Sands China Ltd. logo

Sands China Ltd.

1928.HK

HKSEConsumer CyclicalGambling, Resorts & Casinos

Latest quote

HK$14.63

−HK$0.02 · -0.14%

Aug 24, 4:08 PM HKT

1928.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

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, The Londoner Macao, The Parisian Macao, The Plaza Macao, and The Sands Macao casino. In addition to these, the company operates the Cotai Expo convention and exhibition center, the Cotai Arena entertainment venue, and the Cotai Water Jet ferry service, catering to both leisure and business travelers. By December 31, 2021, Sands China's extensive facilities included 12,373 hotel rooms and suites, 151 restaurants and food outlets, 2.1 million square feet of retail shopping areas, 1.7 million square feet dedicated to MICE events, four permanent theaters, a 15,000-seat arena, and numerous casinos. The company further diversifies its offerings through services like ferry transportation, various leasing arrangements (including pontoon leasing), travel and tourism agency operations, security provisions, human resources administration, and mall management. It also extends outsourcing solutions for information technology, accounting, hotel management, and marketing. Founded in 2009 and headquartered in Taipa, Macau, Sands China Ltd. operates as a subsidiary of Las Vegas Sands Corp.

Industry
Gambling, Resorts & Casinos
Sector
Consumer Cyclical
Headquarters
MO
CEO
Kwan Lock Chum
Listed since
Nov 30, 2009
Employees
27,875

Market position

Day range

Current HK$14.63

52-week range

Current HK$14.63

Open
HK$14.65
Previous close
HK$14.65
Volume
10.42M
0.72× average
Average volume
14.55M
Average daily volume
Market cap
118.41B HKD
Beta
0.5
Market reference 1
50-day average
HK$13.9034
+5.23% above average
200-day average
HK$17.0433
-14.16% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
25.97B USD
P/E (TTM)
17.25×
P/B (TTM)
11.74×
P/S (TTM)
2.41×
EV / EBITDA
12.67×
Earnings yield
4.40%
Free cash flow yield
7.67%
Dividend yield
5.13%

Profitability & efficiency

Gross margin
67.72%
Operating margin
19.19%
Net margin
14.04%
Return on equity
63.96%
Return on assets
8.48%
Return on invested capital
13.42%

Financial health

Debt / equity
Current ratio
0.85×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends98%27%-45%-116%Gross margin, FY2021: 60.09%Gross margin, FY2022: 30.34%Gross margin, FY2023: 80.13%Gross margin, FY2024: 59.03%Gross margin, FY2025: 79.36%Operating margin, FY2021: -18.68%Operating margin, FY2022: -72.59%Operating margin, FY2023: 18.75%Operating margin, FY2024: 19.29%Operating margin, FY2025: 16.54%Net margin, FY2021: -36.46%Net margin, FY2022: -98.57%Net margin, FY2023: 10.59%Net margin, FY2024: 14.76%Net margin, FY2025: 12.04%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 60.09%. Gross margin FY2022 30.34%. Gross margin FY2023 80.13%. Gross margin FY2024 59.03%. Gross margin FY2025 79.36%. Operating margin FY2021 -18.68%. Operating margin FY2022 -72.59%. Operating margin FY2023 18.75%. Operating margin FY2024 19.29%. Operating margin FY2025 16.54%. Net margin FY2021 -36.46%. Net margin FY2022 -98.57%. Net margin FY2023 10.59%. Net margin FY2024 14.76%. Net margin FY2025 12.04%.

