SJM Holdings 880 / Stanley Ho

Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed May 08, 2019 11:18 am

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Brokers' Latest TPs, Views on SJM HOLDINGS (00880.HK) after QoQ Results (Table)

2019/05/02

Brokers│Investment Ratings│Target Prices (HKD)
Goldman Sachs│Buy (Conviction Buy list)│11.8->12.5
Bank of America Merrill Lynch│Neutral->Buy│9.4->12.3
Citigroup│Buy│11.7->12
JPMorgan│Overweight│10.5->11
CIMB│Hold│9.9
UBS│Sell│9.2
UOB Kay Hian│Hold│9
Daiwa│Hold│8.8
Morgan Stanley│Underweight│8.5
Credit Suisse│Underperform│7.9->8
--------------------------------


Brokers│Views

Goldman Sachs│Key beneficiary of mass GGR; re-rating room before Grand Lisboa Palace opening

Bank of America Merrill Lynch│Upgraded to Buy on Taipa biz potential & better governance

Citigroup│Net rev largely in-line; 2019-21E profits raised by 5%-12%

JPMorgan│QoQ results beat sharply

CIMB│Results beat; valuation too high

UBS│Positive price response to results

UOB Kay Hian│Strong mass GP growth

Daiwa│Results beat under better EBITDA margin mgmt

Morgan Stanley│Results beat driven by rising EBITDA margin, but not sure if persistent

Credit Suisse│Results beat backed by higher VIP win-rate

Source: AAstocks.com
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed May 22, 2019 7:33 am

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SJM looks beyond its gambling

by Tereza Cai

The chairwoman of SJM (0880), Daisy Ho Chiu-fung, says more than 90 percent of the area in Grand Lisboa Palace, which is expected to open in the middle of this year, will provide non-gambling services.

There are three hotels in Grand Lisboa Palace -- one of which is designed by the late fashion designer Karl Lagerfeld -- which could offer more than 1,900 rooms, Ho said, adding that she hoped that Macau could become a famous place for training hotel workers like Switzerland.

Ho admitted that Macau's transport is facing challenges as the city annually welcomes 40 million visitors, and she expects to promote walking by visitors instead of using vehicles.

She also cited her father who once said that even if the 40-year monopoly franchise of casinos ended, they would continue in Macau, and would make large investments in Macau.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0522&sid=2
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Fri May 24, 2019 11:11 am

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SJM HOLDINGS Ambrose So: Trade War Drag May Cloud Gaming Revenue

SJM HOLDINGS (00880.HK) CEO Ambrose So assumed that Macau's gaming revenue may be influenced if the trade war between China and US drags on, Macao Daily News reported.

So revealed that the trade war spillovers onto Macau's GGR is minimal now, adding growth is registered.

In recent month, SJM HOLDINGS' VIP GGR is not promising, yet mass business manifests better revenue.

The CEO painted an upbeat picture for the future economy and gaming revenue, under the backdrop of positives, such as launch of Hong Kong-Zhuhai-Macao Bridge and Guangdong-Hong Kong-Macao Greater Bay Area.

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

Postby winston » Fri Jul 26, 2019 7:33 am

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Grand Lisboa Palace opening delayed

by Stella Zhai

Macau casino operator SJM Holdings (0880) is seeking lenders' consent on waivers for HK$25 billion dual-tranche loans to extend completion and opening dates of its Grand Lisboa Palace, an integrated resort on the Cotai Strip.

Majority lenders' consent is required to extend the completion date from August 15 to March 31, 2020, and to revise the opening date from December 31 this year to the same date in 2020, according to sources.

SJM had sought waivers in April 2018 regarding amendments including opening dates and loan repayment schedule as the project was delayed by a typhoon and fire incident.

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

Postby winston » Fri Jul 26, 2019 2:23 pm

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SJM Seeks Lender Approval to Defer 'Grand Lisboa Palace' Opening to End-20: Report

SJM HOLDINGS (00880.HK) slumped 4% to $9.01 today (26th).

SJM is seeking lending institutions' approval of deferring loans of $25 billion, given the delayed completion and opening of Grand Lisboa Palace, reported Bloomberg.

The company intended to revise the completion date from 15 August 2019 to 31 March 2020, while postponing the opening date from 31 December 2019 to 31 December 2020.

These terms must be agreed upon by most of the lenders.

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

Postby winston » Mon Jul 29, 2019 9:34 am

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<Research Report>Citi: to Cut SJM 2020-21E EBITDA by 20% if Deferring 'Grand Lisboa Palace' Opening

SJM HOLDINGS (00880.HK) is reportedly seeking lenders' consent on revising the terms of loans for "Grand Lisboa Palace", such as the completion date and opening date.

Citigroup is currently modeling for a mid-2020 Grand Lisboa Palace opening, and will lower its 2020-21 EBITDA estimates by 20-24% if the opening is postponed to 1 January 2021.

Still confident in the project, the broker reaffirmed SJM at Buy, having no material impact on the target price at $12.

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

Postby winston » Wed Jul 31, 2019 6:53 am

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SJM watchful as income hits $1.7b

by Kevin Xu

Macau casino operator SJM (0880) yesterday said its net profit for the six months ended June 30 rose by 12.1 percent year-on-year to HK$1.68 billion, and declared an interim dividend of 8 HK cents.

Adjusted earnings before interest, taxes, depreciation, and amortization rose 6.1 percent to HK$2.08 billion.

Total net revenues declined by 0.7 percent to HK$17.07 billion, with net gaming revenue amounting to HK$16.72 billion, a decrease of 0.7 percent.

Mass market gross table gaming revenue of the group increased by 8 percent, while VIP gross gaming revenue slumped by 25.1 percent year-on-year in the first six months.

Slot machine gross revenue also recorded a year-on-year decrease of 1.2 percent.

SJM said that its performance in the second half of the year will be affected by the overall economic performance of the surrounding region, government policies, the number of visitors to Macau, as well as competition from other casinos.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0731&sid=2
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Jul 31, 2019 10:08 am

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Waiting game

1H19 EPS above our expectations at 65% of our full-year forecast due to better-than-expected margins.

SJM’s new Cotai property Grand Lisboa Palace (GLP) is scheduled to open in FY20F but no specific opening date was given by management.

We are disappointed with management’s project execution. Maintain Hold with a target price rolled over to FY20F based on 13x EV/EBITDA.

Source: CIMB

https://brokingrfs.cimb.com/E5JRX4r-aC5 ... d6nTg2.pdf
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Jul 31, 2019 3:54 pm

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M Stanley: SJM HOLDINGS (00880.HK) 2Q EBITDA In Line; Grand Lisboa Palace Project Delay Negative[/b]

Morgan Stanley noted SJM HOLDINGS (00880.HK)'s uneventful quarter with in-line EBITDA, flattish mass revenue and falling VIP volume.

The Grand Lisboa Palace project is postponed to 2H20 (4Q probably), with cost adding $3 billion to $39 billion. The stock will face negatives in near term despite its low valuation.

Thus, SJM was kept at Equalweight with a target of $8.5.

Source: AAstocks.com
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Thu Sep 05, 2019 3:55 pm

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Aug 29, 2019

SJM HOLDINGS: New Project 'Grand Lisboa Palace' May Complete Construction Soon, Open Biz in 2H20

SJM HOLDINGS (00880.HK)'s new project Grand Lisboa Palace is poised to complete construction soon, or not, next month, before applying for various licences from Macau government, as Radio Macau cited vice chairman and CEO Ambrose So.

If successful, Grand Lisboa Palace is expected to commence business in 2H20.

Source: AAStocks Financial News
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