0310 GMT - SJM Holdings' shares are currently undervalued, Morningstar says, noting that the Macau casino operator is making progress to improve profitability and shareholder value. SJM returned to the black for the first time in three years in 3Q, senior equity analyst Jennifer Song writes in a note. The pace of volume ramp-up at Grand Lisboa Palace could attract more foot traffic and is a key driver of SJM's share-price performance, she says. Morningstar raises its 2024 revenue and adjusted Ebitda forecasts by 3% and 5%, respectively, to factor the better-than-expected 3Q results. Morningstar maintains the stock's fair value estimate at HK$4.68. Shares are last at HK$2.72. (amanda.lee@wsj.com)
(END) Dow Jones Newswires
November 13, 2024 22:10 ET (03:10 GMT)
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