SJM Holdings 880 / Stanley Ho

Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Oct 02, 2019 11:51 am

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All eyes on Cotai

Near-term performance affected by a softer Chinese economy, weaker RMB and HK demonstrations that dampened visitations.

3Q19 gross gaming revenue likely down by high single digit given declines of 3.5% in July
and 8.6% in August.

Key catalyst being the Cotai project, Grand Lisboa Palace (“GLP”), which should commence operations by 2H20 to give a boost to its higher-margin mass market segment

Initiating coverage with a BUY with 12-month TP of HK$8.78

Source: DBS

https://researchwise.dbsvresearch.com/R ... iebakfhgbh
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Fri Oct 04, 2019 7:19 am

SJM has mixed holiday fortunes

by Stella Zhai

Ambrose So Shu-fai, vice chairman and chief executive of SJM (0880), said revenue from the company's casino resorts during the Golden Week has been below what was expected, though it is satisfied with the number of visitors.

Revenue from mass-market table gaming went well, So said, while the VIP business failed to meet expectations.

And the hotel occupancy rate reached over 90 percent with lower room rates.

Looking ahead, the opening of SJM's Grand Lisboa Palace looks likely in the second half of next year with the project completed and now awaiting official checks and permissions.

So also said some shops in the project's malls could open, but there are questions as not all the stores have been taken.

He also said the number of gaming tables in the project could be increased.

On the revenue outlook for next year, So said that was dependent on how the China-US trade talks go and whether the unrest in Hong Kong is fully resolved.

Analysts, however, are underweight on this year's overall gaming revenue in Macau.

Merrill Lynch expects casino revenue in October to drop 5.7 percent from 12 months ago. Nomura Securities, meanwhile, predicts the full-year gaming revenue will decrease by 2-3 percent.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 1004&sid=2
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Tue Oct 08, 2019 3:20 pm

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<Research Report>BofAML Cuts SJM HOLDINGS (00880.HK) TP to $10.5; Rated Buy

SJM HOLDINGS (00880.HK)'s price fell 16.2% in 3Q19, underperforming peers and the market as the Grand Lisboa Palace project delay was confirmed.

Almost completing the project construction, the company is waiting for a permit to commence the operation of Grand Lisboa Palace in 3Q20, reported Bank of America Merrill Lynch.

Overall, SJM HOLDINGS was reiterated Buy, with target down from $12.4 to $10.5.

Source: AAStocks Financial News
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Oct 30, 2019 7:13 am

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SJM net up 4.5pc to $738m

by Stella Zhai

VIP gross gaming revenues were down by 43 percent. Sing Tao

Hotel and casino operator SJM (0880) said third quarter net profits grew 4.5 percent year-on-year to HK$738 million.

Total net revenue and net gaming revenue both dropped 3.2 percent.

Net profit for the first nine months this year grew 9.6 percent over a year earlier to HK$2.42 billion.

Total net revenue for the third quarter amounted to HK$8.24 billion and net gaming revenue was HK$8.06 billion.

During the third quarter, the company's VIP gross gaming revenue dropped 42.6 percent from a year ago to HK$2.89 billion, pulling the first-nine-months figure down by 31 percent year-on-year to HK$10.35 billion.

The company's Grand Lisboa Hotel had an average occupancy rate of 91.3 percent and an average room rate of HK$1,516 per night in the third quarter, compared with 94 percent and HK$1,458 per night a year ago.

Also, the company's Grand Lisboa Palace at Cotai is almost completed and the company expects pre-operating government inspections to begin shortly, SJM said.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 1030&sid=2
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Thu Oct 31, 2019 10:10 am

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Playing the waiting game

3Q19 adjusted EBITDAof HK$950m (+3% yoy) was 2% below our expectation as VIPGGR declined worse than expected at -43% yoy.

SJM to commence Grand Lisboa Palace (GLP) permit approval process with a target opening date in 2H20F.

Maintain Hold and target price based on 13x FY20F EV/EBITDA.

The stock is already at premium valuation levels relative to 6-year historical average.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... AB8C6343ED
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Tue Nov 12, 2019 7:24 am

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SJM sees drop in casino revenues

by Tereza Cai

SJM (0880) chairwoman Daisy Ho Chiu-fung expects Macau's casino revenues to decline in November due to external uncertainties, in addition to November having fewer holidays.

Macau's Gaming Inspection and Coordination Bureau saw an 8.5 percent year-on-year increase in casino revenue at 25 billion patacas (HK$ 24.27 billion) last November.

Ho said hotels under SJM had a satisfactory performance for room reservations in November, with an 80-90 percent occupancy rate, similar to last November's rate.

Grand Lisboa Palace, SJM's future integrated resort on Cotai, is expected to open in late 2020, said Ho, while the gaming tables and the casino licenses bid will depend on the Macau government's future announcement.

