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Sands China Ltd (1928) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$106B (≈ $13.5B) · ISIN KYG7800X1079

What is Sands China Ltd really worth?

SC Sands China Ltd 1928 · HK
PriceHK$14.13
Fair ValueHK$19.10
Upside+35.2%
Quality72/100

A solid business, trading 26% below our fair value of HK$19.10.

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Strengths

✓Solidly profitable · 12.0% net margin
✓Ranks above peers (10/15)
✓Wide moat 67/100

Risks

!Mixed Growth (revenue 5y +34.6 %/yr)
!High debt · generates free cash flow

For context

·3.54% dividend yield
Evidence: High Range HK$13.25 – HK$24.53

Fair value as of: Aug 20, 2026

From 26 valuation models · updated 16 days ago

Fair value updated Aug 20, 2026, revised from HK$2.05 to HK$19.10 (+831.7%) since Aug 13, 2026. Share price −2.0% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The rarer combination: high quality (72/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • A fairly wide model range (HK$13.25 to HK$24.53) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

HK$35.94 HK$12.06 Fair Value HK$19.10 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range HK$12.06 – HK$35.94 · fair‑value band HK$13.25 – HK$24.53 · the HK$14.13 price screens below the HK$19.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Sands China Ltd (1928) currently trades at HK$14.13, while our model-based Fair Value estimate is HK$19.10, implying the stock looks roughly 26.0% undervalued today. The Quality Score stands at 72/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of HK$3.15 per share, and 0 of the 26 models we run sit above the HK$14.13 price. Bear case: the Growth Earnings group reads lowest at HK$2.41, and 26 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Sands China Ltd generated revenue of HK$7.4B at a net margin of 12.0%. Revenue grew 12.0% year over year. It earns a return on equity of 73.7%. Net debt stands at HK$5.6B. Fundamentals as of Aug 20, 2026

Our scenario range runs from HK$13.25 (bear case) to HK$24.53 (bull case); at HK$14.13, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 12% fair-value upside, at 35%, 1928 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (HK$0.1200 to HK$4.55). Read the values as a conservative anchor, not as a price target.
Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF HK$2.08 HK$4.55 HK$9.21 75
EPV HK$0.7400 HK$0.9600 HK$1.15 74
Growth DCF HK$2.03 HK$4.24 HK$8.15 74
All 26 models by family
DCF Models
FCF DCF HK$2.08 HK$4.55 HK$9.21 75
Owner Earnings HK$1.38 HK$3.21 HK$6.60 71
5Y Revenue Exit HK$0.7900 HK$1.59 HK$2.65 70
5Y EBITDA Exit HK$1.71 HK$3.58 HK$5.99 72
5Y P/E Exit HK$1.44 HK$2.99 HK$4.82 68
10Y Revenue Exit HK$1.16 HK$2.10 HK$3.51 65
10Y EBITDA Exit HK$1.81 HK$3.60 HK$6.43 65
10Y P/E Exit HK$1.63 HK$3.15 HK$5.40 61
Earnings-Based
Graham-Dodd HK$0.7500 HK$4.04 HK$5.60 63
Lynch FV HK$1.12 HK$1.60 HK$2.08 61
PEG = 1.0 HK$1.12 HK$1.60 HK$2.08 57
EPV HK$0.7400 HK$0.9600 HK$1.15 74
Dividend Discount
Gordon GGM HK$0.5900 HK$1.22 HK$1.94 66
DDM Multi-Stage HK$0.5900 HK$1.03 HK$1.28 67
Multiples
P/E Multiple HK$1.83 HK$2.44 HK$3.04 63
P/S Multiple HK$0.8300 HK$1.10 HK$1.38 58
P/B Multiple HK$0.5200 HK$0.6900 HK$0.8700 55
EV/EBIT HK$1.49 HK$2.17 HK$2.86 65
EV/EBITDA HK$1.69 HK$2.44 HK$3.19 67
EV/Revenue HK$0.2100 HK$0.5400 HK$0.8700 50
Asset-Based
NCAV (Graham) HK$0.0900 HK$0.1200 HK$0.1700 54
Growth DCF
Growth DCF HK$2.03 HK$4.24 HK$8.15 74
Rev-Margin DCF HK$0.7900 HK$1.59 HK$2.68 70
Economic Profit
Residual Income HK$0.7700 HK$1.07 HK$12.15 64
ROIC Compounder HK$0.9600 HK$1.55 HK$2.36 70
Growth Earnings
Growth-Adj P/E HK$1.68 HK$2.41 HK$3.13 67

