# Sands China (1928.HK)

Canonical: https://gigainvestors.com/s/1928.HK

Analysis as of: 2026-10-16T07:35:39.280Z. Financial observations: FY2006–FY2025.

Listing currency: HKD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 11.30 per share; close as of 2026-10-15.

Estimated value: low HKD 11.98 per share, central HKD 13.54 per share, high HKD 15.62 per share. Buy at or below the central value HKD 13.54 per share. Valuation as of 2026-10-16T07:35:39.280Z; scenarios are not confidence intervals.

Expected annual return: 11.5% at the stated quote. About 11.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 54.74×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.23×

- FY2018: 0.26×

- FY2019: 0.26×

- FY2020: -0.70×

- FY2021: -0.17×

- FY2022: -0.72×

- FY2023: 0.19×

- FY2024: 0.20×

- FY2025: 0.17×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 17.5%

- ROIC, second-lowest year: -10.5%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 58.9%

- Recent gross margin (lower of latest and 3-year median): 58.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.3%

- ROIC including acquisitions, ten-year median: 14.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.2%

- FY2017: 23.0%

- FY2018: 31.3%

- FY2019: 21.7%

- FY2020: -11.5%

- FY2021: -4.6%

- FY2022: -10.5%

- FY2023: 16.8%

- FY2024: 19.2%

- FY2025: 18.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 455.47×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.4B

- Net income, five-year total: $3.0M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: -15.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.88×

- FY2022: 0.69×

- FY2023: 1.81×

- FY2024: 0.97×

- FY2025: 1.24×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 23.0% vs 18.3%

- Per-share earnings: 0.18 to 0.11 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: -$14B

- Cumulative retained earnings: -$3.5B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.9%

- Per-share value change: -$0.07

- Per-share value, starting three-year median: $0.18

- Per-share value, ending three-year median: $0.11

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $473M

- Cumulative net income, 10 years: $5.2B

- ROIC, first three-year median: 23.0%

- ROIC, last three-year median: 18.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.15

- FY2017: $0.20

- FY2018: $0.23

- FY2019: $0.25

- FY2020: -$0.19

- FY2021: -$0.13

- FY2022: -$0.20

- FY2023: $0.09

- FY2024: $0.13

- FY2025: $0.11

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -11.4%

- Receivables to sales index (DSRI): 1.78×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.35×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.0%

- FY2017: -9.6%

- FY2018: -9.7%

- FY2019: -6.4%

- FY2020: -6.7%

- FY2021: -11.3%

- FY2022: -10.5%

- FY2023: -15.6%

- FY2024: -9.2%

- FY2025: -11.4%

## Holders

## Price story

Down 62% since Jul 2023 · "Sands China Slides 9.8% After $608 Million Macau EBITDA Miss" (finance.yahoo.com, Jan 2026) · sales +5.1%

Story as of 2026-10-16T10:00:05.743Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.5% a year for ten years

- 2026-01-29: Sands China Slides 9.8% After $608 Million Macau EBITDA Miss ([finance.yahoo.com](https://finance.yahoo.com/news/sands-china-slides-9-8-161235148.html))

### Sales · FY2024–2025

sales +5.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $6.7B 

- FY2017: $7.7B 

- FY2018: $8.7B 

- FY2019: $8.8B 

- FY2020: $1.7B 

- FY2021: $2.9B 

- FY2022: $1.6B 

- FY2023: $6.5B 

- FY2024: $7.1B 

- FY2025: $7.4B 

### Gross margin · FY2025

gross margin 58.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 57.8% 

- FY2017: 57.7% 

- FY2018: 58.0% 

- FY2019: 58.8% 

- FY2020: 60.3% 

- FY2021: 61.9% 

- FY2022: 64.9% 

- FY2023: 60.3% 

- FY2024: 59.0% 

- FY2025: 58.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are USD 7.4 billion.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2025-12-31 (filed 2026-10-16T07:35:39.280Z); FY2025: revenue 7443000000; grossProfit 4333000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1928.HK: Sands China Ltd. develops, owns, and operates integrated resorts and casinos in Macao. The company owns and operates The Venetian Macao, The Londoner Macao, The Parisian Macao resort, The Plaza Macao, and The Sands Macao casino; the Cotai Expo, a convention and exhibition hall; and The Venetian and The Londoner Arena, an entertainment venues, as well as Cotai Water Jet ferry for leisure and business travelers. It offers ferry transportation and leasing services, and pontoon leasing; gaming and other related activities; travel and tourism agency services; security services; and human resources administration services, as well as outsourcing services, including information technology, accounting, hotel management, and marketing. The company was incorporated in 2009 and is headquartered in Macau. Sands China Ltd. operates as a subsidiary of Las Vegas Sands Corp.

