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Morgan lowers SJM Holdings (00880) to HK$7.3

  Morgan Stanley lowered its target price for SJM 
Holdings (00880) to HK$7.3 from HK$7.4, and reiterated its "underweight" rating.
  The research house thinks SJM will remain a growth laggard in 2018/19 because of the 
delay in the opening of Grand Lisboa Palace to 2H 2019. Morgan is also conservative on the
EBITDA potential of Grand Lisboa Palace as the property is not easily accessible. It 
expects dividends to remain flattish or down in 2018/19 as capex for Cotai grows.
  Morgan slightly cut SJM's EBITDA by 2% to reflect a weak EBITDA margin at Grand Lisboa. 

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