yesjilicom| Morgan Stanley: The target price for SJM Holdings to reduce its rating to HK$2.25
Morgan Stanley released a research report saying that it raised its target price of SJM Holdings (00880) by 4yesjilicom.7%, from HK$2.15 to HK$2.25, raising the company's 2025 EBITDA forecast by 2%, and raising the company's 2026 EBITDA forecast by 2%, due to the increase in midfield share forecast. However, the rating was "reduced" because despite the high quality of the Grand Lisboa Resort (GLP) hotel, its performance may be hindered by location and other obstacles.
The bank pointed out that it has an impact on the company's 2024 EBITDAyesjilicomThe forecast is HK$3.7 billion, which is 87% of 2019, HK$4.5 billion in 2025 and HK$5.2 billion in 2026, both exceeding the 2019 level. As a result, the 2024-2026 earnings per share forecast is also raised by 13%, 4% and 7%. The basic assumption for the company is that the industry recovery is in line with expectations. It is expected that Macau midfield revenue will return to 110% of 2019 levels in 2024.
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