SJM Holdings 880 / Stanley Ho

Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Aug 01, 2018 7:50 am

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SJM scores with jump in profit

by Jimmy Ding

SJM Holdings (0880) recorded a 56.8 percent rise in net profit to HK$1.5 billion for the six months ended June 30, driven by robust growth of gaming, hotel, catering and retail operations.

It proposed an interim dividend of HK 8 cents per share, up 60 percent year on year.

Adjusted earnings before interest, tax, depreciation and amortization surged from HK$1.50 billion to HK$1.95 billion, up 29.9 percent, while the adjusted margin rose to 11.4 percent from 9.6 percent last year.

Gaming operations earned HK$16,843.3 million and hotel, catering and retail operations HK$353.3 million in the first half, up 9.64 percent and 13.48 percent.

The occupancy rate of hotel Grand Lisboa increased by 3 percent to 96.3 percent. Average daily room rate decreased by 4.6 percent to HK$1,503.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0801&sid=2
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Aug 01, 2018 8:57 am

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Upside priced in

2Q18 EBITDA of HK$972m (+46% yoy -2% qoq) was 3% above our expectations.

GGR market share continued to slide to 15.1% in 1H18 (-160bp yoy) due to increasing competition from Cotai.

The Grand Lisboa Palace’s (GLP) construction completion is slightly delayed till next year. We expect GLP to achieve a lower-than-industry-average ROIC.

Our TP is raised to HK$9.33, based on SOP (11x FY18F EV/EBITDA) and HK$2.74 for Grand Lisboa Palace. We lift our FY18-20F EPS on higher margin assumptions.

The slight earnings beat in the quarter may not result in a continued re-rating of the stock as it is already above 1-standard deviation of its five-year average.

Source: CIMB

https://brokingrfs.cimb.com/hwUvvjzgH4J ... 1Q1Jg2.pdf
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Aug 01, 2018 9:00 am

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SJM Holdings (880 HK)

Strong Improvements In 2Q18 Likely To Extend Into July

Not only did SJM regain market share in 2Q18, beating expectations, but management issued highly positive updates on July figures.

We expect a positive share price response in the near term.

The only concern is that Lisboa Palace would be opened in phases in 2H19, but we reckon the impact is minimal as the most important elements (hotel and rooms) will be operational upon its launch.

Maintain BUY with a higher target price of HK$14.30.

Source: UOBKH

https://brokingrfs.cimb.com/hwUvvjzgH4J ... 1Q1Jg2.pdf
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Fri Aug 03, 2018 1:47 pm

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<Research Report>Deutsche Raises SJM HOLDINGS (00880.HK) Target to $11; Rated Hold

Deutsche Bank pointed out in its report that SJM HOLDINGS (00880.HK)'s luck-adjusted 2Q18 EBITDA grew 53% yearly to $1.016 billion, in-line with its estimate and 5% above the consensus.

GGR market share expanded to 15.6%.

The broker reiterated Hold on SJM HOLDINGS at the target price $11, raised from $10, and Buy on WYNN MACAU (01128.HK), GALAXY ENT (00027.HK) and MGM CHINA (02282.HK).

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

Postby winston » Fri Oct 12, 2018 9:21 am

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SJM HOLDINGS (00880.HK), China Duty Free Group Sign MOU on Opening Flagship Duty Free Store at Grand Lisboa Palace

SJM HOLDINGS (00880.HK) and China Duty Free Group entered into a memorandum of understanding, pursuant to which a flagship duty free store under the brandname of China Duty Free Group will be opened at Grand Lisboa Palace.

The aforementioned duty free store will be amongst one of the major retailers at Grand Lisboa Palace where it will be located at a prime location on the first floor, occupying a floor area of 7,500 sq.m.

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

Postby winston » Tue Oct 30, 2018 7:39 pm

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SJM Holdings nine-month net jumps to HK$2.2b

SJM Holdings (0880) reported today net profit in the thrid quarter jumped by 65.1 percent to HK$707 million, from the year before.

For the nine months ended September 30, net profit grew by 59.4 percent toHK$2.20 billion, from the first nine months of 2017.

SJM Holdings Limited is the holding company of Sociedade de Jogos de Macau S.A., one of the six companies authorised to operate games of fortune and other games of chance in Macau.

