Goldman Sachs lifted its target price for SJM Holdings (00880) to HK$12.9 from HK$12.1 and maintained its "buy" rating.
The research house said SJM's 4Q 2020 results came in broadly in line with market expectations. Excluding HK$160mn one-off benefits (i.e., HK$106mn rental concession, HK$40mn write-back of provision for staff paid leave), its EBITDA loss would have been narrowed to -HK$483mn.
Goldman noted that SJM's rolling volume recovered more slowly. As a result, SJM's GGR market share slipped to 11.5% versus 14% before the pandemic. Factoring in the latest cost guidance for Grand Lisboa Palace, Goldman revised its FY2021-22 EBITDA forecasts by -21% to 0%.
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