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01928
SANDS CHINA LTD
HKD
18.9300.150
(0.80%)
1D
High
18.940
Open
18.780
VWAP
18.80
Vol
15.37M
Mkt Cap
173.68B
Low
18.580
Amount
288.87M
EV/EBITDA(TTM)
12.69
Total Shares
8.09B
EV
25.75B
EV/OCF(TTM)
15.93
P/S(TTM)
2.80
Sands China Ltd is an investment holding company principally engaged in the development and operation of resorts. The Company operates its business through six segments. The Venetian Macao segment is engaged in the operation of casinos, hotels and shopping malls as well as provision of catering services and others. The Londoner Macao segment is engaged in the operation of casinos, hotels and shopping malls as well as provision of catering services and others. The Parisian Macao segment is engaged in the operation of casinos, hotels and shopping malls as well as provision of catering services and others. The Plaza Macao segment is engaged in the operation of casinos, hotels and shopping malls as well as provision of catering services and others. The Sands Macao segment is engaged in the operation of casinos, hotels and shopping malls as well as provision of catering and others. The Ferry and Other Operations segment is engaged in the provision of ferry, shuttle bus and other services.
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News
6.5
01-13aastocks<Research>Jefferies: MO GGR Maintains Robust Beginning This Year
Macau GGR Growth: Macau experienced significant growth in gross gaming revenue (GGR) at the beginning of 2026, averaging MOP693 million per day for the week ending January 11, marking an 18% year-over-year increase, with expectations of 15-21% growth for the entire month.
Investor Preferences: Despite the positive GGR data, investors have shifted their focus towards US regional gaming stocks, although Jefferies believes that Macau-based stocks have stronger fundamentals compared to their counterparts.
Broker Recommendations: Jefferies continues to favor stocks such as Wynn (WYNN.US) and Las Vegas Sands (LVS.US) in the US market, along with Galaxy Entertainment (00027.HK) and Sands China Ltd (01928.HK) in Hong Kong.
Short Selling Data: Recent short selling data indicates significant activity in Hong Kong stocks, with Galaxy Entertainment and Sands China Ltd experiencing notable short selling ratios and amounts.
8.0
01-12aastocksSANDS CHINA LTD Plans Salary Increases in March and Performance Bonuses in February
Salary Increases: SANDS CHINA LTD will raise salaries for 99% of its employees starting in March, with full-time staff earning up to MOP16,000 receiving a MOP500 increase, and those earning more than MOP16,000 getting a 2% raise.
Performance Bonuses: Eligible full-time employees will receive performance bonuses on February 6, with non-management staff getting one month's salary and management bonuses based on company performance and individual appraisals.
6.5
01-09aastocksCiti Begins 30-Day Downside Catalyst Monitoring for SANDS CHINA LTD; 4Q25 EBITDA Growth Could Fall Short
Macau Gaming Industry Growth: The Macau gaming industry's EBITDA is projected to grow by 14% year-over-year in Q4 2025, while Sands China Ltd is expected to see only an 8% increase due to higher operational expenses from recent events.
Impact on Sands China Stock: Citi's report suggests that Sands China's lower-than-average EBITDA growth could result in a short-term decline in its stock price, despite maintaining a "Buy" rating with a target price of HKD 24.25.
6.5
01-09aastocksCiti Projects 13% Year-Over-Year Increase in Casino Industry EBITDA Last Quarter, with GALAXY ENT Leading the Gains
Citi's EBITDA Forecast: Citi projects a 13% year-over-year increase in industry EBITDA for casino stocks, reaching USD2.246 billion, driven by a 15% rise in quarterly GGR and a slight increase in EBITDA margin to 27.5%.
Market Share Changes: GALAXY ENT and MGM CHINA are expected to show the largest quarter-over-quarter market share improvements, while SJM HOLDINGS is likely to experience the most significant market share loss due to satellite casino closures.
Investment Ratings: Citi has provided updated investment ratings and target prices for various casino stocks, with GALAXY ENT rated as a "Buy" with a target price of HKD54, while SJM HOLDINGS is rated as a "Sell" with a target price of HKD2.23.
Short Selling Data: The report includes short selling data for the stocks mentioned, indicating varying levels of short interest, with SANDS CHINA LTD having the highest short selling ratio at 14.120%.
