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<Research>JPM Adds SJM HOLDINGS (00880.HK) TP to $3.3, Rating Neutral
Recommend 11 Positive 14 Negative 1 |
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SJM HOLDINGS (00880.HK)'s 1Q24 results were solid, with improved revenue and earnings performance, JPMorgan released a research report saying. Considering the management's expectation that the market share of Grand Lisboa Palace will continue to grow, JPMorgan accordingly raised its EBITDA forecasts for FY2024 to FY2025 by about 5%, and added its target price from $3 to $3.3. However, JPMorgan kept rating at Neutral on SJM HOLDINGS, stating that it is not yet convinced that Grand Lisboa Palace will be able to achieve its market share target of 5% in the next few years. JPMorgan also believed that SJM HOLDINGS' deleveraging progress has been disappointing, as the Company is the only gaming operator in the industry that has not yet been able to generate meaningful free cash flow. JPMorgan believed that the cost of debt and the burden of capital expenditures are relatively heavy, and that the valuation is relatively expensive. The current earnings forecast for SJM HOLDINGS is slightly lower than market consensus. AAStocks Financial News |
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