SJM Holdings

SJM Holdings is an investment holding company based in Hong Kong. Co. is the holding company of Sociedade de Jogos de Macau and is engaged in the development and operation of casinos and related facilities in Macau Special Administrative Region, the People's Republic of China. Co.'s casinos are located in prime locations on the Macau Peninsula and Taipa Island. Gaming operations are comprised of VIP table gaming, Mass Market table gaming and slot machines. Co. is organized in two segments: Gaming Operations (operation of casinos and related facilities); and Hotel and Catering operations (hotel, catering and related services).
  • Ticker0880
  • ISINHK0880043028
  • ExchangeHong Kong Stock Exchange
  • SectorTravel & Leisure
  • CountryHong Kong

Analysts

An increasingly favourable environment allows SJM HOLDINGS LIMITED to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of SJM HOLDINGS LIMITED (HK), a company active in the Gambling industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date October 15, 2019, the closing price was HKD 7.79 and its expected value was estimated at HKD 7.80.

Chelsey Tam

Morningstar | Lifting SJM’s FVE by 30% to HKD 11.60 to Reflect Higher ROIC for Grand Lisboa Palace

We lifted our fair value estimate for SJM Holdings to HKD 11.60 from HKD 8.90 per share, due to our revised return on invested capital, or ROIC, assumption of Grand Lisboa Palace, or GLP. We think SJM is undervalued and the key catalyst is the opening of GLP. Our latest fair value implies an EV/EBITDA of 16.8 times for 2020, the first year of operation of GLP, and 12.9 times for 2021. We reckon SJM’s average EV/next-12-month EBITDA ranged bound between 3.1 times to 11.9 times in the past five years, with an average of 7.9 times. Using historical multiple as a cross check, our implied EV/EBITDA...

Chelsey Tam

Morningstar | Lifting SJM’s FVE by 30% to HKD 11.60 to Reflect Higher ROIC for Grand Lisboa Palace. See Updated Analyst Note from 21 Jul 2019

We lifted our fair value estimate for SJM Holdings to HKD 11.60 from HKD 8.90 per share, due to our revised return on invested capital, or ROIC, assumption of Grand Lisboa Palace, or GLP. We think SJM is undervalued and the key catalyst is the opening of GLP. Our latest fair value implies an EV/EBITDA of 16.8 times for 2020, the first year of operation of GLP, and 12.9 times for 2021. We reckon SJM’s average EV/next-12-month EBITDA ranged bound between 3.1 times to 11.9 times in the past five years, with an average of 7.9 times. Using historical multiple as a cross check, our implied EV/EBITDA...

Chelsey Tam

Lifting SJM’s FVE by 30% to HKD 11.60 to Reflect Higher ROIC for Grand Lisboa Palace

We lifted our fair value estimate for SJM Holdings to HKD 11.60 from HKD 8.90 per share, due to our revised return on invested capital, or ROIC, assumption of Grand Lisboa Palace, or GLP. We think SJM is undervalued and the key catalyst is the opening of GLP. Our latest fair value implies an EV/EBITDA of 16.8 times for 2020, the first year of operation of GLP, and 12.9 times for 2021. We reckon SJM’s average EV/next-12-month EBITDA ranged bound between 3.1 times to 11.9 times in the past five ye...

Chelsey Tam

Morningstar | Pansy's Alliance with the Fok Family May Lead to Change in Leadership in SJM

As one of six casino licence holders in Macau, SJM Holdings benefits from insatiable Chinese demand for gaming, underpinned by rising per capita disposable income in China. The additional supply by major casino operators in the next few years will increase higher-spending overnight visitors and revitalized appeal for Macau. With the completion of the Hong Kong-Zhuhai-Macau bridge and light railway transit in 2018, Macau's carrying capacity for tourists will increase. In addition, the neighboring Hengqin Island, 3 times the size of Macau, is under rapid development to complement Macau's growth....

Chelsey Tam

Morningstar | Lifting SJM’s FVE by 30% to HKD 11.60 to Reflect Higher ROIC for Grand Lisboa Palace

We lifted our fair value estimate for SJM Holdings to HKD 11.60 from HKD 8.90 per share, due to our revised return on invested capital, or ROIC, assumption of Grand Lisboa Palace, or GLP. We think SJM is undervalued and the key catalyst is the opening of GLP. Our latest fair value implies an EV/EBITDA of 16.8 times for 2020, the first year of operation of GLP, and 12.9 times for 2021. We reckon SJM’s average EV/next-12-month EBITDA ranged bound between 3.1 times to 11.9 times in the past five years, with an average of 7.9 times. Using historical multiple as a cross check, our implied EV/EBITDA...

Chelsey Tam

Morningstar | Lifting SJM’s FVE by 30% to HKD 11.60 to Reflect Higher ROIC for Grand Lisboa Palace. See Updated Analyst Note from 21 Jul 2019

We lifted our fair value estimate for SJM Holdings to HKD 11.60 from HKD 8.90 per share, due to our revised return on invested capital, or ROIC, assumption of Grand Lisboa Palace, or GLP. We think SJM is undervalued and the key catalyst is the opening of GLP. Our latest fair value implies an EV/EBITDA of 16.8 times for 2020, the first year of operation of GLP, and 12.9 times for 2021. We reckon SJM’s average EV/next-12-month EBITDA ranged bound between 3.1 times to 11.9 times in the past five years, with an average of 7.9 times. Using historical multiple as a cross check, our implied EV/EBITDA...

Chelsey Tam

Lifting SJM’s FVE by 30% to HKD 11.60 to Reflect Higher ROIC for Grand Lisboa Palace

We lifted our fair value estimate for SJM Holdings to HKD 11.60 from HKD 8.90 per share, due to our revised return on invested capital, or ROIC, assumption of Grand Lisboa Palace, or GLP. We think SJM is undervalued and the key catalyst is the opening of GLP. Our latest fair value implies an EV/EBITDA of 16.8 times for 2020, the first year of operation of GLP, and 12.9 times for 2021. We reckon SJM’s average EV/next-12-month EBITDA ranged bound between 3.1 times to 11.9 times in the past five ye...

Chelsey Tam

Morningstar | Pansy's Alliance with the Fok Family May Lead to Change in Leadership in SJM

As one of six casino licence holders in Macau, SJM Holdings benefits from insatiable Chinese demand for gaming, underpinned by rising per capita disposable income in China. The additional supply by major casino operators in the next few years will increase higher-spending overnight visitors and revitalized appeal for Macau. With the completion of the Hong Kong-Zhuhai-Macau bridge and light railway transit in 2018, Macau's carrying capacity for tourists will increase. In addition, the neighboring Hengqin Island, 3 times the size of Macau, is under rapid development to complement Macau's growth....

Chelsey Tam

Pansy's Alliance with the Fok Family May Lead to Change in Leadership in SJM

Narrow-moat SJM’s first-quarter adjusted EBITDA accounted for 31% of our full-year estimates, beating our estimates, while revenue is tracking towards our full-year estimate. The beat was helped by a HKD 57 million addition to adjusted EBITDA resulting from changes in accounting that now places lease expenses below the adjusted EBITDA line. We expect the same addition to adjusted EBITDA in the next quarter. Adjusted for the accounting change this quarter and the HKD 109 million one-off provision...

An increasingly favourable environment allows SJM HOLDINGS LIMITED to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of SJM HOLDINGS LIMITED (HK), a company active in the Gambling industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date October 15, 2019, the closing price was HKD 7.79 and its expected value was estimated at HKD 7.80.

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