[ET Net News Agency, 16 October 2018] HSBC Global Research lowered its target price for
SJM Holdings (00880) to HK$10 from HK$12, and maintained its "buy" rating.
After a change in property management and business strategy to focus on grind mass at
the end of FY2017, Grand Lisboa has seen substantial improvements, said the research
house.
HSBC believes the strategy will continue to benefit SJM as the market gaming mix shifts
more towards grind mass. It expects to see a further uptick in market share, which flows
through into earnings.
On Cotai, Lisboa Palace is on track to complete construction by the end of FY2018 and
open for operation in FY2019. In light of management's new focus and track record in the
past two quarters, HSBC lifted SJM's market share assumptions for both VIP and mass. Due
to lower market growth and margin assumptions, HSBC cut its FY2018-20 EBITDA estimates by
6%, 16% and 15%, respectively. (KL)
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00880 SJM HOLDINGS
Nominal 
2.520 -0.040 (-1.563%) Others
16/10/2018 15:18
[I-bank focus]HSBC trims SJM Holdings (00880) to HK$10
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