In "The Big Banks," Citigroup: SJM Holdings' market share and profits under pressure, maintains "Hold" rating
Citi published a research report indicating that SJM Holdings (00880.HK) is facing pressure on its market share and profits, leading to a 15% year-on-year decline in adjusted EBITDA to HKD 881 million for the third quarter. The continued suspension of satellite casinos may drag down its market share in the short term, and the company has not established a clear timetable for resuming dividend payments.
The firm believes that SJM Holdings lacks catalysts in the short term and maintains its "Hold" rating with a target price of HKD 3.2
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