SJM’s FVE Maintained at HKD 8.0 After Third-Quarter Results
We have kept narrow-moat SJM’s fair value estimate at HKD 8.0 per share after its third-quarter results and think the shares are undervalued in the long term. Our fair value estimate has incorporated a downturn and license renewal risks in the form of higher gaming tax in the next few years. Management has seen solid month on month improvement in the mass business despite the weaker macro and depreciation of CNY. Our in-house view is that total social financing growth is going to slowdown going ...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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