In today’s briefing:
- SJM Holdings Ltd: Large Refi of Debt Buys Time for Grand Lisboa Palace to Prove Its US$3b Cost
- ECM Weekly (28th May 2023) – HK Trip Notes, Rakuten, JD Ind, Horizon Const, Nippon Prologis, MINT
- Church & Dwight Co: Capacity Expansion Update & Other Drivers
- Sirius XM Holdings Inc.: Launch Of Sports-Focused Social Channels & Other Developments
SJM Holdings Ltd: Large Refi of Debt Buys Time for Grand Lisboa Palace to Prove Its US$3b Cost
- Legacy concessionaire SJM needs a strong performance from its Cotai flagship to create positive cash flow to service debt and keep gains in mass market share.
- The company has closed 5 satellite casinos, a move that indicates a shift in strategic goals aimed at building out from its two IRs.
- Thus far, SJM has not fully participated in the early Macau recovery cycle to make it a BUY but it needs to build on its 81% of mass revenue.
ECM Weekly (28th May 2023) – HK Trip Notes, Rakuten, JD Ind, Horizon Const, Nippon Prologis, MINT
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- In the IPO space, HK market sentiment is likely to be put to test again with the upcoming listing for Growatt Technology.
- The REIT were once again at the front lines this week for placements, while Rakuten (4755 JP) has so far been holding up.
Church & Dwight Co: Capacity Expansion Update & Other Drivers
- Church & Dwight had a particularly robust Q1 as the company reported solid revenue growth of 10.2% and an all-around beat.
- The management exceeded its Q1 outlook with organic sales increasing by 5.7%, driven by more robust performance across multiple brands, including Hero, THERABREATH, ARM & HAMMER laundry, and ARM & HAMMER litter.
- With encouraging signs such as flat volume growth after a series of declines, the company’s team anticipates volume growth throughout the year.
Sirius XM Holdings Inc.: Launch Of Sports-Focused Social Channels & Other Developments
- Sirius XM had a bad quarter and they failed to meet the revenue expectations as well as the earnings expectations of Wall Street.
- Their launch of @SIRIUSXMSPORTS also enhances their social media presence and helps them to remain connected with subscribers and reach new audiences on Instagram.
- We give Sirius XM Holdings a ‘Hold’ rating with a revised target price.
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