澳博控股（00880）：卫星娱乐场关闭，25Q4EBITDA利润率及市场份额均承压

Investment Rating - The report does not explicitly state an investment rating for SJM Holdings, but it highlights significant declines in revenue and EBITDA, indicating potential concerns for investors. Core Insights - SJM Holdings reported a net revenue of HKD 6.5 billion for Q4 2025, a decrease of 13% year-on-year, and an adjusted EBITDA of HKD 0.67 billion, down 32.4% year-on-year, with an EBITDA margin of 10.3%, down 3 percentage points year-on-year [1][7][11]. - The closure of satellite casinos has negatively impacted the company's gross gaming revenue (GGR), which reached HKD 6.66 billion, down 11.6% year-on-year, and the growth rate was below the industry average of +15% [3][10]. - The company's market share in Q4 2025 was 10.4%, down from 11.8% in Q3 2025 and 13.5% in Q4 2024, indicating a decline in competitive positioning [5][12]. Summary by Sections Financial Performance - In Q4 2025, SJM Holdings' net revenue was HKD 6.5 billion, down 13% year-on-year and 7.6% quarter-on-quarter. The gaming and non-gaming segments contributed HKD 6.04 billion and HKD 0.46 billion, respectively [2][8]. - The adjusted EBITDA for Q4 2025 was HKD 0.67 billion, reflecting a 32.4% decline year-on-year and a 23.8% decline quarter-on-quarter, with a margin of 10.3% [4][11]. Market Dynamics - The closure of satellite casinos has led to a slowdown in the company's GGR growth, with significant declines in the revenue from VIP and mass market segments [3][10]. - The company has undertaken acquisitions and property upgrades to consolidate market share, including properties on the Macau Peninsula [5][12]. Operational Adjustments - SJM Holdings has been reallocating gaming tables and operational resources from closed satellite casinos to its self-operated properties to mitigate the impact of the closures [5]. - The company plans to gradually close its satellite casinos, with the first closure occurring at the end of July 2025, and the remaining closures concentrated in Q4 2025 [4][11].