4.0
01-09aastocks<Research>CLSA Lowers WYNN MACAU's Target Price to HKD8.2, Increases GALAXY ENT's Target Price to HKD49.5
Macau Gaming Industry Growth: Macau's gaming industry experienced a 15% growth in GGR, with CLSA projecting a 16% YoY increase in industry EBITDA for 4Q25, reaching USD2.2 billion.
Revenue Shares and Short Selling: CLSA estimates revenue shares for major companies like GALAXY ENT, SANDS CHINA, and MGM CHINA to increase YoY, while also noting significant short selling activity for these stocks.
Earnings Forecast Adjustments: CLSA revised its earnings forecasts based on actual GGR data, lowering WYNN MACAU's target price while raising GALAXY ENT's, both still rated as Outperform.
Top Picks: GALAXY ENT and MGM CHINA are highlighted as CLSA's top picks in the industry, with investor focus shifting towards EBITDA profit margins and dividends ahead of results releases.
Money Flow
Over the past 66 trading days, overall net money flow is 55.52M, with retail investors contributing -4.11M and major investors adding 51.67M.
Net Buy $ Volume
Net Sell $ Volume
Citi
Buy
maintain
$24.25
2026-01-09
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.
Citi
Buy
Price Target
$24.25
2026-01-09
maintain
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
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.
Morgan Stanley
Overweight
Price Target
$21 -> $23
2025-10-28
maintain
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.
CICC
CICC
maintain
$23.8
2025-10-27
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.
CICC
Price Target
$23.8
2025-10-27
maintain
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
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.
UBS
Price Target
$21.6
2025-10-24
maintain
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.
CICC
Outperform
maintain
$23.8
2025-10-24
Reason
The analyst rating for SANDS CHINA LTD was maintained at "Outperform" by CICC due to several positive factors highlighted in their research report. The company's 3Q25 results showed a net revenue of US$1.906 billion, reflecting an 8% year-over-year increase and a 6% quarter-over-quarter increase, which indicates a recovery to 90% of the revenue level seen in 3Q19. Additionally, the broker noted that the company's promotional strategies have been effective, leading to an increase in market share from 22.6% in 2Q25 to 23.7% in 3Q25. The gradual operational scale expansion of the Londoner Grand also contributed to this positive outlook. As a result, CICC maintained its adjusted EBITDA forecasts for 2025 and 2026, reinforcing their favorable rating and target price of $23.8.
CICC
Outperform
Price Target
$23.8
2025-10-24
maintain
The analyst rating for SANDS CHINA LTD was maintained at "Outperform" by CICC due to several positive factors highlighted in their research report. The company's 3Q25 results showed a net revenue of US$1.906 billion, reflecting an 8% year-over-year increase and a 6% quarter-over-quarter increase, which indicates a recovery to 90% of the revenue level seen in 3Q19. Additionally, the broker noted that the company's promotional strategies have been effective, leading to an increase in market share from 22.6% in 2Q25 to 23.7% in 3Q25. The gradual operational scale expansion of the Londoner Grand also contributed to this positive outlook. As a result, CICC maintained its adjusted EBITDA forecasts for 2025 and 2026, reinforcing their favorable rating and target price of $23.8.
Goldman Sachs
Goldman Sachs
Buy
maintain
2025-10-24
Reason
The analyst rating for SANDS CHINA LTD was influenced by several positive factors highlighted in the article. Goldman Sachs noted that the company posted steady 3Q25 results, indicating a reversal of the declining trend in EBITDA and market share observed earlier in the year. The EBITDA reached USD601 million, meeting market expectations, and total revenue increased by 7% quarter-over-quarter. Despite a rise in promotional expenses, the adjusted EBITDA margin improved slightly, and market share increased by 1.1 percentage points. Goldman Sachs raised its target price from HKD23.6 to HKD24.2 and maintained a Buy rating, viewing the recent stock price pullback as a buying opportunity and finding the valuation attractive, with expectations for potential final dividend growth to drive a re-rating of the shares.
