CLSA released a research report stating that SJM Holdings (00880) is under pressure from declining market share and profitability, leading to a 15% year-on-year drop in adjusted EBITDA to HKD 881 million in Q3. The continued suspension of satellite casinos may further drag down its market share in the short term, and the company has yet to provide a clear timeline for dividend resumption. The brokerage believes SJM lacks near-term catalysts and maintains a "Hold" rating with a target price of HKD 3.2.
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