SJM Holdings Ltd

00880: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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SJM Earnings: Reducing Valuation by 18% on Margin and Market Share Miss; Shares Undervalued

Jennifer Song

Aug 27, 2026

SJM's second-quarter performance weakened sequentially as costs rose. Gross gaming revenue fell 3% quarter-on-quarter, while adjusted EBITDA plunged 15%, squeezing the adjusted EBITDA margin by 1.8 percentage points to 13.8%.

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SJM Holdings Ltd

SJM Earnings: Reducing Valuation by 18% on Margin and Market Share Miss; Shares Undervalued

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