Morningstar - SJM Holdings Limited (00880) SJMâ€™s Fourth-Quarter Earnings Missed Our Estimate

Report

Morningstar

Chelsey Tam

EUR 101.80 For Business Accounts Only

SJMâ€™s Fourth-Quarter Earnings Missed Our Estimate

We maintain our fair value estimate for SJM at HKD 6.6 per share after the worse-than-expected revenue and adjusted EBITDA in the fourth quarter. The announcement indicated that the Grand Lisboa Palace will open in the first half of 2018, compared with our assumption of early 2018. We do not expect material change in our DCF-generated fair value estimate even if Grand Lisboa Palace opens at the end of June. The disappointing fourth-quarter result offers a significant contrast to the good result ...

01/03/2017 16 EN

Underlying

SJM Holdings Limited

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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HK0880043028 Hong Kong Stock Exchange Hong Kong

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Chelsey Tam

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SJMâ€™s Fourth-Quarter Earnings Missed Our Estimate

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