3Q25 Financial Performance: SANDS CHINA LTD reported net revenue of USD 1.906 billion and adjusted property EBITDA of USD 601 million for 3Q25, reflecting year-over-year growth of 8% and 3%, respectively, aligning with market expectations.
Market Share Growth: The company's gaming revenue market share increased from 22.6% in 2Q25 to 23.7% in 3Q25, attributed to an effective incentive policy.
Analyst Ratings: CLSA has rated SANDS CHINA LTD as Outperform, maintaining a target price of HKD 23.8, indicating positive sentiment towards the company's future performance.
Short Selling Activity: The company experienced short selling of $32.21 million, with a short selling ratio of 24.884%, suggesting some investor caution despite the positive financial results.
Wall Street analysts forecast 01928 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 01928 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Analyst Rating
Wall Street analysts forecast 01928 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 01928 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Buy
0 Hold
0 Sell
Current: 18.780
Low
Averages
High
Current: 18.780
Low
Averages
High
Citi
Buy
maintain
$24.25
Al Analysis
2026-01-09
Reason
Citi
Price Target
$24.25
Al Analysis
2026-01-09
maintain
Buy
Reason
The analyst rating for SANDS CHINA LTD (01928.HK) is influenced by the expectation that the company's EBITDA growth will be below the industry average. While the Macau gaming industry's EBITDA is projected to grow by 14% year-over-year in 4Q25, Sands China is anticipated to achieve only an 8% increase. This discrepancy is attributed to increased operating expenses (OPEX) related to events such as the NBA China Games and the 15th National Games. As a result, Citi believes that this underperformance may lead to a short-term decline in the stock price, despite maintaining a "Buy" rating with a target price of HKD24.25. The stock is also included in the Downside 30-Day Catalyst Watch.
Morgan Stanley
Morgan Stanley
Overweight
maintain
$21 -> $23
2025-10-28
Reason
Morgan Stanley
Morgan Stanley
Price Target
$21 -> $23
2025-10-28
maintain
Overweight
Reason
The analyst rating for SANDS CHINA LTD was influenced by Morgan Stanley's prediction of a 9% increase in free cash flow to equity for the next year. Additionally, the firm raised its target price by 10% from HKD21 to HKD23 and maintained an Overweight rating. The increase in EBITDA forecasts for 2025-2027 by 1%, 6%, and 8% also contributed to the growth in EPS estimates for the same period, reinforcing a positive outlook for the company.
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CICC
CICC
maintain
$23.8
2025-10-27
Reason
CICC
CICC
Price Target
$23.8
2025-10-27
maintain
Reason
The analyst rating for SANDS CHINA LTD was kept as "Outperform" due to the company's performance in 3Q25, which showed net revenue and adjusted property EBITDA growth of 8% and 3% year-over-year, respectively. This performance was considered basically in line with market expectations. Additionally, CICC attributed the positive results to an incentive policy that increased the company's gaming revenue market share from 22.6% in 2Q25 to 23.7% in 3Q25. The target price set for the stock is HKD23.8.
UBS
maintain
$21.6
2025-10-24
Reason
UBS
Price Target
$21.6
2025-10-24
maintain
Reason
The analyst rating for SANDS CHINA LTD was set at Neutral by UBS due to the company's 3Q25 adjusted property EBITDA of US$601 million, which showed a year-over-year increase of approximately 3% and a quarter-over-quarter increase of about 6%. This performance was in line with market expectations, as the EBITDA excluding the impact of VIP hold was US$599 million, matching the broker's forecast of US$596 million. The target price set by UBS is $21.6.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
