Investment Rating - The investment rating for the company has been downgraded to "Hold" from "Buy" [1][10][11] Core Views - The target price has been adjusted to HKD 3.00, up from HKD 2.60, reflecting a valuation based on an EV/EBITDA multiple of 8.8x for 2026 [10][11] - The company's market share in the first half of 2025 reached 12.9%, a slight increase from 12.5% in the first half of 2024, but a decrease from 13.5% in the first quarter of 2025 [6][10] - The adjusted EBITDA for the second quarter of 2025 was HKD 690 million, a year-on-year decrease of 21% and a quarter-on-quarter decrease of 28% [6][10] Financial Performance - Revenue projections for the company are as follows: - 2024: HKD 28,769 million - 2025E: HKD 31,184 million (up 8.39% from 2024) - 2026E: HKD 32,248 million (up 3.41% from 2025) - 2027E: HKD 33,247 million (up 3.10% from 2026) [5] - Net profit attributable to the parent company is projected as follows: - 2024: HKD 3.20 million - 2025E: HKD 810.26 million (up 25,221% from 2024) - 2026E: HKD 1,122 million (up 38.46% from 2025) - 2027E: HKD 1,373 million (up 22.37% from 2026) [5] - The company's EBITDA margin for the second quarter of 2025 was 9.6%, down from 12.8% in the first quarter of 2025 [6][10] Market Analysis - The company's GGR (Gross Gaming Revenue) for the second quarter of 2025 was HKD 7.27 billion, a year-on-year increase of 5% but a quarter-on-quarter decrease of 4% [7][10] - The VIP segment's revenue was HKD 460 million, down 14% year-on-year and 28% quarter-on-quarter, indicating a recovery to only 13% of the levels seen in the second quarter of 2019 [7][10] - The mass market segment generated HKD 6.1 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 2% [7][10] Strategic Developments - The company is actively developing non-gaming businesses, including hosting various sports events and expanding its high-end dining options [9][10] - The company plans to end operations at several satellite casinos by the end of 2025, with some properties potentially being integrated into new gaming areas [8][10]

Investment Rating - The report maintains an "Outperform" rating for 澳博控股 (00880) [1] Core Views - The company's 1H25 performance was below expectations, with total revenue of 14.6 billion HKD, a year-on-year increase of 6%. EBITDA decreased by 5% to 1.65 billion HKD, and the net loss widened from 160 million HKD in 1H24 to 180 million HKD, primarily due to underperformance in the 上葡京 project [6] - The earnings per share (EPS) forecast for 2025 has been revised down from 0.3 HKD to 0.01 HKD, with projections for 2026 and 2027 set at 0.12 HKD and 0.17 HKD, respectively. The target price has been adjusted from 3.7 HKD to 3.3 HKD, indicating a potential upside of 13% [6] - The company plans to acquire a portion of the 葡京酒店 for a total consideration of 529 million HKD, which will expand the operational area of the 葡京娱乐场 by an additional 7,504 square meters, positioning it as the largest integrated resort on the Macau Peninsula [6] Financial Data and Earnings Forecast - Revenue projections for 澳博控股 are as follows: - 2023: 21,624 million HKD - 2024: 28,770 million HKD - 2025E: 29,542 million HKD - 2026E: 26,978 million HKD - 2027E: 27,278 million HKD - The year-on-year growth rates for revenue are projected at 224% for 2023, 37% for 2024, 3% for 2025, -8% for 2026, and 1% for 2027 [5] - The net profit attributable to shareholders is forecasted as follows: - 2023: -2,010 million HKD - 2024: 3 million HKD - 2025E: 84 million HKD - 2026E: 824 million HKD - 2027E: 1,177 million HKD - The corresponding year-on-year growth rates for net profit are projected at 2512% for 2025, 886% for 2026, and 43% for 2027 [5]

