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Express News | Jefferies financial maintains coverage on SJM Holdings, rating to hold, target price HKD 2.90.
In October, the number of incoming travelers to Macau increased by 13.7% compared to the previous year.
According to the data from the Macao Statistics and Census Bureau, the number of inbound tourists in October this year totaled 3.1354 million, an increase of 13.7% year-on-year, recovering to 97.7% of the same period in 2019; a 24% increase compared to September. However, overnight tourists (1.789 million) and staying guests (1.3463 million) increased by 23.2% and 3.1% respectively year-on-year. The average stay of tourists was 1.1 days, a decrease of 0.1 day from the same month last year, with the average stay time of staying guests remaining at 2.3 days. In terms of visitor analysis, mainland chinese tourists in October increased by 16.1% year-on-year to 2.2634 million; Hong Kong.
Macau Casino Revenue Is Improving, but the U.S. Election Results Have Clouded the Investor Outlook
Morgan Stanley: Thailand plans to legalize casinos next year. Silver Heritage (00027.HK) and mgm china (02282.HK) have expressed interest.
Macquarie published a report stating that the Thai government is promoting a bill that allows the operation of casinos locally, with the bill expected to pass next year. The report cites industry experts suggesting that Thailand's casino market has the potential to become the second largest gambling market in Asia, but lags behind Macau, benefiting from Thailand's strong tourism industry. The report indicates that Thailand may initially issue five casino licenses, with two in Bangkok and one each in Pattaya, Chiang Mai, and Phuket. Silver Entertainment (00027.HK), mgm china (02282.HK), Las Vegas Sands (LVS.US), and Wynn Resorts (WYNN.US) have expressed interest, while 澳博(008
SJM Holdings (0880.HK): Profit slightly exceeds expectations, property market share continues to rise.
Investment highlights: The performance of the gambling sector is strong, with profits slightly exceeding expectations. On the revenue side, in the third quarter of 2024, the company achieved a net income of 7.5 billion Hong Kong dollars, recovering to 91.0% of the level in the third quarter of 2019. Net income from gambling/non-gambling activities was 7/0.5 billion.
Sjm Holdings (00880) may seek debt restructuring to address its high debt levels and considers reinstating dividends when performance improves.
According to sources from Australia, every effort will be made to ensure that the annual performance will no longer be in the red. They will also actively address the high debt situation, including seeking debt restructuring, and consider resuming dividends when performance improves and banks agree.
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