Goldman Sachs
Buy
Price Target
2025-10-24
maintain
The analyst rating for SANDS CHINA LTD was influenced by several positive factors highlighted in the article. Goldman Sachs noted that the company posted steady 3Q25 results, indicating a reversal of the declining trend in EBITDA and market share observed earlier in the year. The EBITDA reached USD601 million, meeting market expectations, and total revenue increased by 7% quarter-over-quarter. Despite a rise in promotional expenses, the adjusted EBITDA margin improved slightly, and market share increased by 1.1 percentage points. Goldman Sachs raised its target price from HKD23.6 to HKD24.2 and maintained a Buy rating, viewing the recent stock price pullback as a buying opportunity and finding the valuation attractive, with expectations for potential final dividend growth to drive a re-rating of the shares.
Goldman Sachs
Goldman Sachs
maintain
2025-10-24
Reason
The analyst rating for Sands China Ltd was reiterated as a "Buy" by Goldman Sachs due to the company's solid third-quarter results, which showed a significant reversal in EBITDA and market share from earlier in the year. The reported EBITDA of USD601 million, along with a 7% quarter-over-quarter growth and an improvement in the adjusted EBITDA margin to 31.5%, indicates positive financial performance. Additionally, the management's confidence in further growth in market share of gross gaming revenue (GGR) contributed to the positive outlook, prompting Goldman Sachs to raise the target price from HK$23.6 to HK$24.2 and continue to list it as a top pick.
Goldman Sachs
Price Target
2025-10-24
maintain
The analyst rating for Sands China Ltd was reiterated as a "Buy" by Goldman Sachs due to the company's solid third-quarter results, which showed a significant reversal in EBITDA and market share from earlier in the year. The reported EBITDA of USD601 million, along with a 7% quarter-over-quarter growth and an improvement in the adjusted EBITDA margin to 31.5%, indicates positive financial performance. Additionally, the management's confidence in further growth in market share of gross gaming revenue (GGR) contributed to the positive outlook, prompting Goldman Sachs to raise the target price from HK$23.6 to HK$24.2 and continue to list it as a top pick.
Citi
Buy
maintain
$25.5
2025-10-23
Reason
The analyst rating for SANDS CHINA LTD is a Buy, primarily due to the company's robust performance in its 3Q25 earnings season. Key reasons for this positive outlook include:
1. Strong EBITDA Growth: The company's property EBITDA grew by 3% year-over-year and 6% quarter-over-quarter, reaching USD601 million, which is significant as it is the first time since 1Q24 that it surpassed the USD600 million mark.
2. Resilience Despite Disruptions: The report notes that if not for operational disruptions caused by a super typhoon, the EBITDA could have exceeded USD600 million, indicating strong underlying performance.
3. Successful Customer Rebate Strategy: The new customer rebate strategy has shown initial success, leading to an increase in market share by approximately 1 percentage point to 23.4%.
4. Stable Profit Margins: The improvement in EBITDA occurred with only a slight decline in profit margins, suggesting operational efficiency.
These factors contributed to Citi's decision to maintain a positive outlook on the stock, reflected in their target price of HKD25.5.
Citi
Buy
Price Target
$25.5
2025-10-23
maintain
The analyst rating for SANDS CHINA LTD is a Buy, primarily due to the company's robust performance in its 3Q25 earnings season. Key reasons for this positive outlook include:
1. Strong EBITDA Growth: The company's property EBITDA grew by 3% year-over-year and 6% quarter-over-quarter, reaching USD601 million, which is significant as it is the first time since 1Q24 that it surpassed the USD600 million mark.
2. Resilience Despite Disruptions: The report notes that if not for operational disruptions caused by a super typhoon, the EBITDA could have exceeded USD600 million, indicating strong underlying performance.
3. Successful Customer Rebate Strategy: The new customer rebate strategy has shown initial success, leading to an increase in market share by approximately 1 percentage point to 23.4%.
4. Stable Profit Margins: The improvement in EBITDA occurred with only a slight decline in profit margins, suggesting operational efficiency.
These factors contributed to Citi's decision to maintain a positive outlook on the stock, reflected in their target price of HKD25.5.
