[ET Net News Agency, 20 January 2020] Daiwa Research raised its target price for SJM
Holdings (00880) to HK$9.7 from HK$9.4 but downgraded its rating to "hold" from
"outperform" after the share price surge of 25% since 1 December 2019.
The research house said Sky Shuttle (an associate company of SJM) on 20 December 2019
moved its helicopter service and maintenance operations to Taipa Ferry Terminal, which may
indicate that Grand Lisboa Palace (GLP) will open soon.
Daiwa believes the opening of GLP will be the highlight for 2020. It revamped its model
anticipating faster Peninsula-to-Cotai GGR migration, initial self-cannibalisation from
Grand Lisboa (GL) to GLP, and lower depreciation assumptions for 2019-20 due to the delay
of GLP to 4Q 2020. (KL)