智通财经APP获悉，博彩股午后涨幅扩大，截至发稿，新濠国际发展(00200)涨5.03%，报5.64港元；银 河娱乐(00027)涨3.08%，报42.9港元；澳博控股(00880)涨2.59%，报3.17港元；美高梅中国(02282)涨 1.72%，报16.01港元。 高盛此前发布研报称，对于十一黄金周，基于酒店预订几乎"爆满"，以及与客户沟通的情况，博彩企业 普遍预期需求强劲，而全国运动会则不会对博彩收入有显著影响。中泰国际分析亦指出，若9月与国庆 期间的游客数量与赌场收入较好，对龙头博彩股将受益。 消息面上，为防范超强台风"桦加沙"，澳门特区政府于9月23日下午5时关闭赌场，至9月25日凌晨2时重 开，历时33小时。汇丰表示，赌场停业或进一步抑制国庆黄金周前的淡季需求。但分析人士表示，中秋 国庆"超级黄金周"已然临近，旅游业的强劲复苏也为博彩股带来长期信心。 ...

Core Viewpoint - The report from Credit Lyonnais highlights Galaxy Entertainment (00027) as having the most robust cash reserves among licensed gaming operators in Macau, with significant potential to leverage financial resources to enhance shareholder return on equity (ROE) [1][2] Group 1: Financial Position and Strategy - Galaxy Entertainment has a net cash position equivalent to 17% of its current market value, amounting to approximately HKD 30.3 billion (USD 3.9 billion) as of Q2 2025 [1] - The company is expected to deploy its capital flexibly, with potential strategies including investments in local opportunities and increasing dividends, which would enhance capital efficiency and ROE through financial leverage [1][2] - The forecasted annualized ROE for Galaxy Entertainment is projected to be around 13% for the period, which is lower than the 18-22% range observed from 2017 to 2019 [1][2] Group 2: Dividend Policy and Market Outlook - Investors have shown a preference for increased dividends, including special dividends, especially in light of the structural slowdown in industry growth [1] - Credit Lyonnais anticipates that Galaxy Entertainment will increase its dividend per share to HKD 1.434, HKD 1.503, and HKD 1.634 for the years 2025 to 2027, yielding dividend returns of 3.5%, 3.7%, and 4% respectively [2] - The company is also expected to retain funds to capitalize on investment opportunities in Thailand, where each gaming license entity is required to invest a minimum of THB 100 billion (approximately USD 3.1 billion) [2]

Group 1 - The core viewpoint of the reports indicates that Galaxy Entertainment (00027) has the strongest cash reserves among licensed gaming operators in Macau, allowing for effective financial leverage to enhance shareholder return on equity (ROE) [1] - The company has a net cash position of HKD 30.3 billion (approximately USD 3.9 billion), which represents 17% of its current market value, providing significant flexibility for capital deployment [1] - The report maintains a "Outperform" rating for Galaxy Entertainment with a target price of HKD 50.3, highlighting it as one of the top two picks in the Macau gaming sector [1] Group 2 - The DuPont analysis indicates that the lower asset turnover and financial leverage are impacting the ROE, as overall gaming revenue in Macau has not yet returned to 2019 levels [2] - The company is expected to increase dividends, including special dividends, to improve ROE, while also needing to retain funds for potential investment opportunities in Thailand [2] - Forecasted dividends per share for 2025 to 2027 are HKD 1.434, HKD 1.503, and HKD 1.634, yielding dividend returns of 3.5%, 3.7%, and 4% respectively, with projected ROE of 13.3%, 13.2%, and 13.7% for the same period [2]

Group 1 - Macau's gaming revenue reached a record high of 22.16 billion MOP in August, marking a 0.14% month-on-month increase and a 12.2% year-on-year increase, surpassing the estimated growth of 12.0% [1][1][1] - From January to August, the total gaming revenue amounted to 163.05 billion MOP, reflecting a year-on-year growth of 7.2% [1][1][1] - Haidong International forecasts that September will see a vibrant array of activities, likely boosting visitor numbers and gaming gross revenue (GGR) during the off-peak season [1][1][1] Group 2 - Goldman Sachs attributes the strong performance of Macau's gaming companies to a combination of major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing safety concerns in Thailand and the Philippines, which have led more mainland tourists to choose Hong Kong and Macau as destinations [1][1][1] - For the upcoming National Day Golden Week, gaming companies anticipate strong demand based on nearly full hotel bookings and communication with clients, while the National Games are not expected to significantly impact gaming revenue [1][1][1]

大行评级｜里昂：银河娱乐现金储备稳健 维持"跑赢大市"评级并列为行业首选之一 大行评级｜大摩： 上调银河娱乐目标价至44港元 评级"与大市同步" 里昂发表报告指，在所有澳门持牌博彩公司当中，银河娱乐拥有最稳健的现金储备，最有条件运用财务 杠杆提升股东回报率(ROE)。该行维持对银河娱乐的"跑赢大市"评级及目标价50.3港元，是该行在澳门 博彩股的两大首选之一。里昂预计银娱2025年至2027年每股派息143.4港仙、150.3港仙及163.4港仙，提 供股息回报3.5厘、3.7厘及4厘，期内ROE分别为13.3%、13.2%及13.7%。 相关事件 ...