The group reported a net gaming revenue in the third quarter of HK$8.06 billion, a decrease of 3.2 percent from a year ago, and for the nine months ended 30 September 2019, net gaming revenue was HK$24.78 billion, a decrease of 1.6 percent from the first nine months of 2018.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 1112&sid=2
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Tue Mar 17, 2020 7:20 am

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SJM warns as profit climbs 12pc to $3.2b

by Kevin Xu

Macau casino operator SJM (0880) said its net profit rose 12.5 percent year on year to HK$3.21 billion last year but warned that the Covid-19 outbreak would have a material adverse effect on its first-half results.

Adjusted earnings before interest, taxes, depreciation, and amortization increased 13.2 percent year on year to HK$4.21 billion in 2019,

Basic earnings per share were 56.6 HK cents, and a final dividend of 22 HK cents per share was declared.

Total net revenue fell 1.6 percent to HK$33.88 billion in 2019 from a year before, and net gaming revenue slid 1.5 percent year-on-year to HK$33.16 billion.

Mass market table gaming revenue went up 8.8 percent to HK$25.13 billion last year, while VIP gaming revenue plunged 30.39 percent to HK$13.69 billion.

Revenue from slot machine and other gaming operations was HK$1.19 billion, up by 2.5 percent year on year.

Shares of SJM fell 7.29 percent to HK$7.25 on Monday.

Macau's Secretary for Economy and Finance Lei Wai Nong said casinos in Macau will completely resume operations on March 20.

The government of Macau previously asked that all casino operators in Macau suspend operations for a 15-day period starting on February 5 to mitigate the spread of the deadly epidemic.

The Gaming Inspection and Coordination Bureau has imposed strict rules for casinos including temperature checks, mask protection and health declarations for staff and guests.

Only half the tables on a casino floor are permitted to be open, to ensure adequate distance between people.

Patrons are not allowed to stand or congregate, says a government notice. Each baccarat table, which normally seats seven people and dozens of boisterous onlookers, will be allowed only four players.

Casinos say they are losing between US$1.5 million (HK$11.7 million) and US$2.6 million on a daily basis to keep staff on payroll and maintain contractual obligations.

Analysts and executives predict that even with the reopening of casinos, gaming revenue will drop at least 80 percent in February and 50 percent in March year on year, with the sector likely to take weeks to get back to normal.

Source: The Standard

https://www.thestandard.com.hk/section- ... c-to-$3.2b
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Tue Mar 17, 2020 1:57 pm

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SJM Holdings (880 HK)
4Q19: Beats On Luck And Write-Back; Outlook Uncertain


Despite 4Q19 adjusted EBITDA of HK$1,185m (+40% yoy, +25% qoq) beating expectations, it is a non-event, especially in the current COVID-19 environment.

Outlook-wise, management is adopting a “wait-and-see” attitude on Lisboa Palace’s opening and offers little confidence or certainty.

We expect SJM to be loss-making currently as it is operating at 25% of normal revenue levels while costs are shaved by only 5-10%.

Maintain HOLD and target price of HK$8.00. Entry price: HK$7.00.

Source: UOBKH

https://research.uobkayhian.com/content ... dfbba59e2f
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Tue May 05, 2020 9:10 pm

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SJM HOLDINGS 1Q Swings to $409M Loss; Adjusted EBITDA Loss $200M

SJM HOLDINGS (00880.HK) announced that the group reported a total net revenue of $3.479 billion in 1Q20, down 59.8% yearly; a net gaming revenue of $3.407 billion, down 59.8%.

It swung to the loss of $409 million, against a profit of $850 million over a year ago.

Adjusted EBITDA of the Group declined to a negative $200 million in 1Q20 from $1.075 billion in 1Q19.

Adjusted EBITDA margin of the Group in 1Q20 decreased to negative 5.7% from 12.4% in 1Q19.

Source: AAStocks Financial News
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed May 06, 2020 8:12 am

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Covid-19 breaks the bank for SJM

by Kevin Xu

Macau casino operator SJM (0880) recorded a net loss of HK$409 million in the first quarter, compared to a net profit of HK$850 million in the same period last year.

Adjusted EBITDA declined to a negative HK$200 million in the first quarter, compared to HK$1.07 billion in the same period last year.

Total net revenue plunged 59.8 percent to HK$3.48 billion and net gaming revenue dived 59.8 percent year-on-year to HK$3.41 billion.

Mass market gross gaming revenue was down 57.9 percent year-on-year to HK$2.61 billion in the first three months, with VIP gross gaming revenue 69.6 percent to HK$1.2 billion and slot machine gross gaming revenue 51.6 percent to HK$141 million.

SJM said its first-quarter results were severely impacted by Covid-19 and its related measures such as casino closures and entry restrictions.

Macau said it expects a drop of 56 percent in annual gross gaming revenue this year to 130 billion patacas (HK$126.2 billion), down from 260 billion patacas forecast last year.

Source: The Standard

https://www.thestandard.com.hk/section- ... nk-for-SJM
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