### Why customers stay

Margins ranged from 58.2% to 60.3% during 2023–25; it earns 17.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2023-12-31 (filed 2026-10-16T07:35:39.280Z); FY2023: grossProfit / revenue = 60.3%.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2024-12-31 (filed 2026-10-16T07:35:39.280Z); FY2024: grossProfit / revenue = 59%.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2025-12-31 (filed 2026-10-16T07:35:39.280Z); FY2025: grossProfit / revenue = 58.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.280Z); 10-year return on capital observations [[2016,0.1624927096494437],[2017,0.2297607214468841],[2018,0.31267991775188486],[2019,0.21742805667841553],[2020,-0.11491085700233616],[2021,-0.04648764374847076],[2022,-0.10516439454691259],[2023,0.16751508794412262],[2024,0.19196675900277008],[2025,0.18344648755303586]]; median 0.17548078774857923. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 9 years.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2016-12-31 (filed 2026-10-16T07:35:39.280Z); FY2016: growth capex 0; upkeep 1051000000; owner earnings 784000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2017-12-31 (filed 2026-10-16T07:35:39.280Z); FY2017: growth capex 0; upkeep 432000000; owner earnings 1847000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2018-12-31 (filed 2026-10-16T07:35:39.280Z); FY2018: growth capex 0; upkeep 516000000; owner earnings 2014000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2019-12-31 (filed 2026-10-16T07:35:39.280Z); FY2019: growth capex 32000000; upkeep 706000000; owner earnings 2003600000. Growth capex / owner earnings = 0.01597125174685566.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2023-12-31 (filed 2026-10-16T07:35:39.280Z); FY2023: growth capex 0; upkeep 215000000; owner earnings 1254600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2024-12-31 (filed 2026-10-16T07:35:39.280Z); FY2024: growth capex 108000000; upkeep 754000000; owner earnings 1014400000. Growth capex / owner earnings = 0.10646687697160884.

- Source: https://eodhd.com/api/fundamentals/599A.STU.json#2025-12-31 (filed 2026-10-16T07:35:39.280Z); FY2025: growth capex 0; upkeep 543000000; owner earnings 1109600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.280Z); Dividend observations: [[2016,2070000000],[2017,2067000000],[2018,2052000000],[2019,2051000000],[2020,1030000000],[2021,0],[2022,0],[2023,0],[2025,518000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 75% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1928.HK SharesStats.PercentInsiders = 75.01 percentage points; cache date 2026-10-16.

### What could break it

2.4 PRIORITY RISK FACTORS We are subject to extensive regulations that govern our operations.

- Source: https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033101127.pdf (filed ); 33 ANNUAL REPORT 2025 SANDS CHINA LTD. 2.4 PRIORITY RISK FACTORS We are subject to extensive regulations that govern our operations. We are required to obtain and maintain licenses from various jurisdictions in order to operate certain aspects of our business, and we are subject to extensive background investigations and suitability standards in our gaming business.

### What the price says

The price assumes cash profits shrink 1.5% yearly over ten years; actual growth was 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.280Z); Ten-year compound average after fade. Initial solved rate -0.0339789708746176. Price 11.3; FX 7.84744565643883; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.11008886244325748 → FY2025 0.13709970370846297. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 33.75 per share