Group 1 - The gaming stocks experienced significant gains in early trading, with Wynn Macau rising by 7.07% to HKD 7.12 [1] - Melco International Development increased by 6.79% to HKD 5.66 [1] - Sands China saw a rise of 5.80%, reaching HKD 21.52 [1] - Galaxy Entertainment rose by 5.35%, trading at HKD 42.92 [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Macau's gaming stocks, with significant increases in share prices for major companies such as Wynn Macau, Melco International Development, Sands China, and Galaxy Entertainment [1] - Macau's gross gaming revenue (GGR) for August reached a record high of 22.16 billion MOP, marking a month-on-month increase of 0.14% and a year-on-year increase of 12.2% [1] - For the first eight months of the year, the total GGR in Macau amounted to 163.05 billion MOP, reflecting a year-on-year growth of 7.2% [1] Group 2 - According to Haitong International, the upcoming September is expected to see a boost in visitor numbers and GGR due to various exciting events planned, despite it being a traditionally low season [1] - Goldman Sachs attributes the recent strong performance of Macau's gaming companies to several factors, including a series of major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing safety concerns in Thailand and the Philippines, which have led more mainland travelers to choose Hong Kong and Macau as destinations [1] - For the upcoming National Day Golden Week, gaming companies anticipate strong demand based on nearly full hotel bookings and communication with clients, while the National Games are not expected to significantly impact gaming revenue [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Macau gaming stocks, driven by various factors including events, wealth effects from the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, leading to increased mainland tourist visits to Hong Kong and Macau [1] - According to Goldman Sachs, the gaming companies in Macau expect strong demand during the upcoming Golden Week, supported by nearly full hotel bookings and positive customer communications, with the National Games not significantly impacting gaming revenue [1] - The overall industry anticipates sustained strong growth momentum for the remainder of the year, with Goldman Sachs projecting a 9% year-on-year increase in Macau's total gaming revenue (GGR) for 2025, translating to a 14% year-on-year growth from September to December this year, and a 7% growth in 2026 [1] Group 2 - Specific stock performances include Wynn Macau rising nearly 3%, Galaxy Entertainment up 2%, Melco International Development increasing by 1.5%, Sands China and Suncity Group both gaining over 1%, and MGM China following suit [1] - The latest stock prices and changes are as follows: Wynn Macau at 6.830 (+2.71%), Galaxy Entertainment at 41.540 (+1.96%), Melco International Development at 5.380 (+1.51%), Sands China at 20.600 (+1.28%), Suncity Group at 0.890 (+1.14%), and MGM China at 15.610 (+0.13%) [1]

Group 1 - The government has introduced 19 specific measures to boost service consumption, focusing on enhancing service supply and attracting foreign consumers [1][3] - The measures cover a wide range of industries, including internet, culture, telecommunications, sports events, education, and high-end healthcare, indicating a favorable policy environment for these sectors [1][3] - The emphasis is on addressing the supply-side shortage of quality services through financial support and policy adjustments, which is expected to invigorate the service consumption market [1][2] Group 2 - In August, the total retail sales of consumer goods reached 39,668 billion yuan, showing a year-on-year growth of 3.4%, with service retail sales growing by 5.1% [2] - The overall consumption trend remains positive, with expectations for further policy support to boost consumption, potentially increasing the annual growth rate of retail sales to around 4.5% [2][4] - Analysts suggest a shift in policy focus from physical investments to experience-based service consumption, highlighting the importance of government support for service supply [4] Group 3 - Companies like Huazhu Group and Trip.com are expected to benefit from the recovery in tourism consumption, with Huazhu's EBITDA projected to grow by 5% to 1.5 billion yuan [5] - Trip.com anticipates a revenue growth of 12%-17% in 2025, benefiting from policies aimed at attracting foreign consumers [5] - Hong Kong Travel and China Duty Free are positioned to gain from inbound tourism and enhanced duty-free shopping opportunities, with potential increases in visitor numbers and sales [6]

Group 1 - The core viewpoint is that Macau's gaming industry is expected to maintain strong momentum due to various factors such as major events, wealth effects from the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, leading more mainland tourists to choose Hong Kong and Macau as destinations [1][2] - The overall industry anticipates strong growth momentum to continue for the remainder of the year, with a projected 9% year-on-year increase in Macau's total gaming revenue (GGR) for 2025, translating to a 14% year-on-year growth from September to December this year, and a 7% growth in 2026 [1] - The company Goldman Sachs has a "buy" rating for Sands China (01928), citing that the stock price has not fully reflected its ability to regain market share and potential for dividend growth, with a target price set at HKD 24.8 [1] Group 2 - Galaxy Entertainment (00027) is also favored by the company, with expectations of increased market share driven by the new hotel Capella and numerous major events, and a target price of HKD 55.9 with a "buy" rating [2] - MGM China (02282) is noted for its attractive valuation, with expectations to maintain a market share of 15% to 16% and a dividend yield of 5.1%, also anticipated to absorb some gaming volume from the upcoming closure of satellite casinos, with a target price of HKD 20.4 and a "buy" rating [2]