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Sands China Ltd Shs Unitary 144A/Reg S 01928

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Stock XHKG Rating as of
HK$20.50 +0.50 (2.50%)
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As of Delayed Price Closed

Company Report

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Sands China's Renovation Disrupts Near-Term Performance, but Strengthens Long-Term Outlook

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 859% premium.
Price
HK$20.50
Fair Value
HK$48.60
Uncertainty
High
1-Star Price
HK$11.54
5-Star Price
HK$51.80
Economic Moat
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Capital Allocation
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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

Sands China will still 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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Trading Information

Previous Close Price
HK$20.00
Day Range
HK$19.52–20.80
52-Week Range
HK$13.24–24.65
Bid/Ask
HK$20.45 / HK$20.50
Market Cap
HK$165.91 Bil
Volume/Avg
35.4 Mil / 22.2 Mil

Key Statistics

Price/Earnings (Normalized)
19.62
Price/Sales
2.95
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
—

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 24% market share in the Macao gaming sector in terms of gross gaming revenue as of first-half 2024. Las Vegas Sands has a 71% stake in Sands China.
Sector
Consumer Cyclical
Industry
Resorts & Casinos
Stock Style Box
Large Growth
Total Number of Employees
26,001
Website
https://www.sandschina.com

Competitors

Valuation

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Metric
01928
00027
MLCO
Price/Earnings (Normalized)
 19.6219.9179.43
Price/Book Value
 40.322.35—
Price/Sales
 2.954.180.80
Price/Cash Flow
 11.3314.769.21
Price/Earnings
01928
00027
MLCO

Financial Strength

Metric
01928
00027
MLCO
Quick Ratio
 1.531.601.16
Current Ratio
 1.551.631.29
Interest Coverage
 3.3664.780.49
Quick Ratio
01928
00027
MLCO

Profitability

Metric
01928
00027
MLCO
Return on Assets (Normalized)
 10.32%9.54%1.10%
Return on Equity (Normalized)
 —11.77%—
Return on Invested Capital (Normalized)
 17.00%9.97%8.19%
Return on Assets
01928
00027
MLCO

Resorts & Casinos Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Las Vegas Sands Corp
LVS
KqhfgmzczNlnrc$38.3 Bil
 Galaxy Entertainment Group Ltd ADR
GXYYY
—Hrnfvwx$22.1 Bil
 Galaxy Entertainment Group Ltd
GXYEF
—Qfdyrk$22.1 Bil
 Sands China Ltd Shs Unitary 144A/Reg S
SCHYF
—Wznmyb$20.9 Bil
 Sands China Ltd ADR
SCHYY
—Hhtlm$20.9 Bil
 MGM Resorts International
MGM
PsbystsyPpqpn$12.1 Bil
 Wynn Resorts Ltd
WYNN
DzbmpmckCvmxxhb$11.4 Bil
 Caesars Entertainment Inc
CZR
CfssrxrypXsfb$9.5 Bil
 Melco Resorts and Entertainment Ltd ADR
MLCO
ZkgyxvyrJhgkqpf$3.5 Bil
 PENN Entertainment Inc
PENN
SkvjrykmQvzrh$2.8 Bil

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