[ET Net News Agency, 16 June 2020] Daiwa Research lowered its target price for SJM
Holdings (00880) to HK$8.5 from HK$9.7 and maintained its "hold" rating.
The research house said SJM remains committed to its opening date for Grand Lisboa
Palace (GLP) by the end of 2020. Also, SJM terminated its service agreement with Casino
Eastern (a satellite casino) at the end of March 2020.
As social distancing becomes a norm worldwide and with casino license retendering
approaching in 2022, Daiwa questioned the viability of the Macau Peninsula casinos, in
which SJM has 16 satellite casinos that contribute 100% of its satellite casino GGR.
That said, Daiwa views the opening of GLP as an inflection point for SJM to diversify
its GGR away from the Peninsula, though it would not have an impact on 2020. It revised
down its 2020 earnings to a net loss of HK$1.2bn (adjusted property EBITDA loss of
HK$524m). (KL)
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00880 SJM HOLDINGS
Nominal 
2.610 -0.070 (-2.612%) Research Report
16/06/2020 10:17
{I-bank focus}Daiwa lowers SJM Holdings (00880) to HK$8.5
| Remark: | Real time quote last updated: 19/04/2024 16:47 |
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