Sands China Ltd. (1928.HK) stock analysis

In our weekly check, Sands China Ltd. is graded B (A to F). Of 24 checks on debt, profit, cash flow and trend: 19 pass, warnings: 3, red flags: 2.

About Sands China Ltd.

Sands China Ltd. is a Consumer Cyclical company (Gambling, Resorts & Casinos), listed on HKSE as 1928.HK.

What our checks show for 1928.HK

Red flags

• Net debt is 2.7x a year of EBITDA (debt/equity 5). That limits room in a downturn and raises refinancing risk.
• The stock has fallen as much as 84% from a peak. Would you have held through that?

Warning signs

• Operating profit covers interest only 3.8 times: a weak year could make the payments hard.
• Earnings per share fell 18.1% a year over the last 3 years.
• The stock is still below its previous peak.

Strengths

• The net margin rose by 48.5 points over 5 years, to 12%.
• The gross margin is 79.4% and has risen by 19.3 points: pricing power is holding.
• Operating cash flow is 2.35x net profit: the profit arrives as real cash.
• Revenue grew 66.8% a year over the last 3 years.
• Free cash flow is 21% of revenue: cash for dividends, buybacks or growth.
• The price is 12.6 times earnings (P/E), reasonable for its growth.

Similar companies

0027.HK · EVO.ST · ALL.AX · LVS · FLUT · TLC.AX

Questions

What grade does Sands China Ltd. (1928.HK) have?

In our weekly check, Sands China Ltd. is graded B (A to F). Of 24 checks on debt, profit, cash flow and trend: 19 pass, warnings: 3, red flags: 2. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of 1928.HK stock?

This week's biggest flags for Sands China Ltd.: High debt, Deep past fall, Weak interest cover. In total 5 of 24 checks show a warning or a red flag.

What does Sands China Ltd. do?

Sands China Ltd. is a Consumer Cyclical company (Gambling, Resorts & Casinos), listed on HKSE as 1928.HK.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-31

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