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Sands China Ltd Shs Unitary 144A/Reg S 01928

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Stock XHKG Rating as of
HK$13.36 −0.02 (0.15%)
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Sands China's Focus on the Mass Market Is Well Positioned Amid Macao's Long-Term Prospects

Jennifer Song

Sands China is a strong contender in the Macao gaming sector with a robust presence in mass, retail, and nongaming facilities, particularly in Cotai. The firm has the majority of its gaming tables in Cotai, a popular tourist spot in Macao. Cotai also has a critical mass of world-class integrated resorts that continue to take market share from casinos in the peninsula. Sands China used to place lower priority on the lower-margin VIP segment, which better positions it amid its regulatory risk. To catch up to the rising demand from the premium mass segment, Sands Cotai Central was renovated, expanded, and rebranded to the Londoner in phases through the second quarter of 2025. This will help defend its market share from its competitors.

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Price vs Fair Value

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01928 is trading at a LOCK|r<vWW? premium.
Price
HK$13.36
Fair Value
L%
Uncertainty
LOCK|VCM
1-Star Price
LOCK|.&f?
5-Star Price
LOCK|.F
Economic Moat
LOCK|&?N^
Capital Allocation
LOCK|ZvS%DV$

Bulls Say, Bears Say

Bulls

Sands China is well positioned to benefit from gaming demand recovery in Macao, which will allow the company to restore its profitability meaningfully from 2024 onward.

Bears

Macao casinos face harsher license-renewal terms such as shorter license duration, a requirement of nongaming investment, and a 1% increase in gaming taxes.

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News

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Trading Information

Previous Close Price
HK$13.38
Day Range
HK$13.27–13.47
52-Week Range
HK$12.77–22.50
Bid/Ask
HK$13.36 / HK$13.37
Shares Outstanding
8.09B
Market Cap
HK$108.13B
Volume/Avg
14M / 15M

Key Statistics

Price/Earnings (Normalized)
15.53
Price/Sales
1.77
Dividend Yield (Trailing)
5.61%
Dividend Yield (Forward)
5.61%
Dividend Payment Schedule
Jun, Sep
Total Yield
5.61%

Company Profile

Sands China operates integrated resorts and casinos in Macao. Its properties include Sands Macao, the Venetian Macao, the Plaza Macao, the Londoner, and the Parisian Macao. It has about 23.5% market share in the Macao gaming sector in terms of gross gaming revenue as of 2025. Las Vegas Sands has a 74.8% stake in Sands China.
Sector
Consumer Cyclical
Industry
Resorts & Casinos
Stock Style Box
Large Core
Total Number of Employees
27,875
Website
https://www.sandschina.com

Competitors

Valuation

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Metric
01928
00880
MLCO
Price/Earnings (Normalized)
 15.53—8.35
Price/Book Value
 11.600.73217.12
Price/Sales
 1.770.590.40
Price/Cash Flow
 7.815.802.50
Price/Earnings
01928
00880
MLCO

Financial Strength

Metric
01928
00880
MLCO
Quick Ratio
 0.540.210.97
Current Ratio
 0.610.271.03
Interest Coverage
 3.890.781.38
Quick Ratio
01928
00880
MLCO

Profitability

Metric
01928
00880
MLCO
Return on Assets (Normalized)
 9.19%−0.82%3.26%
Return on Equity (Normalized)
 79.09%−2.98%—
Return on Invested Capital (Normalized)
 14.68%2.19%9.33%
Return on Assets
01928
00880
MLCO

Resorts & Casinos Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Melco Resorts and Entertainment Ltd ADR
MLCO
LOCK|Y>&kC?GLOCK|^G>z—
 Las Vegas Sands Corp
LVS
LOCK|Wv@?D<@LOCK|^wCvH$28B
 Galaxy Entertainment Group Ltd ADR
GXYYY
—LOCK|$^Ht$18B
 Galaxy Entertainment Group Ltd
GXYEF
—LOCK|>&&f$18B
 Sands China Ltd Shs Unitary 144A/Reg S
SCHYF
—LOCK|!Fbk%$14B
 Sands China Ltd ADR
SCHYY
—LOCK|?$Hqm$14B
 MGM Resorts International
MGM
LOCK|&&B>%KlLOCK|&#W$10B
 Wynn Resorts Ltd
WYNN
LOCK|V?t@S$@LOCK|@K$?b$9B
 Caesars Entertainment Inc
CZR
LOCK|@C%&@^%LOCK|@>l$6B
 PENN Entertainment Inc
PENN
LOCK|RGz>K&LOCK|LnG$2B

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