Income trends

Revenue

7.44B USD+5.13%

Operating income

1.23B USD-9.88%

Net income

896M USD-14.26%
Income trends across reported periods8.35B USD4.74B USD1.13B USD−2.48B USDRevenue, FY2021: 2.87B USDRevenue, FY2022: 1.61B USDRevenue, FY2023: 6.53B USDRevenue, FY2024: 7.08B USDRevenue, FY2025: 7.44B USDOperating income, FY2021: −537M USDOperating income, FY2022: −1.17B USDOperating income, FY2023: 1.23B USDOperating income, FY2024: 1.37B USDOperating income, FY2025: 1.23B USDNet income, FY2021: −1.05B USDNet income, FY2022: −1.58B USDNet income, FY2023: 692M USDNet income, FY2024: 1.05B USDNet income, FY2025: 896M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 2.87B USD. Revenue FY2022 1.61B USD. Revenue FY2023 6.53B USD. Revenue FY2024 7.08B USD. Revenue FY2025 7.44B USD. Operating income FY2021 −537M USD. Operating income FY2022 −1.17B USD. Operating income FY2023 1.23B USD. Operating income FY2024 1.37B USD. Operating income FY2025 1.23B USD. Net income FY2021 −1.05B USD. Net income FY2022 −1.58B USD. Net income FY2023 692M USD. Net income FY2024 1.05B USD. Net income FY2025 896M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue7.44B USD7.08B USD6.53B USD1.61B USD2.87B USD
Cost of goods sold1.54B USD2.9B USD1.3B USD1.12B USD1.15B USD
Gross profit5.91B USD4.18B USD5.24B USD487M USD1.73B USD
Selling, general, and administrative153M USD133M USD76M USD26M USD44M USD
Operating expenses4.68B USD2.81B USD4.01B USD1.66B USD2.26B USD
Interest income36M USD67M USD13M USD19M USD2M USD
Interest expense324M USD382M USD497M USD411M USD337M USD
Depreciation and amortization750M USD754M USD775M USD750M USD733M USD
Operating income1.23B USD1.37B USD1.23B USD−1.17B USD−537M USD
Net income896M USD1.05B USD692M USD−1.58B USD−1.05B USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
57%
4 beats, 3 misses, 0 met estimates
Average EPS surprise
+297.02%
7 comparable reports
Latest EPS result
0.39
Estimate 0.03 · Beat by 1186.67%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.560.380.20.03Q3 '23MissQ1 '24BeatQ3 '24BeatQ1 '25BeatQ3 '25No estimateQ1 '26No estimateQ3 '26BeatQ1 '27Estimate
Q3 2023, reported Aug 11, 2023: actual 0.169, estimate 0.391, surprise -56.68%, Miss. Q1 2024, reported Feb 16, 2024: actual 0.499, estimate 0.392, surprise +27.36%, Beat. Q3 2024, reported Aug 16, 2024: actual 0.521, estimate 0.16, surprise +225.42%, Beat. Q1 2025, reported Feb 21, 2025: actual 0.484, estimate 0.04, surprise +1110.36%, Beat. Q3 2025, reported Aug 15, 2025: actual 0.399, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Feb 13, 2026: actual 0.465, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 14, 2026: actual 0.386, estimate 0.03, surprise +1186.67%, Beat. Q1 2027, reported Feb 12, 2027: actual —, estimate 0.03, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates68.25B45.98B23.72B1.45BQ3 '23MissQ1 '24BeatQ3 '24BeatQ1 '25BeatQ3 '25BeatQ1 '26BeatQ3 '26BeatQ1 '27Estimate
Q3 2023, reported Aug 11, 2023: actual 22.69B HKD, estimate 63.32B HKD, surprise -64.16%, Miss. Q1 2024, reported Feb 16, 2024: actual 28.42B HKD, estimate 16.09B HKD, surprise +76.66%, Beat. Q3 2024, reported Aug 16, 2024: actual 27.67B HKD, estimate 13.89B HKD, surprise +99.24%, Beat. Q1 2025, reported Feb 21, 2025: actual 27.42B HKD, estimate 1.71B HKD, surprise +1508.22%, Beat. Q3 2025, reported Aug 15, 2025: actual 27.33B HKD, estimate 1.78B HKD, surprise +1433.32%, Beat. Q1 2026, reported Feb 13, 2026: actual 30.75B HKD, estimate 15.87B HKD, surprise +93.70%, Beat. Q3 2026, reported Aug 14, 2026: actual 30.44B HKD, estimate 15.47B HKD, surprise +96.69%, Beat. Q1 2027, reported Feb 12, 2027: actual —, estimate 2.04B HKD, surprise —, Comparison unavailable.

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