CLSA released a research report predicting weak performance for SJM Holdings (00880) in the fourth quarter of last year, with market share by revenue and profit margins under pressure, which may drag down earnings. The firm currently forecasts that quarterly adjusted EBITDA will decline 30% year-on-year to HK$696 million. Investors are expected to focus on the company's market share performance, the robustness of its balance sheet, and the timeline for dividend resumption following the completion of the acquisition of Macau's Kai Xuan Men. CLSA anticipates lackluster results for SJM last quarter, with a possible full-year net loss of HK$187 million. The target price has been slightly lowered from HK$3 to HK$2.9, while maintaining an "Outperform" rating. Net profit forecasts for this year and next have been reduced by 6% to 8%.