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We Think SJM Holdings (HKG:880) Is Taking Some Risk With Its Debt
Morgan Stanley: Assigns SJM HOLDINGS a "Shareholding" rating, Target Price 2.25 HKD.
Morgan Stanley published a research report stating that earlier SHUN TAK HOLD (00242) and SJM HOLDINGS (00880) announced a memorandum of understanding, in which SHUN TAK HOLD plans to sell its Hengqin property to SJM HOLDINGS for 0.546 billion yuan (approximately 0.584 billion HKD). SJM HOLDINGS has a Target Price of 2.25 HKD with a rating of 'Shareholding'. The report指出 (indicates) that these actions are strategically significant but have limited short-term effects. The company plans to convert the space into a three-star hotel, and the bank expects it to have 300 rooms, each with an area of 500 square feet, which means each room would be priced at 2 million yuan, but it still needs 18 more.
Gelonghui Announcement Highlights (Hong Kong Stocks)︱Kanzhun-W (02076.HK) reported a 26.5% increase in operating profit for the third quarter and a 30.0% increase in monthly active users.
[Today's Focus] Kanzhun-W (02076.HK) reported a 26.5% increase in operating profit for the third quarter and a 30.0% rise in monthly active users. Kanzhun-W (02076.HK) announced that in the third quarter of 2024, the company’s revenue was 1,911.6 million yuan, a 19.0% increase compared to 1,606.6 million yuan in the same quarter of 2023. The operating profit for the third quarter was 330.2 million yuan, which is a 26.5% increase from 261 million yuan in the same quarter of 2023. As of September 30, 2024,
SJM HOLDINGS (00880.HK) plans to acquire property in the Hengqin New District of Zhuhai for 0.546 billion yuan.
Gelonghui announced on December 11 that SJM HOLDINGS (00880.HK) entered into a non-binding memorandum of cooperation on December 11, 2024, under which potential sellers (a wholly-owned subsidiary of Shun Tak) plan to sell, and potential buyers SJM Investments intend to acquire the property without any encumbrance on the title, for a price of 0.546 billion RMB (approximately 0.584 billion HKD, excluding taxes). The property includes nine (9) floors of partitioned office units within an office building and a retail unit, located at No. 28, Xinde Street, Hengqin New District, Zhuhai, currently known as the Xinde Port Business Center.
J.P. Morgan: Macau's gambling revenue for the first eight days of December has slowed down as expected, with GALAXY ENT being the top choice for next year.
JPMorgan released a research report stating that the top choice among Macau Casino stocks for next year is GALAXY ENT (00027), with a "Shareholding" rating and a Target Price of HKD 48, reflecting its unique profit drivers and a low enterprise value multiple (EV/EBITDA) of 9 times. After that, WYNN MACAU (01128), SANDS CHINA (01928), and MGM CHINA (02282) are also expected to perform well (these three companies share the same ranking), followed by SJM HOLDINGS (00880), and lastly, MELCO INT'L DEV (00200). The report mentioned that the gross gaming revenue for Macau for the first eight days of December was 4.5 billion Macau patacas (down...
[Brokerage Focus] JPMorgan expects Q4 Macau Gambling revenue to increase by 3% to 4% quarter-on-quarter, with GALAXY ENT (00027) as the top pick.
Jinwu Financial News | JPMorgan released a research report indicating that the gross gaming revenue in Macau for the first eight days of December was 4.5 billion (Macau Pataca, the same below), which corresponds to a daily average of 0.562 billion Patacas, a 9% decrease compared to the average daily gaming revenue in November, but within expectations. During this period, the gross gaming revenue from the mass market business was about 105% of the pre-pandemic level, while VIP rooms recovered to about 20% to 23%. Although growth in gaming revenue is expected to slow in December, a quarterly increase of 3% to 4% is still anticipated for the fourth quarter, reaching the highest level in 20 quarters, and this growth momentum is believed to support the industry in meeting the general expectations for the fourth quarter and this fiscal year.
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