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MACAU BUSINESS SJM Holdings Ltd. (0880.HK) is forecast to post


EBITDA of HK$1.77 billion, also 7 percent more than in the third quarter.


New best idea Morgan Stanley says it now prefers companies


with exposure to Cotai, namely Sands China, Galaxy Entertainment and Melco Crown. Its analysts expect slower growth for companies with casinos on the peninsula. As a result, Morgan Stanley has replaced SJM on its “Best Ideas” list with Sands China. Late last month Sands China declared its first dividend. Wynn Macau and SJM are the only other Macau casino operators to have ever paid a dividend. Sands China told the stock exchange it expects the interim dividend of HK$0.58 per share to be paid on February 28 to shareholders on February 20. Sands China says it “has sufficient reserves,


after the payment of this interim dividend, to finance its operations and the expansion of its business, including the development of additional integrated resorts in Macau”. The company is expected to inaugurate its Sands Cotai Central project next month. HSBC Global Research analyst Sean Monaghan


says the first phase of the development is on schedule to open between March 22 and 27. The first phase will include a 9,850 square-metre casino with VIP gaming areas. When work is complete, the development will have more than 5,800 hotel rooms. Mr Monaghan estimates that Sands Cotai Central will account for 28 percent of Sands China’s EBITDA in 2013. He also expects Sands China to be the stock that dominates this year.


24 MARCH 2012


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