Report

买入推荐 荐买入的目标价:8.50港元

AMC万海提出了对SJM(澳门博彩)控股有限公司(880.HK)的购买,目标价为8.50港币。澳门的博彩业正呈上升趋势。对高额贵宾博彩玩家的依赖性变得越来越少,更有玩家多元化的趋势。该产业正在提供更健康有益的旅游活动,旨在吸引休闲娱乐及家庭旅游为主的游客。经过一段时间的低谷,该产业正在恢复其美好的光景。

SJM一直在该产业和及大多的股票市场中表现不佳,因为它与较新的度假村之间的竞争趋于焦灼。然而,这是过度的悲观了。该公司仍然在澳门博彩市场上具有强劲的业务份额。此外,VIP贵宾博彩业务量的复苏将有利于该公司的盈利,因为作为该公司最大的盈利部分,其底线再如何也是来自VIP贵宾这个细分市场。与此同时,更能证明我们论证的是该公司现在的交易价格与同业相比,其的估值是大打折扣的。适度的估值将限制潜在的下跌空间,同时为未来的上涨提供了坚实的基础。

在我们看来,其股价已经下跌到了最低点,而且旗下上葡京酒店成功开业的这个上涨因素可能仍未被考虑在内。我们对公司有积极看法是基于其在行业基本面上改善的可能及目前市场对其价值的低估。我们认为该公司目前股票风险回报的潜力对长期投资者来说具有吸引力。

Underlying
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).

Provider
AMC Wanhai Securities Ltd.
AMC Wanhai Securities Ltd.

AMC Wanhai Securities is an independent boutique brokerage covering Hong Kong & Asian listed equities for global institutional cilents. The company focuses on equity sales & trading, equity research, asset management and corporate finance.

AMC Wanhai Securities will give you a snapshot of stocks from across a range of sectors, with ratings and recommendations that will help you make tactical investment decisions. Additionally, we issue sector / thematic report providing deeper insights into wider trends and business drivers.

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