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SJM Holdings Limited (SJMHF)

NEUTRAL
Consumer CyclicalResorts & CasinosHong Kong

ファンダメンタル

35

株価

$1.45

時価総額

$10.55B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

競争優位性(moat)

特許・ライセンス · 狭い

Macau 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.

需要を左右する要因

景気循環型

Casino 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.

強気材料

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.

弱気材料

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

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貸借対照表と流動性

売上高

$28.17B

直近の公表四半期までの12か月 — 1株当たり指標からの推計

純利益

$-430M

直近の公表四半期までの12か月 — 1株当たり指標からの推計

フリーキャッシュフロー

$-955M

自己資本合計

$13.47B

負債合計

$30.28B

流動比率

0.27

利払い倍率

-

負債/EBITDA

10.39

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

割安

適正価値

$2.11

現在株価

$1.45

安全マージン

+31.3%

適正価値レンジ

$2.00 - $2.21

推定方法

Analyst Target:$2.11
DCF:-
PE-based:-
Graham Growth:-
EPV:$1.56
アナリスト・コンセンサス:売り (1B / 9H / 10S)

バリュエーション指標

P/E レシオ

-

ROE

-2.6%

P/B レシオ

0.78

P/FCF

-

粗利益率

56.6%

ROIC

1.6%

収益性レーダー

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.

ファンダメンタル分析基準

合格(5)

  • Gross Margin 56.6%
  • P/B Ratio 0.78
  • Debt/Equity ratio
  • Revenue Growth 5Y 30.3%
  • Earnings Surprise avg 48.9%

不合格(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

データなし(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-スコア

2/9

重大な財務上の懸念

score
criteria

利益の質

-

低品質:会計処理を調査してください

株式希薄化

-

株式を買い戻している。株主に友好的

ガバナンス

経営陣

氏名役職年齢
Ms. On Kei LeongExecutive Co-Chairman64
Mr. Tsun Ting FokExecutive Co-Chairman79
Ms. Chiu Fung HoExecutive Chairman60
Mr. Hong Kuen ShumExecutive Director70
Dr. Un Chan ChanExecutive Director70
Mr. Sean Czoon TanChief Financial Officer46
Joseph TamAdministrative Manager of Finance & Accounts Department-
Mr. Jonathan Charles PyneChief Legal Counsel-
Dr. Shu Fai SoAdvisor74
Ms. Shuk Chong KwokCompany Secretary-

監査リスク

5

取締役会リスク

2

報酬リスク

8

株主権利リスク

7

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

Latest News

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