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Sands China
(1928)
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Rating:59Neutral
Price Target:
HK$15.00
▲(6.23% Upside)
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
Free cash flow generation
Consistent positive free cash flow through 2023–2025, with a notable ~57% step-up in 2025, shows the business can generate internal funding for operations, capex and debt service. Durable cash generation improves resilience and supports strategic reinvestment even amid cyclical revenue swings.
Negative Factors
Very high leverage
Elevated leverage and a historically stressed equity base materially constrain financial flexibility. High debt levels increase refinancing and interest-rate risk, limit capital allocation options, and amplify downside in demand slumps, making balance-sheet risk a persistent structural constraint on long-term strategy.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Consistent positive free cash flow through 2023–2025, with a notable ~57% step-up in 2025, shows the business can generate internal funding for operations, capex and debt service. Durable cash generation improves resilience and supports strategic reinvestment even amid cyclical revenue swings.
Read all positive factors
Sands China (1928) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$113.55B
Dividend Yield5.44%
Average Volume (3M)13.22M
Price to Earnings (P/E)16.3
Beta (1Y)1.05
Revenue Growth8.73%
EPS Growth-3.66%
CountryHK
Employees27,875
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.11
Shares Outstanding8,093,379,400
10 Day Avg. Volume14,756,969
30 Day Avg. Volume13,218,019
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$18.97Price Target Upside34.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)0.12
Revenue Forecast (FY)HK$8.02B
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 that generate revenue from both gaming and non-gaming activities. Key revenue streams typically include: (1) Casino gaming revenue from table games and electronic gaming (e...
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 | 2.02B | 2.05B | 2.15B | 2.02B | -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 Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$147.60B | 13.56 | 12.77% | 5.12% | 8.39% | 11.34% | |
64 Neutral | HK$40.67B | 8.73 | 129.87% | 5.76% | 11.01% | 6.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$30.56B | 9.83 | -22.18% | 7.95% | 9.38% | 60.07% | |
59 Neutral | HK$113.55B | 16.25 | 65.49% | 7.43% | 8.73% | -3.66% | |
48 Neutral | HK$7.50B | 6.99 | 52.47% | 0.66% | 6.61% | ― | |
43 Neutral | HK$10.33B | -18.61 | -4.07% | 3.09% | -16.41% | -3217.39% |
* Consumer Cyclical Sector Average
HK:1928
Sands China
13.79
-6.21
-31.06%
HK:0880
SJM Holdings
1.42
-1.42
-50.00%
HK:0200
Melco International
3.22
-2.34
-42.18%
HK:2282
MGM China Holdings
10.47
-4.80
-31.42%
HK:0027
Galaxy Entertainment Group
33.22
-5.60
-14.42%
HK:1128
Wynn Macau
5.61
-0.70
-11.12%
Sands China Corporate Events
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...
Sands China flags LVS Q2 filing and accounting differences for investors
Jul 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 second quarter ended 30 June 2026 with the U.S. Securities and Exchange Commission. The filing incl...
Low Rolling-Play Hold Hits Sands China’s Q2 Macao Earnings
Jul 22, 2026
Sands China has disclosed key second-quarter 2026 figures drawn from the U.S. GAAP results of controlling shareholder Las Vegas Sands, highlighting a softer quarter for its Macao operations. Management said investments in service and hospitality d...
Sands China AGM Backs Dividend, Board Slate and Capital Mandates
May 15, 2026
Sands China shareholders approved all resolutions at the 2026 annual general meeting, including receiving the 2025 audited financial statements and declaring a final dividend of HK$0.50 per share, underscoring continued capital returns to investor...
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.