SJM Holdings Limited (SJMHF)
NEUTRALFundamental
35
मूल्य
$1.45
मार्केट कैप
$10.55B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
SJM Holdings operates casinos in Macau, the only place in China where casino gambling is legal, under one of just six gaming concessions the Macau government grants. Its flagship is the Grand Lisboa complex, alongside other self-run properties and, until their phased closure through 2025, a network of independently owned "satellite" casinos that operated under SJM's license in exchange for a share of revenue. Beyond gaming, it also runs hotels, restaurants and retail space attached to its casino properties.
यह पैसा कैसे कमाती है
Most revenue is gross gaming revenue — the amount players lose at the tables and slot machines, split between mass-market play and the smaller, lower-margin VIP baccarat segment — plus smaller amounts from hotel rooms, dining and retail. SJM has been shifting its mix toward mass-market and self-operated casinos and away from VIP and satellite arrangements, which historically carried a larger cut of revenue for its junket and satellite-casino partners. The company reported a net loss for 2025 as satellite-casino closures weighed on results.
प्रतिस्पर्धी बढ़त (Moat)
पेटेंट और लाइसेंस · संकीर्णMacau limits casino gaming to six concessionaires, so SJM's license is a genuine barrier to new entrants — but that barrier is shared equally with five well-capitalized rivals, several of which operate newer, better-located resorts on the Cotai strip. SJM's own market share has been declining, down to 11.9% in 2025 from 13.1% a year earlier, suggesting the concession alone does not protect its competitive position.
मांग को क्या चलाता है
चक्रीयCasino revenue follows tourism and disposable income in mainland China and the wider region, both of which swing with the broader Chinese economy and with government travel or currency-export policy toward Macau. Because fixed costs — casino floors, hotel staff, licensing fees — stay largely constant, a downturn in visitation compresses profit faster than it compresses revenue.
खरीदने के पक्ष में तर्क
Buyers argue that SJM's decades-old Macau concession and flagship Grand Lisboa property give it a protected position in a gaming market only six companies may operate in, and that its shift toward self-operated mass-market casinos should improve margins now that lower-margin satellite arrangements are being phased out.
बेचने के पक्ष में तर्क
Sellers worry that SJM's market share has been shrinking against better-located rivals even as it posted a net loss in 2025, and that closing its satellite casino network removes revenue in the near term with no guarantee that self-operated growth will fully replace it.
Written by the editors, published on 18 अगस्त 2026
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बैलेंस शीट और तरलता
राजस्व
$28.17B
अंतिम प्रकाशित तिमाही तक के पिछले 12 महीने — प्रति शेयर मेट्रिक्स से अनुमानित
शुद्ध आय
$-430M
अंतिम प्रकाशित तिमाही तक के पिछले 12 महीने — प्रति शेयर मेट्रिक्स से अनुमानित
Free Cash Flow
$-955M
कुल इक्विटी
$13.47B
कुल देनदारियाँ
$30.28B
Current Ratio
0.27
Interest Coverage
-
Debt/EBITDA
10.39
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$2.11
वर्तमान मूल्य
$1.45
Margin of Safety
+31.3%
Fair Value सीमा
$2.00 - $2.21
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
-
ROE
-2.6%
P/B Ratio
0.78
P/FCF
-
Gross Margin
56.6%
ROIC
1.6%
लाभप्रदता Radar
Value Creation (Economic Moat)
ROIC
1.6%
WACC
2.5%
ROIC − WACC
-0.9 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental विश्लेषण मानदंड
पास (5)
- Gross Margin 56.6%
- P/B Ratio 0.78
- Debt/Equity ratio
- Revenue Growth 5Y 30.3%
- Earnings Surprise avg 48.9%
फेल (11)
- Price CAGR -12.67%
- ROIC 1.6%
- Operating Margin 4.8%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- DCF valuation (Unknown)
- ROE -3.1%
- Analyst Consensus 5% Buy
- Net Margin Trend -1.5% vs 0.0%
- Piotroski F-Score 2/9
अनुपलब्ध (11)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
गंभीर वित्तीय चिंताएं
Earnings गुणवत्ता
निम्न गुणवत्ता: accounting की जांच करें
शेयर Dilution
शेयर वापस खरीद रही है। शेयरधारक अनुकूल
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| Ms. On Kei Leong | Executive Co-Chairman | 64 |
| Mr. Tsun Ting Fok | Executive Co-Chairman | 79 |
| Ms. Chiu Fung Ho | Executive Chairman | 60 |
| Mr. Hong Kuen Shum | Executive Director | 70 |
| Dr. Un Chan Chan | Executive Director | 70 |
| Mr. Sean Czoon Tan | Chief Financial Officer | 46 |
| Joseph Tam | Administrative Manager of Finance & Accounts Department | - |
| Mr. Jonathan Charles Pyne | Chief Legal Counsel | - |
| Dr. Shu Fai So | Advisor | 74 |
| Ms. Shuk Chong Kwok | Company Secretary | - |
Audit जोखिम
5
बोर्ड जोखिम
2
मुआवजा जोखिम
8
शेयरधारक अधिकार जोखिम
7
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
Latest News
Recent headlines for SJMHF, sourced from Markets Gazette.