(SJM) Holdings Limited

Founder: Dr. Stanley Ho

CEO: Dr. Ambrose So

 Corporate Profile Our Business Model Financial Highlights 2011 5 Reasons to Invest Future Plans Risk Factors

Galaxy 15% Others 14%

MGM 10%

SJM 30%

Wynn 14%

Sands 16%

Business Model

Gaming Revenue (in billions)

$80.0 $70.0 $60.0 $50.0 $40.0 $30.0 $20.0 $10.0 $2009 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 Special 2010 Final Interim

Dividends
$6.0 $5.0 $4.0 $3.0 $2.0 $1.0

Net Profit (in billion)

2009 $0.09 2011

2010 $$0.30 $0.05

2011 $0.22 2009 $0.43 2010 $0.08

2011

CAGR = 30.34%

CAGR = 80.58%

Current Ratio
1.8 1.6 1.4 1.2 1 0.8 0.6 2009 2010 2011 120% 100% 80% 60% 40% 20% 0% 2009

Gearing Ratio

SJM Galaxy MGM Sands Wynn

2010

2011

ROE
200.00% 150.00% 100.00% 50.00% 0.00% -50.00% 2009 2010 2011 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $2009

EPS

SJM Galaxy MGM Sands Wynn

2010

2011

1. Undisputed Position In The Gaming Industry

1. Undisputed Position In The Gaming Industry

High Speed Inter Rail Network

HK-Zhuhai-Macau Bridge

Connecting Guangzhou to Zhuhai Travel time shortened from 4 hours to 47 minutes

Connecting HK, Zhuhai & Macau Estimated driving time 15 minutes

 Net cash HK$20.7bn Operating cash flow of HK$8bn/year 50% dividend payout policy + future projects CEO: sustainable in the near to medium future

Trading at 9.0x EV/EBITA, against peer average of 11.0x EV/EBITA

Strong Growth Awaits

Grow VIP Segment Increase Gaming Capacity

Cotai Strip

Increase Consumer Traffic

From Society, to Society

Final Overview

22 Investment Analysts

Undervalued
Average Price Target:

7 OUTPERFORM
5 BUY / 10 HOLD 17% Potential Upside

$18.15
Todays Closing Price $15.448