Widest divergence: DCF Models (HK$3.15) versus Asset-Based (HK$0.1200). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 15.0 as of Jul 18, 2026
P/S ratio 1.81 P/E × margin
EPS (TTM) HK$0.0300 price ÷ EPS = P/E 15.0
Dividend yield 3.5%
Net margin 12.0% FY2025
Return on equity 73.7% TTM
More key figures
Profitability
Return on assets (EBIT) 3.9% avg 5y
Operating margin 18.1% TTM
Growth
Revenue (TTM) HK$7.4B TTM
Revenue growth (YoY) +12.0% 3y avg +66.8%
EPS growth (YoY) −4.1%
Balance sheet & cash flow
Free cash flow HK$1.6B FY2025
Net debt HK$5.6B FY2025 · ≈ 3.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 68 · Market factors (momentum, volatility) 35

Profitability 72
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 35
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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 …

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sands China Ltd reported revenue of $7.4B in FY2025 versus $2.9B in FY2021, a compound +26.9%/yr. Reported net income was $896M in FY2025.

Growth Quality 100/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$7.4B
Latest YoY
+5.1%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+66.8%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+34.6%
Avg. revenue growth/yr (19Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.7%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−11.6% (−15.1 + 3.5)
Revenue +26.9%/yr
FY21 $2.9B
FY22 $1.6B
FY23 $6.5B
FY24 $7.1B
FY25 $7.4B
Net income
FY21 −$1.0B
FY22 −$1.6B
FY23 $692M
FY24 $1.0B
FY25 $896M
Character of growth · EPS growth decomposed (2014-2025) −7.4 % p.a.
Revenue per share −0.9 %

of which total revenue −0.8 % · buybacks/dilution +0.0 %

EBIT margin −3.2 %
Tax rate +0.1 %
Residual (interest, one-offs) −3.5 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Sands China Ltd · Fair Value
HK$19.10 +26%Fair Value
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Cite: Fair Value Calculator (2026). "Sands China Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1928

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Resorts & Casinos · 73 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 72 · Top 25%
Fair Value upside +35% · Top 25%
Return on equity (TTM) 74% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 18% · Above median
Revenue growth 12% · Top 25%
Dividend yield (TTM) 3.5% · Above median
Debt / equity 4.33× · Higher than 75% of peers

Valuation Multiples vs Resorts & Casinos median · lower = cheaper

P/E (TTM) 15.0× · Cheaper than median
P/B 9.64× · Pricier than 75% of peers
P/S (TTM) 1.81× · Pricier than median
P/FCF 8.6× · Pricier than median
EV/EBITDA 8.8× · Pricier than median
PEG 0.61× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE80 · sector 30
FUTURE60 · sector 24
PAST100 · sector 20
HEALTH0 · sector 82
DIVIDEND71 · sector 61

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Gambling

Similar stocks

10 more Resorts & Casinos stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Las Vegas Sands Corp LVS $46.23 $51.60 +12%
Galaxy Entertainment Group 0027 HK$33.86 HK$40.46 +19%
MGM Resorts International, through its subsidiaries, MGM $42.28 $17.73 −58%
Wynn Resorts, Limited WYNN $102.97 $69.39 −33%
Red Rock Resorts, Inc RRR $58.40 $18.01 −69%
Boyd Gaming Corporation BYD $80.63 $151.24 +88%
Caesars Entertainment, Inc CZR $29.63 $80.92 +173%
Genting Singapore Limited G13 0.6700 SGD 0.6900 SGD +3%
Vail Resorts, Inc MTN $148.36 $132.94 −10%
MGM China Holdings 2282 HK$10.42 HK$24.07 +131%

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Frequently asked questions

Is Sands China Ltd (1928) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of HK$19.10 versus a price of HK$14.13, about +35% upside (undervalued).
What is the fair value of 1928?
Our model-based fair value for Sands China Ltd is HK$19.10 (as of Aug 20, 2026), built from audited fundamentals. The current price: HK$14.13.
What is the quality score of 1928?
Sands China Ltd has a Quality Score of 72/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Sands China Ltd (1928)?
Sands China Ltd reported trailing-twelve-month revenue of about HK$7.4B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of 1928?
The net profit margin of Sands China Ltd is about 12.0%, meaning it keeps roughly 12.0% of revenue as net income. Based on the latest reported figures.
Does Sands China Ltd pay a dividend?
Sands China Ltd currently shows a dividend yield of about 3.54% relative to its recent price (as of Aug 20, 2026).
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