Raising SJM’s FVE to HKD 7.2 Per Share After Strong 1Q Results
We raise our fair value estimate of narrow-moat SJM Holdings to HKD 7.2 per share form HKD 7.0 per share. The shares are expensive in our view, as we forecast a cyclical downturn in the gaming market will start to impact revenue and earnings in 2020. SJM delivered good results in the first quarter. Adjusted EBITDA in the first quarter reached HKD 987 million, posting the best quarter since the second quarter of 2015. Adjusted EBITDA was up 17% both year over year and sequentially, reversing from...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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