- 2016-11: HKD 38.20 per share

- 2016-12: HKD 33.70 per share

- 2017-01: HKD 34.50 per share

- 2017-02: HKD 32.40 per share

- 2017-03: HKD 36.00 per share

- 2017-04: HKD 35.30 per share

- 2017-05: HKD 35.95 per share

- 2017-06: HKD 35.75 per share

- 2017-07: HKD 36.25 per share

- 2017-08: HKD 35.05 per share

- 2017-09: HKD 40.65 per share

- 2017-10: HKD 36.75 per share

- 2017-11: HKD 37.95 per share

- 2017-12: HKD 40.35 per share

- 2018-01: HKD 46.60 per share

- 2018-02: HKD 44.15 per share

- 2018-03: HKD 42.20 per share

- 2018-04: HKD 45.75 per share

- 2018-05: HKD 46.95 per share

- 2018-06: HKD 41.95 per share

- 2018-07: HKD 40.40 per share

- 2018-08: HKD 38.30 per share

- 2018-09: HKD 35.45 per share

- 2018-10: HKD 30.90 per share

- 2018-11: HKD 33.85 per share

- 2018-12: HKD 34.30 per share

- 2019-01: HKD 37.30 per share

- 2019-02: HKD 39.20 per share

- 2019-03: HKD 39.45 per share

- 2019-04: HKD 43.10 per share

- 2019-05: HKD 35.50 per share

- 2019-06: HKD 37.35 per share

- 2019-07: HKD 38.10 per share

- 2019-08: HKD 35.60 per share

- 2019-09: HKD 35.50 per share

- 2019-10: HKD 38.75 per share

- 2019-11: HKD 37.00 per share

- 2019-12: HKD 41.65 per share

- 2020-01: HKD 38.00 per share

- 2020-02: HKD 36.25 per share

- 2020-03: HKD 28.40 per share

- 2020-04: HKD 31.90 per share

- 2020-05: HKD 30.15 per share

- 2020-06: HKD 30.40 per share

- 2020-07: HKD 30.00 per share

- 2020-08: HKD 34.20 per share

- 2020-09: HKD 29.85 per share

- 2020-10: HKD 27.15 per share

- 2020-11: HKD 31.80 per share

- 2020-12: HKD 34.05 per share

- 2021-01: HKD 30.85 per share

- 2021-02: HKD 36.30 per share

- 2021-03: HKD 38.85 per share

- 2021-04: HKD 36.90 per share

- 2021-05: HKD 34.55 per share

- 2021-06: HKD 32.70 per share

- 2021-07: HKD 26.55 per share

- 2021-08: HKD 24.95 per share

- 2021-09: HKD 16.00 per share

- 2021-10: HKD 17.78 per share

- 2021-11: HKD 17.92 per share

- 2021-12: HKD 18.16 per share

- 2022-01: HKD 21.45 per share

- 2022-02: HKD 20.45 per share

- 2022-03: HKD 18.98 per share

- 2022-04: HKD 17.64 per share

- 2022-05: HKD 15.00 per share

- 2022-06: HKD 18.72 per share

- 2022-07: HKD 18.40 per share

- 2022-08: HKD 17.70 per share

- 2022-09: HKD 19.70 per share

- 2022-10: HKD 13.70 per share

- 2022-11: HKD 21.00 per share

- 2022-12: HKD 25.90 per share

- 2023-01: HKD 29.30 per share

- 2023-02: HKD 27.20 per share

- 2023-03: HKD 27.30 per share

- 2023-04: HKD 27.85 per share

- 2023-05: HKD 25.35 per share

- 2023-06: HKD 26.70 per share

- 2023-07: HKD 29.75 per share

- 2023-08: HKD 26.55 per share

- 2023-09: HKD 24.00 per share

- 2023-10: HKD 21.00 per share

- 2023-11: HKD 19.16 per share

- 2023-12: HKD 22.85 per share

- 2024-01: HKD 20.50 per share

- 2024-02: HKD 22.30 per share

- 2024-03: HKD 22.05 per share

- 2024-04: HKD 18.68 per share

- 2024-05: HKD 18.64 per share

- 2024-06: HKD 16.28 per share

- 2024-07: HKD 14.66 per share

- 2024-08: HKD 14.24 per share

- 2024-09: HKD 19.92 per share

- 2024-10: HKD 19.82 per share

- 2024-11: HKD 19.84 per share

- 2024-12: HKD 20.90 per share

- 2025-01: HKD 18.60 per share

- 2025-02: HKD 17.80 per share

- 2025-03: HKD 15.60 per share

- 2025-04: HKD 13.98 per share

- 2025-05: HKD 15.42 per share

- 2025-06: HKD 16.34 per share

- 2025-07: HKD 19.04 per share

- 2025-08: HKD 20.34 per share

- 2025-09: HKD 21.70 per share

- 2025-10: HKD 20.24 per share

- 2025-11: HKD 21.20 per share

- 2025-12: HKD 19.60 per share

- 2026-01: HKD 17.03 per share

- 2026-02: HKD 17.71 per share

- 2026-03: HKD 16.49 per share

- 2026-04: HKD 16.32 per share

- 2026-05: HKD 15.33 per share

- 2026-06: HKD 13.05 per share

- 2026-07: HKD 14.72 per share

- 2026-08: HKD 14.05 per share

- 2026-09: HKD 11.85 per share

- 2026-10: HKD 11.30 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 14.56 per share, central HKD 16.42 per share, high HKD 18.89 per share

- FY2017: low HKD 20.67 per share, central HKD 23.38 per share, high HKD 26.98 per share

- FY2018: low HKD 28.69 per share, central HKD 39.46 per share, high HKD 45.91 per share

- FY2019: low HKD 30.45 per share, central HKD 43.40 per share, high HKD 50.63 per share

- FY2020: low HKD 4.87 per share, central HKD 5.43 per share, high HKD 6.18 per share

- FY2021: low HKD 7.53 per share, central HKD 8.49 per share, high HKD 9.76 per share

- FY2025: low HKD 12.62 per share, central HKD 14.18 per share, high HKD 16.25 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:15.160Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.