SJM Holdings' Bulid-Up Slow, But Stock Looks Cheap -- Market Talk
0254 GMT - SJM Holdings may have failed to reach Ebitda breakeven in 3Q. But still, like its peers, the casino operator continues to benefit from the continued recovery in gross gaming revenues in Macau, Citi analyst George Choi says in a note. The analyst says the stock looks cheap given that it trades at 7.4X FY 2024 estimated EV/Ebitda, a 1.5 standard deviation below its historical mean. Citi, which keeps a buy rating on the stock, cuts the target price to HK$3.55 from HK$3.85 to factor in the tweaks it has made to its 2024-2025 Ebitda forecasts. Shares last at HK$2.67.
