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<Research>Citi Keeps Sell on SJM HOLDINGS; Mkt Shr Decline Likely to Persist into Oct
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Citi has released a report maintaining a Sell rating and a target price of HKD2.85 on SJM HOLDINGS (00880.HK) to reflect a 50 bp QoQ drop in its 3Q25 market share to 11.8%.

The broker estimated the downtrend in SJM HOLDINGS's market share to persist into October 2025, as GALAXY ENT (00027.HK) and SANDS CHINA LTD (01928.HK) hosted multiple star-studded events at their venues.

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