SJM Holdings (00880) reported Q3 EBITDA of HK$881 million, down approximately 15% year-on-year but up 28% quarter-on-quarter, aligning with UBS and market expectations ranging between HK$856 million and HK$898 million. UBS maintains a "Sell" rating on the stock with a target price of HK$2.8.
The bank noted that SJM's management plans to close the remaining four satellite casinos by year-end while consolidating its customer and marketing teams. Additionally, the company expects capital expenditures of HK$1.5 billion next year.
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