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RTNominal up5.840 +0.180 (+3.180%)

04/03/2021 17:52

{I-bank focus}UBS lifts SJM Holdings (00880) to HK$11.8

[ET Net News Agency, 4 March 2021] UBS Global Research lifted its target price for SJM
Holdings (00880) to HK$11.8 from HK$10.4 and maintained its "neutral" rating.
The research house expects Macau's GGR to reach 58% of the 2019 level in 2021 and be on
a par with the 2019 level in 2022. It also expects mass to outperform the VIP segment in
the potential recovery.
UBS expects a partial opening of Grand Lisboa Palace (GLP) in 2Q 2021, as the company is
likely to manage the scale of the opening relative to the pace of visitor recovery and
opex. COVID-19-related border controls and social distancing measures could remain in
place for a few months, which will likely weigh on Macau's potential recovery and lead to
a slow ramp-up of EBITDA for GLP in 2021.
However, UBS believes, longer-term, GLP could drive significant EBITDA growth (doubling
from 2019 to 2024) for SJM. (KL)

Remark: Real time quote last updated: 20/10/2021 17:59
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