SJM Holdings 880 / Stanley Ho

Re: SJM Holdings 880 / Stanley Ho

Postby winston » Tue Aug 09, 2016 4:14 pm

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SJM HOLDINGS: Construction Progress of 'Grand Lisboa Palace' Satisfying

SJM HOLDINGS (00880.HK) CEO Ambrose So said the construction progress of its integrated resort "Grand Lisboa Palace" is satisfying, and renovation works on Casino Jai Alai premises and Hotel Grand Lisboa are expected to be completed by year-end, Macao Daily News reported.

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

Postby behappyalways » Wed Aug 10, 2016 12:17 pm

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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Nov 02, 2016 6:48 am

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SJM Holdings (0880) said net profit for the third quarter spiked by 80.2 percent to HK$513 million from a year back, due mainly to a HK$128 million unrealized revenue during the period, adjusted earnings before interest, tax, depreciation and amortization or Ebitda for the third quarter slid 8.4 percent to HK$810 million.

But Ebitda margin slightly improved to 8 percent from 7.8 percent.

Gaming revenue fell 11.1 percent
to HK$9.99 billion.

Revenue from its VIP business fell by 19 percent, while its mass market business slid just 4 percent.

Separately, Grand Lisboa Hotel said average occupancy rate this year was 91.2 percent, up 6.2 percentage points from last year, while average room rates fell by 14 percent. It said operating margin improved due to stabilizing gaming revenue and cost controls.

Source: The Standard
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Nov 02, 2016 9:26 am

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3Q16: Results In Line; Grand Lisboa Palace Targeted to Open In Early-18;

BUY On Cheap Valuation And Resilient Grind Mass Business

SJM Holdings’ 3Q16 results were in line with our expectations as a solid 5.6% qoq growth in mass GGR outperformed the market.

Net revenues also recorded the first qoq improvement in over two years.

We foresee gradually improving valuations as investors recognise SJM’s deep value and the business resilience of its satellite
casinos.

Grand Lisboa Palace remains on target for completion by end-17 while opening is set for early-18.

Maintain BUY with a target price of HK$6.80 which implies 12x 2017F EV/EBITDA.

Source: UOBKH
https://research.uobkayhian.com/content ... 0c56fdd7de
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Nov 02, 2016 9:29 am

Still too early

3Q16 adjusted EBITDA of HK$810m (-8% yoy, +2% qoq), roughly 4% above consensus estimates.
Mass gaming the main growth driver with +6% qoq growth.
Casino Jai Alai to open in early 2017 and Grand Lisboa Palace expected to open in early 2018.
Maintain Hold with target price based on 5x EV/EBITDA for current operations and HK$1 for Grand Lisboa Palace.

Low valuation justified

SJM is trading at 6x Bloomberg consensus EV/EBITDA vs. 4-year historical avg. of 8x and at a 54% discount to the Macau gaming sector avg.

The stock is down 1% YTD but has risen 12% since Sep, though still underperforming the Macau gaming sector by 6% since Sep.

Given our expected 40% earnings erosion in 2017 coupled with the fact that Sands China is now the main dividend play in Macau, we see limited catalysts for the share price.

Upside risks could come from higher-than-expected earnings


Source: CIMB

https://brokingrfs.cimb.com/WNCk94W6D4b ... 0owKw2.pdf
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Thu Dec 08, 2016 9:00 am

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Late cycle catch-up in a fundamental vacuum

Recent share price outperformance driven by increased sector fund flows and preference for laggards given sector outperformance.

We view parity with sector premium (1s.d. above historical average, or 33% upside) as unlikely since company fundamentals are weak and we are late in the up-cycle.

Reiterate Hold on weak fundamentals.

Raise TP based on a higher EV/EBITDA multiple of 7.5x FY17F, in line with the stock’s 4 year average.

Source: CIMB

https://brokingrfs.cimb.com/ZKW147lWF5n ... jYZvg2.pdf
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Mar 01, 2017 6:26 am

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SJM net hit by competition

by Daisy Wu

Macau casino SJM Holdings (0880) posted a 5.6 percent fall in full-year net profit to HK$2.33 billion yesterday as increasing competition in the gambling hub has eaten into its market share.

Gambling revenue for the year fell 14.5 percent to HK$41.3 billion. Adjusted earnings before interest, tax, depreciation and amortization slid 11.5 percent to HK$3.41 billion. Basic earnings per share fell to 41.1 HK cents. A final dividend of 18 HK cents was declared, compared to 15 HK cents a year earlier.

SJM had a 19.1 percent share of Macau's gaming revenue, including 22.7 percent of mass market table gaming revenue and 17.3 percent of VIP gaming revenue, the casino said.

It held a market share of 23.2 percent in 2015.

Controlled by the family of former kingpin Stanley Ho, SJM has grappled with a downturn in Macau that has hit it harder than rivals such as Sands China (1928) and Galaxy Entertainment Group (0027), both of which have properties on the glitzy Cotai strip.

The company said the construction work on its integrated resort on Cotai, the Grand Lisboa Palace, made substantial progress in 2016, and is expected to be completed around the end of 2017 for opening in the first half of 2018.

SJM's shares were up 0.16 percent to HK$6.37 before the results were announced.

Source: The Standard
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Fri May 05, 2017 9:52 am

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Grand Lisboa Palace delayed

1Q17 adjusted EBITDA of HK$843 (+1% yoy, -13% qoq) 15% below our forecast.
SJM’s gaming revenue decreased 5% yoy, underperforming the overall Macau gaming market (+13% yoy growth).
Maintain Reduce, with a higher SOP-based target price.

As we had expected, the opening of Grand Lisboa Palace (GLP) has been delayed to
2H18 vs. previous guidance of 1H18.


Source: CIMB

https://brokingrfs.cimb.com/3_3AvG8r2aC ... XoiQw2.pdf
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Tue May 09, 2017 1:01 pm

SJM HOLDINGS Expects Grand Lisboa Palace Opening to Postpone to 2H18

As Radio Macau reported, SJM HOLDINGS (00880.HK) executive director and CEO Ambrose So said the opening of the group's Cotai project Grand Lisboa Palace will be postponed to the second half of 2018.

So originally expected that the decoration can be completed by the end of this year, but the works can only be completed in February 2018.

The costs of the project will remain the same at MOP36 billion.

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

Postby winston » Fri Jun 09, 2017 2:12 pm

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SJM: Market-Perform with TP HK$6.50

Headwinds over the near term and medium term affecting SJM's peninsula presence will weigh on operating performance relative to the industry.

SJM's late arrival to Cotai (now anticipated by the company to be 2H 2017), does not provide any near term catalyst.

SJM has significant exposure to low quality peninsula-based satellite casino properties and a lack of scale to focus on Premium Mass at its flagship Grand Lisboa.

Most importantly, corporate governance and conflicts issues warrant a discount to valuation which the stock has always exhibited.

We see little to excite us about the stock in the near term, even if the stock looks relatively "cheap".

Certain stocks are "cheap" for a reason – we think this is one of them (at least today).

Source: Bernstein
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