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HSBC Global Research Drops TP of SJM HOLDINGS (00880.HK) to $2.8, Rates Hold
SJM HOLDINGS (00880.HK) achieved weaker-than-expected results for the last quarter, according to a report from HSBC Global Research. The recovery of existing properties continues t...
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HSBC Global Research Drops TP of SJM HOLDINGS (00880.HK) to $2.8, Rates Hold
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SJM HOLDINGS (00880.HK)  -0.020 (-0.837%)    Short selling $2.48M; Ratio 13.638%   achieved weaker-than-expected results for the last quarter, according to a report from HSBC Global Research. The recovery of existing properties continues to surprise, but Grand Lisboa Palace fell short of broker expectations even as its losses continued to narrow.

While Grand Lisboa Palace's EBITDA turned positive in October, the broker said it will take time to expand its marketing team, build up its customer base, improve access between Grand Lisboa Palace and the rest of the Cotai Strip, and bolster its non-gaming products and pipeline amid tougher competition.

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As a result, while HSBC continued to expect Grand Lisboa Palace's property EBITDA to break even in 4Q23, the broker has cut SJM's overall group EBITDA forecast for 2023-25 by between 2% and 3% due to the downward revision of its forecast for Grand Lisboa Palace. The target price has been lowered from $3 to $2.8, with its Hold rating maintained.

According to the report, the expansion of SJM's business in Lisboa will remain key to SJM's valuation reappraisal. The broker said SJM expected Grand Lisboa Palace to reach its long-term target of 5-6% market share by 2025 or 2026. Management believed that all planned short- and long-term adjustments and upgrades will have been completed by then.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-03-01 16:25.)

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