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00880 SJM HOLDINGS
RTNominal up8.710 +0.070 (+0.810%)
Research Report

19/03/2021 15:01

{I-bank focus}Morgan lifts SJM Holdings (00880) to HK$13.5

[ET Net News Agency, 19 March 2021] Morgan Stanley lifted its target price for SJM
Holdings (00880) to HK$13.5 from HK$12 and maintained its "overweight" rating.
The research house increased SJM's 2022 EBITDA by 5%. Morgan raised its Mass revenue by
4% (to +33% versus 2019) and lower its 2022 opex by 6% (to +8% versus 2019). However, its
2022 EPS was only 1% higher as Morgan incorporated the ~HK$360m additional interest
expenses per year from the US$1bn bonds raised in end-Jan 2021.
Morgan believes SJM's Grand Lisboa Palace (expected to open in 3Q 2021) will help SJM to
gain market share, bringing in HK$1.1bn and HK$3.1bn EBITDA in 2021 and 2022. (KL)

Remark: Real time quote last updated: 17/06/2021 17:45
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