SJM HOLDINGS

SJM Holdings opened lower, rallied to HKD 1.55 in the morning session before retreating in the afternoon to close at HKD 1.52, up ~2.7%. The move was driven by sector sentiment: JPMorgan noted Macau's June GGR miss was not shocking but hurts sentiment, reiterating Galaxy as top pick; Macquarie cut its June Macau GGR forecast to MOP 21.5B. On fundamentals, Q4 FY2025 revenue fell 9.6% YoY to HKD 6.755B with a net loss of HKD 123.4M, reversing from a profit; EPS was -HKD 0.0174. The stock trades 57% below its 52-week high and below both the MA20 (HKD 1.633) and MA60 (HKD 1.885), with a YTD decline of 37%. However, some brokerages see industry EBITDA recovery ahead.