SJM Holdings 880 / Stanley Ho

Re: SJM Holdings 880 / Stanley Ho

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

not vested

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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