SJM Holdings (HK:0880)
:0880
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SJM Holdings
(0880)
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Rating:40Neutral
Price Target:
HK$2.50
▲(19.05% Upside)
Action:ReiteratedDate:11/14/25
SJM Holdings is facing significant financial challenges despite a strong revenue recovery. The high leverage and lack of profitability are major concerns, compounded by poor valuation metrics. Technical indicators suggest a bearish trend, though the stock is nearing oversold conditions.
Positive Factors
Post-pandemic revenue recovery
A ~119% revenue rebound signals structural demand recovery in Macau and restored resort utilization. A larger revenue base improves fixed-cost absorption, supports scale economics and creates a platform for durable revenue generation if visitation stays resilient over the coming quarters.
Negative Factors
High financial leverage
A near-2.0 debt-to-equity ratio constrains financial flexibility and raises interest and refinancing risk. In a capital-intensive resort business, elevated leverage increases vulnerability to visitation swings or regulatory shifts and limits capacity for strategic capex or acquisitions.
Read all positive and negative factors
Positive Factors
Negative Factors
Post-pandemic revenue recovery
A ~119% revenue rebound signals structural demand recovery in Macau and restored resort utilization. A larger revenue base improves fixed-cost absorption, supports scale economics and creates a platform for durable revenue generation if visitation stays resilient over the coming quarters.
Read all positive factors
SJM Holdings (0880) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$14.77B
Dividend YieldN/A
Average Volume (3M)19.42M
Price to Earnings (P/E)―
Beta (1Y)0.79
Revenue Growth-3.01%
EPS Growth-15200.00%
CountryHK
Employees20,400
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-0.04
Shares Outstanding7,101,805,000
10 Day Avg. Volume26,815,311
30 Day Avg. Volume19,417,506
Financial Highlights & Ratios
PEG Ratio-67.32
Price to Book (P/B)1.55
Price to Sales (P/S)1.25
P/FCF Ratio9.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$2.23Price Target Upside5.95% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.08
Revenue Forecast (FY)HK$25.48B
SJM Holdings Business Overview & Revenue Model
Company Description
SJM Holdings Limited, an investment holding company, owns, develops, and operates casinos and related facilities in Macau, Hong Kong, and internationally. It operates through two segments, Gaming Operations; and Hotel, Catering, Retail and Leasing...
How the Company Makes Money
SJM Holdings generates revenue primarily through its gaming operations, which include table games, slot machines, and electronic gaming. A significant portion of its earnings comes from the high-stakes gaming market, attracting VIP customers who c...
SJM Holdings Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
40
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.61B | 17.24B | 13.14B | 4.00B | 5.89B | 4.14B |
| Gross Profit | 16.90B | 16.50B | 12.50B | 3.60B | 5.55B | 3.93B |
| EBITDA | 3.37B | 3.92B | 1.93B | -4.77B | -2.58B | -2.14B |
| Net Income | -16.60M | 3.20M | -2.01B | -7.80B | -4.14B | -3.02B |
Balance Sheet | ||||||
| Total Assets | 48.94B | 48.72B | 49.74B | 52.65B | 49.91B | 52.72B |
| Cash, Cash Equivalents and Short-Term Investments | 2.37B | 2.21B | 3.54B | 6.86B | 3.20B | 6.13B |
| Total Debt | 28.23B | 27.46B | 29.09B | 32.77B | 23.86B | 20.24B |
| Total Liabilities | 34.92B | 34.55B | 35.65B | 36.63B | 29.50B | 28.08B |
| Stockholders Equity | 13.73B | 13.92B | 13.36B | 16.00B | 20.34B | 24.53B |
Cash Flow | ||||||
| Free Cash Flow | -10.70M | 2.30B | 2.11B | -5.29B | -5.99B | -10.94B |
| Operating Cash Flow | 2.05B | 4.06B | 3.80B | -4.22B | -4.54B | -7.49B |
| Investing Cash Flow | -2.22B | -1.41B | -1.27B | -2.02B | -787.70M | 2.54B |
| Financing Cash Flow | -972.40M | -3.74B | -5.71B | 9.49B | 3.04B | 1.52B |
SJM Holdings Technical Analysis
Negative
2.10
Price Trends
2.27
Negative
2.38
Negative
2.71
Negative
Market Momentum
-0.04
Negative
41.51
Neutral
52.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0880, the sentiment is Negative. The current price of 2.1 is below the 20-day moving average (MA) of 2.13, below the 50-day MA of 2.27, and below the 200-day MA of 2.71, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 41.51 is Neutral, neither overbought nor oversold. The STOCH value of 52.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0880.
