[ET Net News Agency, 16 January 2018] Morgan Stanley maintained its target price for
SJM Holdings (00880) unchanged at HK$7.4, and its "underweight" rating as it expects SJM
to delay the opening of Lisboa Palace and lose market share.
The research house said it is possible for SJM to see the most upside based on Morgan's
2022 FCFE (free cash flow to equity) forecast, driven by the highest FCFE yield among
peers in 2019 at 8.4%, but the research house believes nearer-term market share losses and
the delay in the opening of Lisboa Palace will likely result in share price
underperformance.
The opening of Grand Lisboa Palace (400 tables and 2,000 rooms) will triple the
company's self-owned hotel room capacity. Morgan expects 4Q 2017 EBITDA growth at 8-10%
QoQ. JaiAlai opening could also reduce losses incurred in 3Q 2017. (KL)
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00880 SJM HOLDINGS
Nominal 
2.860 +0.060 (+2.143%) Others
16/01/2018 17:52
[I-bank focus]SJM seen to delay Lisboa Palace opening - MS
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