Net gaming revenue in the nine months was HK$25.17 billion, an increase of 9.6 percent from the first nine months of 2017.

Net profit for the third quarter grew by 65.1 percent from last year to HK$707 million. Net gaming revenue in the third quarter was HK$8.33 billion, an increase of 9.5 percent from a year earlier, and for the nine months ended 30 September 2018.

Gross gaming revenue of Grand Lisboa for the third quarter was HK$4.17 billion, an increase of 11.8 percent from a year earlier.

For the nine months ended 30 September 2018, Grand Lisboa’s gross gaming revenue was HK$12,123 million, an increase of 9.3 percent from the first nine months of 2017.

The group maintained a strong and liquid financial position, with HK$20.2 billion of cash, bank balances and pledged bank deposits and HK$15.44 billion of debt as at September 30, 2018.

Construction of the Grand Lisboa Palace, the integrated resort on Cotai, is proceeding apace and the company is looking forward to its opening in 2019.

Shares were down slightly to HK$6.29.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... r=20181030
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Wed Oct 31, 2018 11:12 am

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3Q18 earnings: Decent growth but needs Cotai

SJM’s 3Q18 adjusted EBITDA was HK$919m (+27% yoy, -5% qoq), 3% below our expectation.

Despite macro headwinds, management has not seen any negative impact to Macau gaming fundamentals so far.

Maintain Hold, with a reduced SOP-based target price, now pegged to 6x FY19F adjusted EV/EBITDA (1 s.d. below 10-year average).

Source: CIMB

https://brokingrfs.cimb.com/njwXo36J8EZ ... S06gg2.pdf
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Thu Feb 21, 2019 7:43 am

A 97-Year-Old Tycoon, His Four Wives and the Push to Revive an Empire

The Ho empire controlled Macau’s economy almost completely for decades.

Children Daisy, Pansy, Lawrence From Wife No. 2 Are Key Macau Players

Pansy Ho, the eldest daughter from the second wife, announced that she and her siblings would team up with the Fok Foundation to elect the board members of STDM, the main holding company which controls SJM.

The alliance now jointly controls 53 percent of STDM, according to the exchange filing. STDM, in turn, holds about 54 percent of SJM.

Pansy holds a 22.5 percent stake in MGM China, the Macau subsidiary of MGM Resorts.

Lawrence Ho, a son from wife No. 2., is chief executive officer of Melco.

Daisy said she will continue to chair SJM, while Pansy will focus on MGM and Lawrence will focus on Melco.


Source: Bloomberg

https://www.bloomberg.com/news/features/2019-02-20/
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Re: SJM Holdings 880 / Stanley Ho

Postby winston » Fri Mar 01, 2019 6:04 am

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SJM Holdings (0880) posted a year-on-year increase of 45.2 percent in its net profit to HK$2.85 billion for 2018, with a final dividend of 21 HK cents per share.

Net gaming revenue earned by Sociedade de Jogos de Macau SA (SJM), a subsidiary of the company, was HK$33.68 billion in 2018, an increase of 8.3 percent from the previous year.

The subsidiary SJM had a 14.9 percent share of Macau's gross gaming revenue, including 19.5 percent of mass-market table-gaming revenue and 12.2 percent of VIP gaming revenue.

The group's flagship casino Grand Lisboa had an increase in gross gaming revenue of 4.7 percent, and 24.3 percent increases in adjusted EBITDA and a 33.8 percent increase in net profit.

Construction of the Grand Lisboa Palace, the group's integrated resort on Cotai, is proceeding apace and the group is looking forward to completing construction in the first half of this year and beginning operations as soon as possible.

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

Postby winston » Wed May 08, 2019 11:12 am

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May 2, 2019

SJM HOLDINGS Jumps Nearly 10% on Brokers' Sanguine View; MGM, Casinos Sag Over 1%-2%

Casinos were in mixed bags, where SJM HOLDINGS (00880.HK) performed the best by rallying 9.8% to $10.4, with volume of 38.09 million shares and turnover of almost $390 million.

JPMorgan, Citigroup, Bank of America Merrill Lynch and Goldman Sachs raised SJM HOLDINGS's target price to $10.0-12.5.

Source: AAStocks Financial News
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