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Sands China
(1928)
Sands China (1928) vs. iShares MSCI Hong Kong ETF (EWH)
Sands China Business Overview & Revenue Model
Sands China Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.02B | 7.08B | 6.53B | 1.60B | 2.87B | 1.69B |
| Gross Profit | 4.08B | 4.18B | 5.24B | 487.00M | 1.73B | 549.00M |
| EBITDA | 2.06B | 2.15B | 2.02B | -427.00M | 25.00M | -557.00M |
| Net Income | 917.00M | 1.04B | 692.00M | -1.58B | -1.05B | -1.52B |
Balance Sheet | ||||||
| Total Assets | 10.08B | 11.17B | 10.26B | 10.56B | 10.09B | 10.55B |
| Cash, Cash Equivalents and Short-Term Investments | 985.00M | 1.97B | 1.36B | 790.00M | 678.00M | 861.00M |
| Total Debt | 7.09B | 8.16B | 8.33B | 10.20B | 7.95B | 7.04B |
| Total Liabilities | 8.96B | 10.14B | 10.26B | 11.26B | 9.21B | 8.62B |
| Stockholders Equity | 1.12B | 1.03B | -4.00M | -700.00M | 888.00M | 1.93B |
Cash Flow | ||||||
| Free Cash Flow | 993.00M | 1.21B | 2.09B | -676.00M | -476.00M | -1.83B |
| Operating Cash Flow | 1.97B | 2.07B | 2.29B | -473.00M | 88.00M | -816.00M |
| Investing Cash Flow | -924.00M | -810.00M | -180.00M | -325.00M | -634.00M | -1.02B |
| Financing Cash Flow | -1.85B | -658.00M | -2.45B | 1.82B | 366.00M | 231.00M |
Sands China Technical Analysis
Sands China Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$47.50B | 11.04 | 452.88% | 5.73% | 5.59% | -4.38% | |
72 Outperform | HK$174.21B | 18.11 | 12.59% | 3.06% | 4.94% | 15.38% | |
72 Outperform | $137.83B | 19.30 | 111.35% | 2.39% | -3.13% | -13.65% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$30.44B | 16.47 | ― | 5.92% | -4.41% | -31.45% | |
55 Neutral | HK$20.35B | 10.07 | 11.98% | 1.63% | 8.23% | 175.51% | |
40 Neutral | HK$17.04B | -1,043.48 | -0.13% | ― | 12.29% | 98.20% |
Sands China Corporate Events
Sands China has disclosed key extracts of its controlling shareholder Las Vegas Sands Corp.’s fourth-quarter and full-year 2025 results, highlighting steady revenue growth from its Macao operations despite a slight dip in profitability. On a US GAAP basis, Sands China’s net revenue rose 16.4% year-on-year to US$2.05 billion in the fourth quarter, with net income slipping to US$213 million from US$237 million, while full-year 2025 net revenue increased 5.1% to US$7.44 billion and net income eased to US$901 million from US$1.05 billion; adjusted property EBITDA edged up to US$608 million in Q4 but was broadly flat at US$2.31 billion for the year, underscoring solid but moderating earnings momentum as the group continues heavy capital investment in Macao and Singapore. Management emphasized that Sands China’s long-term investment in enhancing Macao’s tourism and meetings infrastructure, underpinned by strong cash generation, is expected to support future growth and reinforce its competitive position in the region’s integrated resort market, although investors are reminded that the reported figures are prepared under US GAAP and differ from the IFRS standards used in the company’s own reporting.
The most recent analyst rating on (HK:1928) stock is a Buy with a HK$21.00 price target. To see the full list of analyst forecasts on Sands China stock, see the HK:1928 Stock Forecast page.
Sands China has updated the terms of reference for its Nomination Committee, originally established in 2012, with amendments approved by the board on 23 January 2026 to clarify its role in overseeing the composition of the board and its committees. The revised framework formalises requirements for a majority of independent non-executive directors on the committee, mandates at least one member of a different gender, sets detailed rules for meetings and voting, and assigns responsibilities such as maintaining a board skills matrix and regularly reviewing board structure and diversity, underscoring the company’s emphasis on corporate governance, board effectiveness and compliance with Hong Kong listing rules.
The most recent analyst rating on (HK:1928) stock is a Buy with a HK$20.50 price target. To see the full list of analyst forecasts on Sands China stock, see the HK:1928 Stock Forecast page.
Sands China Ltd. has updated and formally approved revised terms of reference for its Audit Committee, effective 23 January 2026, clarifying the committee’s oversight role over the company’s accounting and financial reporting processes, compliance with legal and regulatory requirements, external auditor independence and performance, internal audit function, and the effectiveness of risk management and internal control systems across the group. The revised framework sets out committee composition and independence requirements, mandates at least quarterly meetings and regular private sessions with management, internal audit and external auditors, and specifies quorum, voting and proxy rules, reinforcing the company’s corporate governance structure and transparency obligations under Hong Kong’s Listing Rules by making the terms publicly available in both English and Chinese.
The most recent analyst rating on (HK:1928) stock is a Buy with a HK$20.50 price target. To see the full list of analyst forecasts on Sands China stock, see the HK:1928 Stock Forecast page.
Sands China has signed a 2026 Shared Services Renewal Agreement with its controlling shareholder Las Vegas Sands to extend their existing shared services arrangement for three years from 1 January 2026 to 31 December 2028. The renewed agreement covers the continued provision of marketing services targeting casino patrons and loyalty card members, as well as transportation and related services and certain fully exempt transactions between the two groups, with fees for marketing services charged on a cost basis and allocated in a fair and equitable manner. As LVS is a connected person under Hong Kong’s Listing Rules, these transactions are classified as continuing connected transactions subject to reporting, announcement and annual review requirements, but they remain exempt from independent shareholders’ approval, ensuring regulatory compliance while formalising operational support between Sands China and LVS.
The most recent analyst rating on (HK:1928) stock is a Buy with a HK$24.50 price target. To see the full list of analyst forecasts on Sands China stock, see the HK:1928 Stock Forecast page.
Sands China has renewed its international trademark license arrangement with controlling shareholder Las Vegas Sands, securing continued rights for its subsidiaries to use LVS-owned trademarks and related intellectual property for casino, gaming and integrated resort operations in mainland China, Macao, Hong Kong and Taiwan, as well as for global marketing of its business in these territories, for a further three-year term from 1 January 2026 to 31 December 2028. Under the renewed agreement, the LVS group will receive an annual royalty equal to 1.5% of each licensee’s gross gaming and non-gaming revenue, calculated under specified U.S. GAAP-based definitions and paid monthly, with the deal classified as a continuing connected transaction under Hong Kong’s listing rules that requires disclosure and annual review but is exempt from independent shareholders’ approval, thereby maintaining brand continuity for Sands China’s core operations while preserving the existing related-party governance framework.
The most recent analyst rating on (HK:1928) stock is a Buy with a HK$24.50 price target. To see the full list of analyst forecasts on Sands China stock, see the HK:1928 Stock Forecast page.