UBS Rates SJM Holdings (00880) as "Sell" with Target Price of HK$2.8

Stock News11-21

UBS has issued a research report stating that SJM Holdings (00880) announced the acquisition of Arc de Triomphe Hotel for HK$1.75 billion, including HK$175 million for share purchases and approximately HK$1.75 billion to settle debts on behalf of seller Angela Leong. UBS assigned a "Sell" rating to SJM with a target price of HK$2.8, while acknowledging the acquisition as beneficial for the company.

The report highlights that the deal will allow SJM to continue operating gaming activities at Arc de Triomphe Hotel, with plans to expand the number of gaming tables to around 90. As other satellite casinos are expected to close by the end of 2025, this move is projected to boost Arc de Triomphe’s mass-market gaming revenue beyond the HK$1.4 billion level recorded in 2024.

The acquisition will be financed through SJM’s untapped credit facilities, with the leverage impact largely offset by additional EBITDA from Arc de Triomphe’s increased market share. The report also notes benefits from SJM’s cluster effect in the Peninsula and improved utilization of Arc de Triomphe’s assets.

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