SJM Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$145.24B | 15.71 | 13.12% | 3.06% | 9.63% | 21.77% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$42.86B | 9.82 | 194.66% | 5.73% | 10.97% | 10.35% | |
61 Neutral | HK$29.58B | 19.06 | -11.87% | 5.92% | -1.98% | -49.13% | |
52 Neutral | HK$132.73B | 22.71 | 71.16% | 2.39% | 4.17% | -14.33% | |
45 Neutral | HK$9.40B | 3.36 | 73.50% | ― | 11.58% | ― | |
40 Neutral | HK$14.77B | -39.90 | -3.15% | ― | -3.01% | -15200.00% |
* Consumer Cyclical Sector Average
HK:0880
SJM Holdings
2.08
-0.09
-4.15%
HK:0200
Melco International
4.14
1.69
68.84%
HK:2282
MGM China Holdings
11.28
1.76
18.47%
HK:0027
Galaxy Entertainment Group
33.18
6.13
22.68%
HK:1928
Sands China
16.40
2.81
20.72%
HK:1128
Wynn Macau
5.62
0.74
15.12%
SJM Holdings Corporate Events
SJM Holdings Completes US$540 Million Senior Notes Issue for Debt Refinancing
Jan 15, 2026
SJM International Limited, guaranteed by SJM Holdings Limited, has completed the issuance of US$540 million 6.500% senior notes due 2031, which will be listed on the Hong Kong Stock Exchange. The notes, priced at par and carrying semi-annual inter...
SJM Holdings Buys Back US$170 Million of 2026 Senior Notes
Jan 13, 2026
SJM Holdings, through its British Virgin Islands subsidiary Champion Path Holdings Limited, has completed a cash tender offer for part of its 4.500% senior notes due 2026, a move that forms part of its broader capital management in the competitive...
SJM Holdings to Issue US$540 Million in 2031 Senior Notes to Refinance Debt
Jan 9, 2026
SJM Holdings, through wholly owned subsidiary SJM International Limited, has agreed to issue US$540 million of 6.500% senior notes due 2031, with the company seeking to list the notes on the Hong Kong Stock Exchange. The net proceeds will be used ...
SJM Holdings Plans Dollar Senior Notes to Refinance Debt and Bolster Flexibility
Jan 5, 2026
SJM International Limited, a wholly owned subsidiary of SJM Holdings, plans an international offering of U.S. dollar-denominated senior notes to be sold exclusively to non-U.S. investors under Regulation S, with the notes irrevocably and unconditi...
SJM Holdings Launches Tender Offer to Redeem US$500 Million 2026 Notes as Part of Debt Refinancing
Jan 5, 2026
SJM Holdings, through its British Virgin Islands subsidiary Champion Path Holdings Limited, has launched a cash tender offer to repurchase any and all of its outstanding US$500 million 4.500% senior notes due January 2026 at par value. The move fo...
SJM Holdings Completes Acquisition of L’Arc Hotel Owner and Assumes Direct Casino Operations
Dec 28, 2025
SJM Holdings has completed the acquisition of Arc of Triumph Development Company Limited, the owner of L’Arc Hotel in Macau’s NAPE district, making the target group companies wholly owned subsidiaries of SJM Resorts. Following regulato...
SJM Holdings Expands with New Acquisition and Loan Agreement Approval
Dec 15, 2025
SJM Holdings Limited announced the successful passing of a resolution at its Extraordinary General Meeting held on December 15, 2025. The resolution involved the approval of an acquisition agreement for Arc of Triumph Development Company Limited a...
SJM Holdings to Discuss Strategic Acquisition at Upcoming EGM
Nov 27, 2025
SJM Holdings Limited has announced an extraordinary general meeting scheduled for December 15, 2025, to seek approval for an acquisition agreement involving the purchase of Arc of Triumph Development Company Limited and related entities. This stra...
SJM Holdings Announces EGM for Key Acquisition and Loan Agreement
Nov 25, 2025
SJM Holdings Limited, a prominent entity in the casino and entertainment industry, has announced an extraordinary general meeting to discuss significant transactions, including the acquisition of Arc of Triumph Development Company Limited and a re...
SJM Holdings Prepares for Strategic Acquisition and Loan Agreement Approval
Nov 25, 2025
SJM Holdings Limited has announced the closure of its register of members in preparation for an extraordinary general meeting (EGM) scheduled for December 15, 2025. During this meeting, shareholders will consider approving the acquisition of Arc o...
SJM Holdings Announces Strategic Acquisition and Service Agreement Termination
Nov 20, 2025
SJM Holdings has announced a series of transactions involving the acquisition of the entire issued share capital of Arc of Triumph Development Company Limited. The acquisition involves a purchase price of MOP180,000 and the repayment of an ICBC Lo...
SJM Holdings Reports Decline in Q3 2025 Financial Performance
Nov 12, 2025
SJM Holdings Limited reported a decline in key financial metrics for the third quarter and the first nine months of 2025 compared to the previous year. The company’s net gaming revenue and adjusted EBITDA showed a decrease, with a notable dr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.