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Jefferies Keeps Their Hold Rating on SJM Holdings (SJMHF)
Morgan Stanley: Maintains SJM HOLDINGS 'Shareholding' rating, slightly lowers Target Price to 2.4 Hong Kong dollars.
Morgan Stanley released a research report stating that considering SJM HOLDINGS' (00880) performance in the fourth quarter of last year, the EBITDA forecasts for this year and next year have been reduced by 7% and 6% respectively, to 4.1 billion HKD and 4.6 billion HKD, indicating year-on-year increases of 9% and 11% respectively. The bank also lowered its net profit forecasts for this year and next year by 14.6% and 13% due to operating leverage. The bank expects the company's earnings per share forecasts for 2025 to 2027 to be 0.12 HKD, 0.18 HKD, and 0.26 HKD respectively, and has slightly reduced the target price from 2.45 HKD to 2.4 HKD, maintaining a 'Shareholding' rating.
SJM Holdings Limited Just Missed Earnings - But Analysts Have Updated Their Models
Analysts Offer Insights on Consumer Cyclical Companies: Sea (SE), SJM Holdings (OtherSJMHF) and Brilliance China Automotive Holdings (OtherBCAUF)
Goldman Sachs: Maintains Buy rating for SJM HOLDINGS and lowers the Target Price to 3.2 Hong Kong dollars.
Goldman Sachs released a Research Report stating that it maintains a "Buy" rating for SJM HOLDINGS (00880), with the Target Price adjusted from HKD 3.4 to HKD 3.2. The firm adjusted the group's EBITDA for 2025 to 2026 to a negative 2%. SJM HOLDINGS' fourth-quarter performance generally met market expectations, with EBITDA decreasing by 4% quarter-on-quarter to HKD 0.993 billion, mainly due to a decline in the VIP room win rate to 3.9%. After adjustments, and considering the high employee costs at the Satellite casinos, EBITDA is expected to remain flat quarter-on-quarter at HKD 1.1 billion, or about 90% of pre-pandemic levels. The firm stated that management remains optimistic about the outlook.
Citigroup: Maintains SJM HOLDINGS 'Sell' rating, Target Price 2.05 HKD.
Citi released a Research Report stating that it maintains a "Sell" rating on SJM HOLDINGS (00880), with a Target Price of HKD 2.05. The bank noted that the market share of SJM's "Grand Lisboa" project has continued to improve in the last quarter, but the rate of improvement is slowing. Additionally, SJM's debt ratio has significantly improved, but it remains at a high level, making it unlikely to resume dividend payments in the short term, coupled with uncertainties regarding the Satellite venues managed by the group. Citi mentioned that SJM's net income grew by 19% year-on-year last quarter; adjusted EBITDA improved by 42% to HKD 0.993 billion, roughly in line with the bank's forecast of HKD 0.996 billion and exceeding market expectations.
