
Sands China Plans Senior Notes Offering to Refinance Debt and Fund Expansion
Oct 27, 2026
Sands China has announced a proposed offering of senior notes to professional investors, with Barclays Capital Inc., BofA Securities, Inc. and Goldman Sachs Co. LLC acting as joint bookrunners. The notes, which will be offered to qualified instit...
Sands China Highlights Las Vegas Sands’ Q3 Filing and Accounting Differences
Oct 26, 2026
Sands China has informed investors that its controlling shareholder, Las Vegas Sands Corp., has filed its Form 10-Q quarterly report for the fiscal third quarter ended September 30, 2026 with the U.S. Securities and Exchange Commission. The filing...
Sands China Channels Non-Gaming Investment into New Macao Government Fund
Oct 23, 2026
Sands China’s subsidiary VML has committed under its Macao gaming concession to invest at least 35.84 billion patacas by 2032, including 33.39 billion patacas earmarked for non-gaming projects that support the territory’s push toward a...
Sands China Posts Higher Revenue But Lower Profit in Q3 2026
Oct 21, 2026
Sands China has disclosed key extracts of its controlling shareholder Las Vegas Sands’ third-quarter 2026 results, highlighting the performance of its Macao operations and aligning information access for Hong Kong investors. Chairman and CEO...
Sands China Details Board Line-Up and Governance Committees
Sep 23, 2026
Sands China Ltd. has announced the current composition of its board of directors, listing executive, non-executive and independent non-executive members, including Executive Vice Chairman Wong Ying Wai, CEO and President Chum Kwan Lock Grant, and ...
Sands China refreshes board with new independent director and committee reshuffle
Sep 23, 2026
Sands China announced a board reshuffle effective Sept. 23, 2026, with long-serving independent non-executive director Steven Zygmunt Strasser stepping down from the board and its audit and remuneration committees after more than 13 years, while r...
Sands China Switches to Alternative Public-Float Threshold After Share Buy
Sep 1, 2026
Sands China has shifted its compliance basis for Hong Kong listing rules on public float from the standard 25% threshold to an alternative regime that allows a minimum 10% float, provided its market value exceeds HK$1 billion. The move follows an ...
Sands China Grows Revenue but Faces Margin Pressure Amid Competitive Macao Market
Aug 14, 2026
Sands China reported net revenues of US$3.88 billion for the first half of 2026, up 11.1% year on year, but profit declined 3.6% to US$398 million as higher patron reinvestment and payroll expenses weighed on margins. Adjusted property EBITDA fell...
Sands China Declares HKD 0.5 Interim Dividend for First Half of 2026
Aug 14, 2026
Sands China has declared an interim ordinary cash dividend of HKD 0.5 per share for the six months ended 30 June 2026, reflecting its capital return policy and current financial position. The dividend will be paid in Hong Kong dollars, with shares...
Sands China Sets August Board Meeting to Approve Interim Results and Consider Dividend
Aug 4, 2026
Sands China announced that its board of directors will convene on August 14, 2026, to review and approve the company’s interim results for the six months ended June 30, 2026. At the same meeting, the board will also consider the payment of a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.