Core Insights - UBS reports that due to calendar effects, the average daily gaming revenue over the past week was approximately 693 million MOP, lower than the approximately 800 million MOP in the first four days of the month [1] - Year-to-date, the average daily gaming revenue stands at a solid approximately 732 million MOP, reflecting a year-on-year growth of about 24% and a month-on-month increase of about 9%, outperforming the seasonal growth of approximately 2% from 2015 to 2019 [1] - In terms of business segments, the mass market gaming revenue daily run rate increased by 8% to 10% month-on-month, while the VIP room turnover grew by 6% to 8%, with a win rate of 2.7% to 2.9%, compared to a win rate below 3% in December [1] Market Expectations - Based on market expectations, the average daily gaming revenue for January is projected to be approximately 677 million MOP, representing a year-on-year growth of about 15%, which implies that the average daily run rate for the remaining 20 days of January needs to reach approximately 647 million MOP [1] Valuation Metrics - The gaming sector is currently trading at 8.8 times the estimated enterprise value/EBITDA for 2026, which is 0.6 standard deviations below its two-year average [1] - UBS prefers Galaxy Entertainment (00027) and Wynn Macau (01128) as its top picks in this sector [1]

Core Viewpoint - UBS reports that due to calendar effects, the average daily gaming revenue in the past week was approximately MOP 693 million, lower than the MOP 800 million in the first four days of the month, indicating a solid average daily revenue of MOP 732 million for the month to date, representing a year-on-year increase of about 24% and a month-on-month increase of about 9% [1] Summary by Sections Gaming Revenue Performance - The average daily gaming revenue for the month to date is approximately MOP 732 million, which is a year-on-year increase of about 24% and a month-on-month increase of about 9% [1] - The average daily gaming revenue in the past week was approximately MOP 693 million, lower than the MOP 800 million in the first four days of the month [1] - The seasonal performance from 2015 to 2019 showed a month-on-month growth of about 2%, indicating that the current performance is better than historical trends [1] Business Segment Analysis - The mass market gaming revenue daily run rate increased by 8% to 10% month-on-month [1] - The VIP room turnover increased by 6% to 8% month-on-month, with a win rate of 2.7% to 2.9%, compared to a win rate below 3% in December [1] Market Expectations - The market expects an average daily gaming revenue of approximately MOP 677 million for January, which represents a year-on-year growth of about 15% [1] - To meet this expectation, the average daily run rate for the remaining 20 days of January needs to reach approximately MOP 647 million [1] Valuation Metrics - The sector is currently trading at 8.8 times the estimated enterprise value/EBITDA for 2026, which is 0.6 standard deviations below its two-year average [1] - UBS prefers Galaxy Entertainment (00027) and Wynn Macau (01128) as top picks in this sector [1]

Group 1 - The core viewpoint of the article is that Citigroup expects the EBITDA of the Macau gaming industry to grow by 14% year-on-year in the fourth quarter of last year, with Galaxy Entertainment (00027) projected to achieve a 31% year-on-year EBITDA growth due to several concerts being held at Galaxy Macau and improved performance in the VIP gaming segment [1] - Citigroup believes that Galaxy Entertainment's potential EBITDA growth is above the industry average, which is likely to drive the stock price up in the short term [1] - The target price set by Citigroup for Galaxy Entertainment is HKD 54, with a "Buy" rating assigned to the company [1]

Core Viewpoint - Citi's report indicates that the operating leverage of the Macau gaming sector should have significantly improved in Q4 2022, if not for additional operational expenses related to the NBA China Games and the 15th National Games, as well as costs associated with the closure of satellite casinos by SJM Holdings [1] Group 1: Industry Performance - The gaming sector's gross gaming revenue is expected to increase by 15% year-on-year, leading to an estimated EBITDA growth of 13% to $2.246 billion for the quarter [1] - The industry EBITDA margin is projected to rise by half a percentage point year-on-year to 27.5% [1] Group 2: Company-Specific Insights - Galaxy Entertainment (00027) and MGM China (02282) are likely to show the most significant quarter-on-quarter improvement in market share, while Sands China (01928) is also expected to see a quarter-on-quarter increase [1] - SJM Holdings is anticipated to experience the largest market share loss in the quarter, primarily due to the closure of its satellite casinos [1] - Wynn Macau's market share is expected to remain stable quarter-on-quarter [1] Group 3: EBITDA Projections - Among the six gaming operators, Galaxy Entertainment is expected to see the largest EBITDA improvement, with a year-on-year increase of 31% to HKD 4.239 billion, benefiting from concert events and favorable VIP win rates [1] - Sands China's EBITDA is projected to grow by 8% year-on-year to $616 million, which is about 5% lower than market expectations, mainly due to additional operational expenses from the NBA China Games in October and the National Games in November [1]

