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RTNominal up5.270 +0.110 (+2.132%)

24/02/2021 17:09

{I-bank focus}Goldman lifts SJM Holdings (00880) to HK$12.9

[ET Net News Agency, 24 February 2021] 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%. (KL)

Remark: Real time quote last updated: 28/09/2021 17:59
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