Morningstar - SJM Holdings Limited (00880) Lisboa Palace Will Regain Market Share and Increase Margin for SJM

Report

Morningstar

Chelsey Tam

EUR 100.00 For Business Accounts Only

Lisboa Palace Will Regain Market Share and Increase Margin for SJM

Despite fears around a trade war and China's economic slowdown, the narrow-moat Macau gaming marketâ€™s competitive positioning and demand remain strong, and we believe the current weak sentiment presents a good buying opportunity for long-term investors. Our fair value estimate for Sands China is now HKD 45 per share (versus HKD 42 prior), for Galaxy Entertainment HKD 58 per share (versus HKD 54), for Melco Resorts $21 per share (versus $22), for MGM China HKD 20 per share (versus HKD 21.50 per s...

21/02/2019 13 EN

Underlying

SJM Holdings Limited

SJM Holdings is an investment holding company based in Hong Kong. Co. is the holding company of Sociedade de Jogos de Macau and is engaged in the development and operation of casinos and related facilities in Macau Special Administrative Region, the People's Republic of China. Co.'s casinos are located in prime locations on the Macau Peninsula and Taipa Island. Gaming operations are comprised of VIP table gaming, Mass Market table gaming and slot machines. Co. is organized in two segments: Gaming Operations (operation of casinos and related facilities); and Hotel and Catering operations (hotel, catering and related services).

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HK0880043028 Hong Kong Stock Exchange Hong Kong

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Chelsey Tam

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Morningstar | Lifting SJMâ€™s FVE by 30% to HKD 11.60 to Reflect Higher ROIC for Grand Lisboa Palace

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Lisboa Palace Will Regain Market Share and Increase Margin for SJM

Sjm Holdings Limited: 2 directors

Increased risk weighs on SJM HOLDINGS LIMITED, penalising its rating down to Slightly Negative

Morningstar | Lifting SJMâ€™s FVE by 30% to HKD 11.60 to Reflect Higher ROIC for Grand Lisboa Palace

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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