Citi lowered its target price for SJM Holdings (00880) to HK$9.2 from HK$11 and maintained its "buy" rating.
The research house said they lowered the TP to reflect the lowered target multiple and their lowered GGR and EBITDA forecasts. While they strongly believe that the opening of Grand Lisboa Palace will be a game-changer for SJM (the 1,900-room GLP will be SJM's first integrated resort in Cotai, giving it all the ingredients needed to re-enter the Premium Mass market and compete against its Cotai peers), they also believe that there is a good chance that the opening of the property could be slipped to early 2021.
11/10/2019 16:52
{I-bank focus}Citi lowers SJM Holdings (00880) to HK$9.2
- 經濟通
- 強化版MQ
- 強化版TQ
- 財曆
- Mobile
Web
