SJM Holdings Limited (SJMHF)
NEUTRALFundamental
35
Preço
$1.45
Capitalização de Mercado
$10.55B
Parte 1 · Quanto vale a empresa
Visão Geral
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.
Como gera receita
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.
Vantagem competitiva
Patentes e licenças · EstreitaMacau 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.
O que impulsiona a procura
CíclicoCasino 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.
Os argumentos a favor
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.
Os argumentos contra
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 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balanço & Liquidez
Receita
$28.17B
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Resultado Líquido
$-430M
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Fluxo de Caixa Livre
$-955M
Capital Próprio Total
$13.47B
Passivo Total
$30.28B
Rácio de Liquidez
0.27
Cobertura de Juros
-
Dívida/EBITDA
10.39
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$2.11
Preço Atual
$1.45
Margem de Segurança
+31.3%
Intervalo de Valor Justo
$2.00 - $2.21
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
-
ROE
-2.6%
Rácio P/B
0.78
P/FCF
-
Margem Bruta
56.6%
ROIC
1.6%
Radar de Rentabilidade
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.
Critérios de Análise Fundamental
Aprovado (5)
- Gross Margin 56.6%
- P/B Ratio 0.78
- Debt/Equity ratio
- Revenue Growth 5Y 30.3%
- Earnings Surprise avg 48.9%
Reprovado (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
Indisponível (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
Preocupações financeiras graves
Qualidade dos Resultados
Baixa qualidade: investigar a contabilidade
Diluição de Ações
A recomprar ações. Favorável ao acionista
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| 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 | - |
Risco de Auditoria
5
Risco do Conselho
2
Risco de Remuneração
8
Risco dos Direitos dos Acionistas
7
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for SJMHF, sourced from Markets Gazette.