Morningstar - SJM Holdings Limited (00880) Pansys Alliance with the Fok Family May Lead to Change in Leadership in SJM

Report

Morningstar

Chelsey Tam

EUR 100.00 For Business Accounts Only

Pansy's Alliance with the Fok Family May Lead to Change in Leadership in SJM

Narrow-moat SJMâ€™s first-quarter adjusted EBITDA accounted for 31% of our full-year estimates, beating our estimates, while revenue is tracking towards our full-year estimate. The beat was helped by a HKD 57 million addition to adjusted EBITDA resulting from changes in accounting that now places lease expenses below the adjusted EBITDA line. We expect the same addition to adjusted EBITDA in the next quarter. Adjusted for the accounting change this quarter and the HKD 109 million one-off provision...

07/05/2019 14 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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Pansy's Alliance with the Fok Family May Lead to Change in Leadership in 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

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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