SJM

SJM Holdings reported H1 2026 net revenue of HK$11.59 billion, down 20.8% year-on-year, while the loss attributable to shareholders widened 61.7% to HK$295 million (undiluted loss per share HK$0.041). The complete closure of its satellite casino network in December 2025 was the main driver of the revenue decline; gross gaming revenue fell 18.5% to HK$12.08 billion and market share dropped from 12.9% to 9.8%. Adjusted EBITDA at Grand Lisboa Palace fell sharply from HK$82 million to HK$22 million due to restructuring costs, higher customer reinvestment and rising cost inflation, after which the stock fell 2.8%. » Altro su de.investing.com

Moody’s confirmed SJM Holdings’ Corporate Family Rating at Ba3 but changed the outlook from stable to negative due to the company’s high leverage. Debt/EBITDA was 7.4x for the twelve months to June 30, 2025, and adjusted EBITDA fell 5% in the first half of 2025 year‑on‑year. Moody’s expects roughly flat EBITDA in 2025 with high leverage, and foresees an improvement to about 5.7x in 2026 driven by 15–20% EBITDA growth and modest debt reduction. Liquidity—HKD 2.1 billion in cash and revolving credit lines—is viewed as adequate, but covenant waivers are likely to be required in the coming quarters. » Altro su de.investing.com