Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
<Research>M Stanley: SJM HOLDINGS' 3Q EBITDA in Line w/ TP $2.8, Rating Underweight
Recommend 11 Positive 8 Negative 9 |
||||
|
||||
|
SJM HOLDINGS (00880.HK)'s 3Q25 EBITDA was $881 million, up 28% QoQ and down 15% YoY, in line with the expectations of Morgan Stanley and the market, according to Morgan Stanley's research report. The mass market share declined by 110 bps, mainly due to the drag from satellite casino operations. The market expected the full-year group EBITDA to reach $3.529 billion, implying a 14% QoQ growth to $1.002 billion in 4Q25, which the broker considered too high. Moreover, the Group's 3Q25 net debt amounted to $21.8 billion, with a net debt to EBITDA ratio of 6.2x over the past 12 months, the highest in Macau. Morgan Stanley anticipated that the completion of the acquisition of the L'Arch and Ponte 16 in 4Q25 will further increase the debt ratio. Therefore, the broker now rated SJM HOLDINGS at Underweight, with a target price of $2.8. AASTOCKS Financial News Website: www.aastocks.com |
||||
Copied to Clipboard
 |
||||
