Want to see HK:1928 full AI Analyst Report?
Top Page
Sands China
(1928)
Select Model
Select Model
Rating:52Neutral
Price Target:
HK$13.00
▼(-25.93% Downside)
Action:Downgraded
Date:04/03/26
The score is held back primarily by high leverage and revenue instability despite a clear profitability/cash-flow recovery. Technically, the stock shows weak momentum (below key moving averages with negative MACD). Valuation is neutral-to-slightly supportive via the dividend, but not strong enough to materially lift the overall profile.
Positive Factors
Integrated resort model & Macau footprint
Sands China’s integrated-resort model creates multiple, recurring revenue streams (gaming plus hotels, retail, F&B, MICE) that drive cross-traffic and capture more visitor spend per trip. This structural diversification supports durable demand capture in Macau tourism cycles and underpins long-term cash generation and operational scale advantages.
Negative Factors
Very high leverage
Elevated leverage materially restricts financial flexibility: high debt burdens increase interest and refinancing risk, constrain capital allocation to growth or renovations, and amplify downside in a Macau demand downturn. Over the medium term, leverage limits strategic options and raises vulnerability to rate or revenue shocks despite recent cash flow improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated resort model & Macau footprint
Sands China’s integrated-resort model creates multiple, recurring revenue streams (gaming plus hotels, retail, F&B, MICE) that drive cross-traffic and capture more visitor spend per trip. This structural diversification supports durable demand capture in Macau tourism cycles and underpins long-term cash generation and operational scale advantages.
Read all positive factors
Sands China (1928) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$104.40B
Dividend Yield2.39%
Average Volume (3M)17.16M
Price to Earnings (P/E)15.3
Beta (1Y)1.08
Revenue Growth4.17%
EPS Growth-14.33%
CountryHK
Employees27,064
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.11
Shares Outstanding8,093,379,400
10 Day Avg. Volume11,761,528
30 Day Avg. Volume17,155,862
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$21.76Price Target Upside24.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.14
Revenue Forecast (FY)HK$8.28B
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 primarily generates revenue from (1) casino gaming operations and (2) non-gaming operations within its integrated resorts. Gaming revenue is earned through casino play, typically including mass-market table games, slot machines/electro...
Sands China Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
38
Negative
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.44B | 7.08B | 6.53B | 1.60B | 2.87B |
| Gross Profit | 5.91B | 4.18B | 5.24B | 487.00M | 1.73B |
| EBITDA | 2.05B | 2.15B | 2.02B | -427.00M | 25.00M |
| Net Income | 896.00M | 1.04B | 692.00M | -1.58B | -1.05B |
Balance Sheet | |||||
| Total Assets | 10.57B | 11.17B | 10.26B | 10.56B | 10.09B |
| Cash, Cash Equivalents and Short-Term Investments | 1.50B | 1.97B | 1.36B | 790.00M | 678.00M |
| Total Debt | 7.10B | 8.16B | 8.33B | 10.20B | 7.95B |
| Total Liabilities | 9.17B | 10.14B | 10.26B | 11.26B | 9.21B |
| Stockholders Equity | 1.40B | 1.03B | -4.00M | -700.00M | 888.00M |
Cash Flow | |||||
| Free Cash Flow | 1.56B | 1.21B | 2.09B | -676.00M | -476.00M |
| Operating Cash Flow | 2.10B | 2.07B | 2.29B | -473.00M | 88.00M |
| Investing Cash Flow | -512.00M | -810.00M | -180.00M | -325.00M | -634.00M |
| Financing Cash Flow | -2.06B | -658.00M | -2.45B | 1.82B | 366.00M |
Sands China Technical Analysis
Negative
17.55
Price Trends
15.29
Negative
16.12
Negative
17.81
Negative
Market Momentum
-0.64
Positive
23.28
Positive
6.31
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 17.55 is above the 20-day moving average (MA) of 14.56, above the 50-day MA of 15.29, and below the 200-day MA of 17.81, indicating a bearish trend. The MACD of -0.64 indicates Positive momentum. The RSI at 23.28 is Positive, neither overbought nor oversold. The STOCH value of 6.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1928.
Sands China Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$127.81B | 12.22 | 13.12% | 3.06% | 9.63% | 21.77% | |
63 Neutral | HK$37.66B | 7.55 | 194.66% | 5.73% | 10.97% | 10.35% | |
62 Neutral | HK$7.08B | 6.30 | 73.50% | ― | 12.09% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | HK$26.22B | 16.14 | -11.87% | 5.92% | -1.98% | -49.13% | |
52 Neutral | HK$104.40B | 15.33 | 71.09% | 2.39% | 4.17% | -14.33% | |
43 Neutral | HK$10.30B | -24.13 | -3.22% | ― | -3.01% | -15200.00% |
* Consumer Cyclical Sector Average
HK:1928
Sands China
13.31
-2.32
-14.83%
HK:0880
SJM Holdings
1.46
-1.07
-42.29%
HK:0200
Melco International
3.15
-0.89
-22.03%
HK:2282
MGM China Holdings
10.12
-2.09
-17.12%
HK:0027
Galaxy Entertainment Group
29.82
-3.60
-10.77%
HK:1128
Wynn Macau
5.07
>-0.01
-0.02%
Sands China Corporate Events
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...
Sands China Flags Las Vegas Sands’ Q1 Filing and GAAP–IFRS Differences
Apr 26, 2026
Sands China has informed investors that its controlling shareholder, Las Vegas Sands Corp., which owns about 74.8% of the company, has filed its Form 10-Q for the first quarter ended March 31, 2026 with the U.S. Securities and Exchange Commission....
Sands China First-Quarter Profit Surges on Macao Revenue Growth
Apr 22, 2026
Sands China reported a strong first quarter of 2026, with total net revenues rising 23.6% year on year to US$2.10 billion under US GAAP, reflecting solid growth in its Macao operations. Net income climbed 45.5% to US$294 million and adjusted prope...
Sands China Calls 2026 Virtual AGM, Proposes Dividend and Capital Mandates
Mar 31, 2026
Sands China has called a virtual annual general meeting for May 15, 2026, to receive its 2025 audited financial statements and to seek shareholder approval for a final dividend of HK$0.50 per share. Shareholders will also vote on the re-election o...
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.