智通财经网·2025-11-10 08:29Core Viewpoint - The report from CICC indicates that SJM Holdings (00027) experienced a 14% year-on-year increase in revenue for Q3, reaching HKD 12.163 billion, which is 96% of the same period in 2019 [1] - Adjusted EBITDA also rose by 14% year-on-year to HKD 3.341 billion, equating to 81% of the same period in 2019, aligning with market expectations of HKD 3.321 billion [1] - The firm notes that SJM's performance is impacted by increased operating expenses due to intensified market competition and the normalization of VIP room win rates [1] Financial Performance - Q3 revenue increased by 14% year-on-year to HKD 12.163 billion [1] - Adjusted EBITDA for Q3 also rose by 14% year-on-year to HKD 3.341 billion [1] - The performance metrics are 96% and 81% of the figures from the same quarter in 2019, respectively [1] Forecast Adjustments - CICC has revised down its adjusted EBITDA forecasts for SJM by 1% and 3% for this year and next year, now projecting HKD 14.031 billion and HKD 14.923 billion, respectively [1] Rating and Target Price - CICC maintains a "Outperform" rating for SJM Holdings with a target price set at HKD 44.8 [1]