Sands China Ltd. (HK:1928)
:1928
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Sands China
(1928)
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Rating:52Neutral
Price Target:
HK$17.50
▼(-0.28% 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
Cash generation
Sands China has produced consistently strong operating cash flow and positive free cash flow across 2023–2025, including a notable FCF step-up in 2025. Durable cash generation supports reinvestment in property, dividend capacity, and servicing high debt over the medium term.
Negative Factors
High leverage
Elevated debt levels and a history of negative equity materially limit financial flexibility. High leverage increases refinancing, interest, and covenant risks, constraining capex and strategic optionality over the next several quarters, especially if cash flow weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sands China has produced consistently strong operating cash flow and positive free cash flow across 2023–2025, including a notable FCF step-up in 2025. Durable cash generation supports reinvestment in property, dividend capacity, and servicing high debt over the medium term.
Read all positive factors
Sands China (1928) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$127.23B
Dividend Yield2.39%
Average Volume (3M)17.16M
Price to Earnings (P/E)10.5
Beta (1Y)1.09
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-1.48
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$21.93Price Target Upside24.95% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)0.14
Revenue Forecast (FY)HK$8.27B
Sands China Business Overview & Revenue Model
Company Description
Sands China Ltd., an investment holding company, develops, owns, and operates integrated resorts and casinos in Macao. It owns and operates The Venetian Macao, The Londoner Macao, The Parisian Macao resort, The Plaza Macao, and The Sands Macao cas...
How the Company Makes Money
Sands China makes money primarily by operating integrated resorts in Macau that combine casino gaming with hotels, retail, dining, entertainment, and convention facilities.
1) Casino gaming revenue (largest driver): The company earns gaming reven...
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
16.76
Negative
17.78
Negative
19.00
Negative
Market Momentum
-0.29
Positive
35.54
Neutral
37.58
Neutral
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 16.35, above the 50-day MA of 16.76, and below the 200-day MA of 19.00, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 35.54 is Neutral, neither overbought nor oversold. The STOCH value of 37.58 is Neutral, 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$145.59B | 7.71 | 13.12% | 3.06% | 9.63% | 21.77% | |
62 Neutral | HK$8.67B | 3.36 | 73.50% | ― | 12.09% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$41.23B | 4.63 | 194.66% | 5.73% | 10.97% | 10.35% | |
56 Neutral | HK$29.85B | 5.55 | -11.87% | 5.92% | -1.98% | -49.13% | |
52 Neutral | HK$127.23B | 10.53 | 71.16% | 2.39% | 4.17% | -14.33% | |
43 Neutral | HK$13.56B | -17.31 | -3.22% | ― | -3.01% | -15200.00% |
* Consumer Cyclical Sector Average
HK:1928
Sands China
15.74
0.70
4.63%
HK:0880
SJM Holdings
1.92
-0.42
-17.95%
HK:0200
Melco International
3.80
0.10
2.70%
HK:2282
MGM China Holdings
10.83
0.22
2.04%
HK:0027
Galaxy Entertainment Group
33.12
2.06
6.62%
HK:1128
Wynn Macau
5.70
0.58
11.37%
Sands China Corporate Events
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...
Sands China Details Board Line-up and Committee Roles in Governance Update
Mar 2, 2026
Sands China has disclosed the current composition of its board of directors, listing executive, non-executive, and independent non-executive members, including its Executive Vice Chairman, CEO and President, and Chairman of the Board. The announce...
Sands China Grows Revenue in 2025 as Macao Tourism Surges but Profit Declines
Feb 13, 2026
Sands China reported 2025 net revenues of US$7.44 billion, up 5.1% year on year, driven by rising travel and tourism spending as Macao visitation climbed above 40 million. Profit fell 14.3% to US$896 million and adjusted property EBITDA edged down...
Sands China Declares HKD 0.50 Final Dividend for 2025
Feb 13, 2026
Sands China Ltd. has declared a final ordinary dividend of HKD 0.50 per share for the financial year ended 31 December 2025, subject to shareholder approval on 15 May 2026. The shares will trade ex-dividend on 20 May 2026, with a record date of 22...
Sands China Elevates LVS Chief Patrick Dumont to Board Chair
Feb 13, 2026
Sands China has appointed non-executive director Patrick Sydney Dumont as chairman of the board and chairman of its nomination committee, effective 1 March 2026, following the previously announced decision by Robert Glen Goldstein to step down fro...
Sands China Highlights Las Vegas Sands’ 2025 Annual Filing and Accounting Differences
Feb 8, 2026
Sands China has informed investors that its controlling shareholder, Las Vegas Sands Corp., has filed its Form 10-K annual report for the year ended 31 December 2025 with the U.S. Securities and Exchange Commission. The filing, prepared under U.S....
Sands China Sets February Board Meeting to Approve 2025 Results and Consider Final Dividend
Feb 3, 2026
Sands China Ltd. has scheduled a board meeting for February 13, 2026 to review and approve its annual results for the financial year ended December 31, 2025, and to consider whether to recommend a final dividend. The outcome of the meeting will de...
Sands China Posts Higher 2025 Revenues but Softer Profit as Macao Investments Continue
Jan 28, 2026
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...
Sands China Updates Nomination Committee Terms to Strengthen Governance
Jan 23, 2026
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...
Sands China Tightens Audit Committee Terms to Strengthen Governance Oversight
Jan 23, 2026
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...
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.