SJM’s Earnings Call Painted a Better Picture for the Mass Segment
We have raised our fair value estimate for SJM to HKD 5.60 per share from HKD 5.50Â after the better-than-expected result. We raised our 2016 adjusted EBITDA by 10% to HKD 3.2 billion, as the adverse impact from new openings from competitors on performance in October, as guided by management, was more subdued than our expectations. We have increased our forecast for 10-year adjusted EBITDA CAGR from 2.2% to 3.4%. The changes are mainly due to faster-than-expected increase in mass gaming revenue m...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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