Core Viewpoint - The Macau gaming sector shows strong performance with record monthly gross gaming revenue and increased tourist arrivals, indicating a positive outlook for the industry [1] Group 1: Gaming Revenue - Macau's gross gaming revenue for August reached 22.16 billion MOP, marking a new monthly high for the year, with a month-on-month increase of 0.14% and a year-on-year increase of 12.2% [1] - From January to August, the total gross gaming revenue amounted to 163.05 billion MOP, reflecting a year-on-year growth of 7.2% [1] Group 2: Tourist Arrivals - The Macau Public Security Police reported that the number of inbound tourists during the summer of 2025 (July to August) reached 7.68 million, averaging 123,000 visitors per day, which is a year-on-year increase of 15.2% [1] Group 3: Stock Performance - Major gaming stocks in Hong Kong saw gains, with SJM Holdings up 2.40%, Galaxy Entertainment up 2.14%, and Sands China up 1.29% among others [1]

Core Viewpoint - Goldman Sachs reports a significant decline in EBITDA for Austar Holdings (00880) in Q2, dropping 28% quarter-on-quarter to HKD 688 million, primarily due to a decrease in VIP win rate to 2.4% [1] Financial Performance - Adjusting for a theoretical win rate of 3.3%, EBITDA's quarter-on-quarter decline narrows to 13%, amounting to HKD 802 million, aligning with prior expectations but still significantly below market expectations of HKD 800 million to HKD 1.05 billion [1] - The forecast for Austar's EBITDA from 2025 to 2027 has been revised down by 12% to an increase of 2% [1] Target Price and Rating - The target price for Austar has been raised from HKD 2.7 to HKD 3.1, while maintaining a "Neutral" rating [1]

FF301 第 1 頁 共 12 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 澳門博彩控股有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00880 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 7,101,805,366 | | 0 | | 7,101,805,366 | | 增加 / 減少 (-) | | | 0 | ...

Core Viewpoint - Citi's research report expresses optimism regarding the acquisition of approximately 7,504 square meters of floor space in the Lisboa Hotel by SJM Holdings from its controlling shareholder, which will be converted into a new gaming area [1] Group 1: Acquisition Details - The acquisition price for the Lisboa Hotel space is set at HKD 529 million [1] - Over 110 gaming tables are expected to be redeployed from closed satellite casinos to this new gaming area, which is anticipated to generate higher EBITDA [1] Group 2: Financial Projections - Citi has raised its earnings forecast for SJM Holdings for the years 2026 to 2027 by 34% to 50% [1] - The target price for SJM Holdings has been increased from HKD 2.3 to HKD 2.8 [1] Group 3: Market Share and Debt Concerns - The report maintains a "Sell" rating due to expectations that market share will be difficult to recover in the short term [1] - The acquisition of the Grand Lisboa and the Lisboa Palace will inevitably increase the company's debt ratio, indicating limited opportunities for dividend recovery in the short term [1]

Core Viewpoint - The performance of 澳博控股 in 2Q25 fell short of market expectations, with a net income of HKD 7.16 billion, reflecting a 4% year-on-year growth but a 4% quarter-on-quarter decline, returning to 85% of the level seen in 2Q19 [1] Financial Performance - The adjusted EBITDA for the company was HKD 688 million, down 21% year-on-year and 28% quarter-on-quarter, recovering to 69% of the level in 2Q19, and was below Bloomberg's consensus estimate of HKD 939 million [1] - Daily operating costs increased by HKD 900,000, representing a 9.9% year-on-year growth and a 4.4% quarter-on-quarter growth, with management expecting future daily operating costs to continue rising by HKD 100,000 to HKD 200,000 [1] Development Trends - 澳博 signed an agreement with 澳娱综合 to acquire 7,504 square meters of space in the 澳门葡京酒店 for HKD 539 million, which is expected to allow the allocation of 25-35% of the satellite gaming tables (458 tables) in the newly acquired area, potentially doubling the number of gaming tables at the 澳门葡京酒店 [1] - Management plans to increase marketing rebate expenditures to compete with peers in Macau [1] - The company is seeking to raise funds through mortgage loans for the acquisition of 澳门凯旋门 and 十六浦 properties by the end of 2025, and will refinance a USD 500 million bond maturing in January 2026 through bank loans [1] Earnings Forecast and Valuation - The adjusted EBITDA forecasts for 2025 and 2026 remain unchanged, with the company's stock price corresponding to a 10x adjusted EV/EBITDA for 2025 [2] - The target price has been raised by 19% to HKD 2.50, corresponding to an 8x adjusted EV/EBITDA for 2H25e+1H26e, indicating a 25% downside potential from the current stock price [2]

