Sands China (SEHK:1928) Margin Squeeze In 2025 H1 Challenges Bullish Earnings Narratives

Simply Wall St.02-15

Sands China (SEHK:1928) has put fresh numbers on the table, with FY 2025 first half revenue at US$3.5 billion and basic EPS of US$0.051, setting the tone for how the story is evolving after last year’...

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The company has seen revenue hold in a tight range, from US$3,551 million and EPS of US$0.0668 in 2024 H1, to US$3,529 million and EPS of US$0.0623 in 2024 H2, before landing at US$3,492 million and EPS of US$0.051 in 2025 H1. This frames the latest print as part of a gradual reset rather than a step change. With trailing net profit margin at 12% versus 14.8% a year earlier, the focus now is squarely on how efficiently Sands China converts its top line into cash profits as investors weigh the earnings outlook against shifting margin trends. See our full analysis for Sands China. With the headline figures in place, the next step is to set these results against the widely followed Sands China narratives to see which views are backed up by the numbers and which start to look stretched. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:1928 Earnings & Revenue History as at Feb 2026 AdvertisementMargins Softening While LTM Profits Hold  On a trailing 12 month view, net income is US$896 million on US$7.4b of revenue, alongside a net profit margin of 12% compared with 14.8% a year earlier. What stands out for the bullish view is that past earnings growth is reported at 60.4% per year over five years, yet the latest trailing figures show net income at US$896 million versus US$1.0b in the earlier 12 month period. This creates a gap between the long term growth story and the more recent margin compression.  Top Line Holding, Bottom Line Squeezed  Across the last three half year periods, revenue moved within a fairly tight band, from US$3,551 million in 2024 H1 to US$3,529 million in 2024 H2 and US$3,492 million in 2025 H1, while net income over those halves stepped from US$541 million to US$504 million to US$413 million. Bears who focus on earnings pressure will point to the basic EPS path, from US$0.0668 in 2024 H1 to US$0.0623 in 2024 H2 and US$0.0510 in 2025 H1, as well as the margin move from 14.8% to 12%, as concrete signs that profit per dollar of revenue has tightened even while revenue has stayed close to US$3.5b per half year.  Rich P/E Against Peers, With Conflicting Signals  The shares trade on a trailing P/E of 21.4x against a current price of HK$18.50, compared with a peer average of 14.6x and a Hong Kong hospitality average of 17.3x, while a DCF fair value of HK$32.04 and an analyst price target of HK$23.03 both sit above the current price. Analysts with a more bullish stance highlight forecast EPS growth of about 16.6% per year versus forecast revenue growth of around 6.3% per year and see support from the DCF fair value of HK$32.04. However, the richer 21.4x P/E relative to peers and the high debt and unstable dividend record in the risk flags mean the current valuation already prices Sands China above many comparables even though the latest trailing 12 month net income of US$896 million is below the earlier US$1.0b level.  Analysts are weighing that mix of premium P/E, slower recent profit trend and growth forecasts against the DCF fair value of HK$32.04, and you can see how those trade offs feed into a broader narrative in 📊 Read the full Sands China Consensus Narrative..  Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Sands China's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. See What Else Is Out There Sands China is seeing profit margins and EPS under pressure while still trading on a premium P/E, which leaves little room for comfort if this squeeze continues. If that mix of softening profitability and a richer valuation makes you uneasy, put some balance in your watchlist by checking out 320 resilient stocks with low risk scores right now.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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