Core Viewpoint - Citi's research report expresses optimism regarding the acquisition of approximately 7,504 square meters of floor space in the Lisboa Hotel by SJM Holdings from its controlling shareholder, which will be converted into a new gaming area [1] Group 1: Acquisition Details - The acquisition price for the Lisboa Hotel space is set at HKD 529 million [1] - Over 110 gaming tables are expected to be redeployed from closed satellite casinos to this new gaming area, which is anticipated to generate higher EBITDA [1] Group 2: Financial Projections - Citi has raised its earnings forecast for SJM Holdings for the years 2026 to 2027 by 34% to 50% [1] - The target price for SJM Holdings has been increased from HKD 2.3 to HKD 2.8 [1] Group 3: Market Share and Debt Concerns - The report maintains a "Sell" rating due to expectations that market share will be difficult to recover in the short term [1] - The acquisition of the Grand Lisboa and the Lisboa Palace will inevitably increase the company's debt ratio, indicating limited opportunities for dividend recovery in the short term [1]