Core Viewpoint - 澳博控股 reported a significant increase in losses for the first half of the year, leading to a decline in stock price and the decision not to distribute an interim dividend [1] Financial Performance - Total revenue from gaming, hotel, dining, retail, leasing, and related services reached HKD 14.639 billion, an increase of 6.07% year-on-year [1] - Shareholders' attributable loss amounted to HKD 1.82 billion, representing a year-on-year increase of 12.19% [1] - Basic loss per share was HKD 0.026 [1] - Adjusted EBITDA decreased by 5.1% to HKD 1.646 billion, with an adjusted EBITDA margin dropping by 1.4 percentage points to 11.2% [1] Strategic Developments - 澳博控股 announced the acquisition of part of the Lisboa Hotel from its controlling shareholder for HKD 5.29 billion [1] - The company anticipates that this property will allow for the expansion of existing business at the Lisboa Casino, including the addition of new facilities and gaming areas [1] - 澳博控股 plans to support the gaming operations at this property with certain gaming tables and slot machines from a satellite casino expected to cease operations by the end of 2025 [1]

Core Viewpoint - 澳博控股 reported a mixed performance in its interim results, with revenue growth but increased losses, leading to a significant drop in stock price [1] Financial Performance - Total revenue from gaming, hotel, dining, retail, leasing, and related services reached HKD 14.639 billion, representing a year-on-year increase of 6.07% [1] - The company reported a shareholder loss of HKD 1.82 billion, which is a year-on-year increase of 12.19% [1] - Basic loss per share was HKD 0.026 [1] - Adjusted EBITDA decreased by 5.1% to HKD 1.646 billion, with the adjusted EBITDA margin declining by 1.4 percentage points to 11.2% [1] Strategic Developments - 澳博控股 announced the acquisition of part of the Lisboa Hotel property from its controlling shareholder for HKD 529 million [1] - The company anticipates that this property will allow for the expansion of existing business at the Lisboa Casino, including the addition of new facilities and gaming areas [1] - 澳博控股 plans to support the gaming operations at this property with several gaming tables and slot machines from a satellite casino expected to cease operations by the end of 2025 [1]

澳博控股(00880)发布截至2025年6月30日止六个月中期业绩，博彩、酒店、餐饮、零售、租赁及相关服 务收益146.39亿港元，同比增加6.07%;股东应占亏损1.82亿港元，同比扩大12.19%;每股基本亏损2.6港 仙。 公告称，收益增幅主要是由博彩收益所致。 公司的附属公司澳娱综合度假股份有限公司(澳娱综合)于2025年上半年的博彩净收益为136.28亿港元， 2024年上半年则为128.97亿港元。 澳娱综合占澳门博彩毛收益的12.9%，当中包括占中场赌枱博彩毛收益的16.1%及占贵宾博彩毛收益的 3.7%。 上葡京综合度假村的毛收益为36.26亿港元，包括博彩毛收益29.36亿港元及非博彩收益6.90亿港元，而 2024年上半年则取得博彩毛收益23.25亿港元及非博彩收益6.31亿港元。上葡京综合度假村的经调整物业 EBITDA为8,200万港元，而2024年上半年则为1.92亿港元。 新葡京的毛收益为37.60亿港元，包括博彩毛收益35.82亿港元及非博彩收益1.78亿港元，而2024年上半 年则取得博彩毛收益36.60亿港元及非博彩收益1.40亿港元。新葡京的经调整物业EBITDA为8.63 ...