智通财经网·2025-11-13 08:09Core Viewpoint - Morgan Stanley predicts that the acquisition of the Parisian Macao and the Studio City satellite casinos by SJM Holdings (00880) in Q4 will further increase the company's debt ratio, leading to a target price of HKD 2.8 and a "Reduce" rating [1] Financial Performance - SJM Holdings reported an EBITDA of HKD 881 million for Q3, representing a quarter-on-quarter increase of 28% but a year-on-year decline of 15%, aligning with market expectations [1] - The market anticipates that the total EBITDA for the year will reach HKD 3.529 billion, indicating a need for a quarter-on-quarter growth of 14% to HKD 1.002 billion in Q4, which Morgan Stanley considers overly optimistic [1] Market Share and Debt Levels - The company's market share in the mass gaming segment decreased by 110 basis points, primarily due to the underperformance of satellite casino operations [1] - As of Q3, SJM Holdings' net debt reached HKD 21.8 billion, with a net debt to EBITDA ratio of 6.2 times, the highest in the Macau industry [1] Operating Expenses - The daily operating expenses for Q3 were HKD 21.5 million, remaining stable quarter-on-quarter; however, the closure of satellite casinos is expected to increase daily costs by HKD 3.5 million to HKD 3.7 million [1] - Management aims to enhance the performance of the high-end business at the Grand Lisboa through the transfer of 100 new gaming tables and a strong marketing team next year [1]