Morgan Stanley
Morgan Stanley
Overweight
maintain
$21
2025-10-23
Reason
The analyst rating for Sands China Ltd (01928.HK) was set to Overweight with a target price of HKD21 due to several factors highlighted in the report by Morgan Stanley. The company posted an EBITDA of USD601 million for 3Q25, which met expectations. Additionally, there was a positive trend in the mass market share, which increased by 100 basis points to 25.4%, and both premium mass and grind mass revenues showed significant growth compared to the previous quarter. However, the report also noted a higher reinvestment rate and ongoing competitive intensity, which could pose risks to future earnings. Despite these concerns, the overall performance and improvements in the business mix contributed to the positive rating.
Morgan Stanley
Overweight
Price Target
$21
2025-10-23
maintain
The analyst rating for Sands China Ltd (01928.HK) was set to Overweight with a target price of HKD21 due to several factors highlighted in the report by Morgan Stanley. The company posted an EBITDA of USD601 million for 3Q25, which met expectations. Additionally, there was a positive trend in the mass market share, which increased by 100 basis points to 25.4%, and both premium mass and grind mass revenues showed significant growth compared to the previous quarter. However, the report also noted a higher reinvestment rate and ongoing competitive intensity, which could pose risks to future earnings. Despite these concerns, the overall performance and improvements in the business mix contributed to the positive rating.
Haitong International
Outperform
initiated
$25.6
2025-10-06
Reason
The analyst rating of "Outperform" for SANDS CHINA LTD by Haitong International is based on several key factors:
1. Industry Leadership: SANDS CHINA LTD is recognized as a leader in Macau's gaming industry, which positions it favorably for growth and profitability.
2. Positive Cycle of Profitability: The company is entering a positive cycle characterized by enhanced profitability, improved cash flow quality, and stable dividends, particularly as the industry recovers from the impacts of COVID-19.
3. Valuation: The current valuation of SANDS CHINA LTD remains below pre-COVID-19 levels, suggesting potential for upside as the market recovers.
4. Gaming Infrastructure: With approximately 1,680 gaming tables and 3,700 slot machines, SANDS CHINA LTD has the largest gaming infrastructure among Macau's listed gaming companies, which supports its market dominance.
5. Mass-Market Focus: The company has a strong foundation in the mass-market segment, targeting mid-to-high-end customers. This focus allows it to benefit significantly from the recovery of the industry and the return of tourists.
6. High Win Rate: The high win rate in the mass market contributes to increased profits, further solidifying the company's leading market share.
Overall, these factors contribute to a positive outlook for SANDS CHINA LTD, justifying the "Outperform" rating and the target price of $25.6.
Haitong International
Outperform
Price Target
$25.6
2025-10-06
initiated
The analyst rating of "Outperform" for SANDS CHINA LTD by Haitong International is based on several key factors:
1. Industry Leadership: SANDS CHINA LTD is recognized as a leader in Macau's gaming industry, which positions it favorably for growth and profitability.
2. Positive Cycle of Profitability: The company is entering a positive cycle characterized by enhanced profitability, improved cash flow quality, and stable dividends, particularly as the industry recovers from the impacts of COVID-19.
3. Valuation: The current valuation of SANDS CHINA LTD remains below pre-COVID-19 levels, suggesting potential for upside as the market recovers.
4. Gaming Infrastructure: With approximately 1,680 gaming tables and 3,700 slot machines, SANDS CHINA LTD has the largest gaming infrastructure among Macau's listed gaming companies, which supports its market dominance.
5. Mass-Market Focus: The company has a strong foundation in the mass-market segment, targeting mid-to-high-end customers. This focus allows it to benefit significantly from the recovery of the industry and the return of tourists.
6. High Win Rate: The high win rate in the mass market contributes to increased profits, further solidifying the company's leading market share.
Overall, these factors contribute to a positive outlook for SANDS CHINA LTD, justifying the "Outperform" rating and the target price of $25.6.
Valuation Metrics
Forward PE
N/A
5Y Average PE
11.72
Current PE
16.74
Overvalued PE
103.20
Undervalued PE
-79.75
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
18.85
Current EV/EBITDA
11.02
Overvalued EV/EBITDA
54.01
Undervalued EV/EBITDA
-16.31
Forward PS
5Y Average PS
4.68
Current PS
2.68
Overvalued PS
7.88
Undervalued PS
1.48
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