SJM’s 2Q Results Continue to Beat Expectation; Raising FVE to HKD 8.0 Per share
We raise our fair value estimate for narrow-moat SJM Holdings to HKD 8.0 per share from HKD 7.2 after factoring in the better-than-expected results. We still consider the shares as expensive, as we forecast a cyclical downturn in the gaming market that will start to impact revenue and earnings in 2020. SJM's adjusted EBITDA in the second quarter surged 46% year over year and down 2% quarter over quarter to HKD 972 million. Adjusted for luck, second-quarter adjusted EBITDA was up 3% quarter over ...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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