On November 13, Gelonghui reported that ubs group issued a research report indicating that sjm holdings' performance in the third quarter met expectations. Excluding the luck factor from the VIP rooms, the bank expects EBITDA during the period to be 0.993 billion Hong Kong dollars, consistent with the bank's and the market's general expectations. During this period, the adjusted EBITDA profit margin was approximately 13.8%, growing about 110 basis points quarter-on-quarter, mainly driven by positive operational leverage; gambling revenue (excluding satellite casinos) increased approximately 12% quarter-on-quarter; total gross gaming revenue (GGR) (excluding satellite casinos) increased about 7% quarter-on-quarter, primarily due to the growth of the Grand Lisboa Palace (GLP) business in Macau, with market share rising 40 basis points quarter-on-quarter to about 2.6%. ubs group mentioned that the increase in sjm holdings' business volume and staff recruitment drove the increase in costs in the third quarter, which grew about 5% quarter-on-quarter; operating expenses were 20.9 million Hong Kong dollars per day, but the trend still remains below the bank's expectations; promotional allowances and commissions grew about 8% quarter-on-quarter, slightly lower than the growth in gambling revenue (excluding satellite casinos), partly due to the VIP room's win rate being higher than expected. ubs group set the target price for sjm holdings at 3 Hong Kong dollars and gave it a "buy" rating.