Core Viewpoint - Citi's report indicates that the profitability preview for Macau gaming stocks in Q4 last year shows that operational leverage in the industry should have significantly improved, excluding additional operational expenses related to the NBA China Games and the 15th National Games, as well as costs associated with the closure of satellite casinos by SJM Holdings (00880) [1] Group 1: Industry Performance - The industry’s EBITDA is expected to increase by 13% year-on-year to $2.246 billion, supported by a 15% year-on-year rise in gross gaming revenue [1] - The EBITDA margin for the industry is projected to rise by half a percentage point year-on-year to 27.5% [1] Group 2: Company-Specific Insights - Galaxy Entertainment (00027) and MGM China (02282) are likely to see the largest quarter-on-quarter improvement in market share among operators [1] - Sands China (01928) is also expected to see a quarter-on-quarter increase in market share, while SJM is anticipated to experience the largest market share loss due to the closure of satellite casinos [1] - Wynn Macau's market share is expected to remain stable quarter-on-quarter [1] Group 3: EBITDA Projections - Among the six gaming operators, Galaxy Entertainment is expected to show the most significant EBITDA improvement, with a year-on-year increase of 31% to HKD 4.239 billion, benefiting from concert events and favorable VIP win rates [1] - Sands China’s EBITDA is projected to grow by 8% year-on-year to $616 million, which is about 5% lower than market expectations, primarily due to additional operational expenses from the NBA China Games in October and the National Games in November last year [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry is experiencing significant growth, with a 15% increase in gaming revenue, and an expected EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - The report anticipates that the revenue shares of Galaxy Entertainment (00027), Sands China (01928), and MGM China (02282) will increase compared to the previous year [1] - Investors are expected to focus on EBITDA profit margins and dividends ahead of the earnings releases [1] Group 2 - The target price for Wynn Macau (01128) has been revised down from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5 [1] - Both Galaxy Entertainment and MGM China are highlighted as preferred stocks in the industry [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry experienced a 15% increase in gaming revenue, leading to an expected EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - The report anticipates that the market share of Galaxy Entertainment (00027), Sands China (01928), and MGM China (02282) will increase compared to the previous year [1] - Investors are expected to focus on EBITDA profit margins and dividends ahead of the earnings releases [1] Group 2 - The company has revised its earnings forecasts by incorporating actual gaming revenue data for the fourth quarter of 2025 and adjusting market share and profit margin predictions [1] - The target price for SJM Holdings (01128) has been lowered from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5, maintaining an outperform rating for both companies [1] - Galaxy Entertainment and MGM China remain the preferred stocks in the industry [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry is expected to see a year-on-year EBITDA growth of 14% in the fourth quarter of last year, with Galaxy Entertainment's EBITDA growing by 31% during the same period [1] - The growth in Galaxy Entertainment's EBITDA is attributed to multiple concerts being held at Galaxy Macau and improved performance in the VIP gaming segment [1] - Citi believes that Galaxy Entertainment's potential EBITDA growth is above the industry average, which is likely to drive the stock price up in the short term; the target price is set at HKD 54 with a "Buy" rating [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry experienced a 15% increase in gaming revenue, leading to an expected year-on-year EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - EBITDA margins and dividends are highlighted as key focus areas for investors ahead of earnings releases [1] - Galaxy Entertainment and MGM China are identified as the preferred stocks in the industry [1] Group 2 - The target price for Wynn Macau has been lowered from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5 [1] - Both companies continue to receive a "outperform" rating from the firm [1]

Core Viewpoint - Goldman Sachs reports an improvement in high-end luxury goods consumption in Hong Kong, Hainan, and other cities in China, which is expected to support the recovery of retail sales for Galaxy Entertainment (00027) with a projected adjusted EBITDA of HKD 3.6 billion for the last quarter, potentially exceeding this figure, maintaining a "Buy" rating with a target price of HKD 53.7 [1] Group 1 - Recent improvements in high-end luxury goods consumption in specific regions are noted, indicating a positive trend for the retail sector [1] - Galaxy Entertainment's management revealed an increase in market share during the fourth quarter, with an estimated quarterly rise of 1.4 percentage points to 21.8%, surpassing previous targets [1] - The increase in market share is believed to be partially driven by higher-than-normal VIP room win rates [1]