Citi issued a research report on SJM during the 30-day upward catalyst observation period, pointing out that in the third quarter of this year, the EBITDA of Macau's gaming industry has reached about US $1.853 billion, an increase of 12% on a quarterly basis to about 80% of that in the same period in 2019. Among them, midfield betting revenue is closer to returning to the pre-epidemic level. The bank pointed out that the recent betting table operation shows that the passenger flow in the midfield and the average bet per player in the high-end midfield have improved. Driven by the quarterly EBITDA break-even of Shanghai Lisboa Integrated Resort, it is predicted that SJM's EBITDA will grow by 26% in the third quarter, which is expected to be among the highest in the industry. Therefore, it is believed that the "buy" rating of SJM will be maintained. It is believed that the continued growth of Macau tourist volume and gambling revenue will help improve the operating performance of Shanghai Lisboa. In the future, the business situation will continue to improve gradually, maintaining the target price of HK $3.85.