SJM Holdings Limited (SJMHF)
Sous-évaluéFondamental
36
Prix
$1.39
Capitalisation boursière
$10.12B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Avantage concurrentiel
Brevets et licences · ÉtroitMacau 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.
Ce qui stimule la demande
CycliqueCasino 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.
Les arguments en faveur
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.
Les arguments contre
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 août 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.
Bilan & Liquidités
Chiffre d'affaires
$25.12B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$-542M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
-
Capitaux propres totaux
$13.17B
Passif total
$31.22B
Ratio de liquidité général
0.46
Couverture des intérêts
-
Dette/EBITDA
11.33
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$1.98
Prix actuel
$1.39
Marge de sécurité
+29.9%
Fourchette de juste valeur
$1.88 - $2.08
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
-
ROE
-3.9%
Ratio P/B
0.75
P/FCF
-
Marge brute
55.5%
ROIC
1.6%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
1.6%
WACC
2.3%
ROIC − WACC
-0.8 pp
Le ROIC est à peu près aligné sur le coût du capital — l'entreprise couvre à peine son coût du capital.
Critères d'analyse fondamentale
Réussi (5)
- Gross Margin 55.5%
- P/B Ratio 0.75
- Debt/Equity ratio
- Revenue Growth 5Y 30.3%
- Earnings Surprise avg 48.9%
Échoué (10)
- Price CAGR -13.15%
- ROIC 1.6%
- Operating Margin 4.9%
- Current Ratio
- Debt/EBITDA
- DCF valuation (Unknown)
- ROE -4.1%
- Analyst Consensus 5% Buy
- Net Margin Trend -1.5% vs 0.0%
- Piotroski F-Score 0/9
Indisponible (12)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- 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)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité faible : examiner la comptabilité
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 | - |
Risque d'audit
5
Risque du conseil
2
Risque de rémunération
8
Risque droits des actionnaires
7
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for SJMHF, sourced from Markets Gazette.