SJM Holdings' new Cotai casino resort opening in 2018 will recoup market share; execution a concern.
We maintain our fair value estimate for narrow-moat SJM at HKD 7.00 per share. Despite the 19% growth in Macau gaming revenue in 2017, SJM recorded flattish revenue for the year. In the fourth quarter, revenue rose 4% year over year and 9% sequentially, an acceleration compared with the third quarter. Adjusted EBITDA for the quarter was down 14% and up 16% sequentially. Excluding the refund of the HKD 241 million dredging expense and the HKD 43 million accrued staff cost in the fourth quarter of...
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