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<Research>Citi Adds SJM HOLDINGS (00880.HK) TP to $2.8, Keeps Rating at Sell
Recommend 7 Positive 11 Negative 9 |
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Citi Research issued a research report liking SJM HOLDINGS (00880.HK)'s acquisition of approx. 7,504 square meters of floor space of Hotel Lisboa Macau from its parent company, STDM, for $529 million. This space will be converted into a new gaming area. The broker expected that over 110 gaming tables will be redeployed from closing satellite casinos to this additional gaming space, and that these tables will record higher EBITDA. As a result, Citi Research raised its 2026-2027 earnings forecasts for SJM HOLDINGS by 34-50%, and added its target price from $2.3 to $2.8. However, due to the expectation that market share will be difficult to recover in the short term, the broker kept rating at Sell. Furthermore, SJM HOLDINGS' acquisition of the Casino L'Arc and Casino Porte 16 will inevitably increase its gearing, meaning the chance of resuming dividends in the short term is low. AASTOCKS Financial News Website: www.aastocks.com |
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