SJM’s FVE Raised to HKD 7.0 Per Share Mainly Due to Time Value of Money
Following narrow-moat SJM’s third-quarter results, we have revised down our adjusted EBITDA estimate to HKD 23.0 billion for 2017 and maintain the long-term forecasts unchanged. Our fair value estimate has been raised to HKD 7.0 per share from HKD 6.6 per share mainly due to time value of money. The shares remain fairly valued in our view.Following the category 10 Typhoon Hato and a fire incident in September, the construction of the Grand Lisboa Palace is now expected to be completed by the en...
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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