Mass Was the Bright Spot at SJM in the First Quarter
Narrow-moat SJM Holding’s first-quarter revenue and adjusted EBITDA were both 22% of our full-year estimate. We maintain our DCF-generated fair value estimate at HKD 6.6 per share. The shares remain fairly valued.  Excluding one-off items, adjusted EBITDA grew at a solid rate of 13.5% sequentially, and margin also improved 110 basis points sequentially due to higher contribution from higher-margin mass revenue. Management stated that operating expenses declined 2% year over year, due to natural ...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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