格隆汇11月20日丨澳博控股(00880.HK)宣布，于2025年11月20日，(i)买方(各自均为公司附属公司)；(ii) 梁安琪(作为担保人)；及(iii)卖方(各自均由梁安琪间接全资拥有)订立收购协议，据此，卖方已同意出售 且买方已同意收购目标公司凯旋门发展的全部已发行股本。 订约方已同意：(i)收购协议项下目标公司全部已发行股份之购买价将为其面值，即18万澳门元(或约 174,757港元)；及(ii)买方须于完成时安排偿还工商银行贷款，金额上限为1,749,825,243港元，该金额相 当于17.50亿港元(即凯旋门酒店物业之估值)减去股份购买价。买方于完成时应付的总金额为17.50亿港 元。 根据收购协议，于完成后至取得博监局批准期间，凯旋门娱乐不得收取任何服务费。订约方协定，凯旋 门娱乐将有权就有关服务费的到期应付金额向澳娱综合开具发票或以其他方式收取费用，惟有关权利仅 具效力至完成日期晚上23时59分止。 澳门旅游娱乐股份有限公司与其间接全资附属公司Konrad Investments Limited均已作出承诺，将就于成 员特别大会提呈有关本公告所载建议交易的决议案投赞成票。根据公司于公告日期 ...

格隆汇11月20日丨澳博控股(00880.HK)发布公告，有关(其中包括)董事会先前有意收购十六浦娱乐场的 所在物业及决定不再在若干卫星娱乐场继续经营博彩业务("该公告")。承接董事会先前有意收购十六浦 娱乐场的所在物业，经过全面审慎的业务评估，以及对长远业务布局、商业考量及集团整体资源优先分 配的深入考虑后，澳娱综合将不会进行该收购。是次结果反映了集团审慎务实的资本规划，以及其专注 于强化核心业务以配合市场发展和集团长远发展的战略方针。 因此，于2025年11月20日，澳娱综合与十六浦娱乐集团有限公司("十六浦"，一间由澳娱综合持有51% 权益的附属公司)，相互同意及订立终止协议("终止协议")。根据上市规则第十四A章，十六浦并非本公 司的关连人士。根据终止协议，由相同订约方订立日期为2022年12月30日(经日期为2023年3月30日的补 充协议修订)的《提供服务协议》将自2025年11月29日起提前终止("终止")。于终止后，十六浦将不再于 十六浦娱乐场向澳娱综合提供服务，而十六浦娱乐场将结束营运。 ...

Core Viewpoint - The acquisition of all issued shares of the Grand Lisboa Palace by SJM Investment Limited and Melco Resorts & Entertainment Limited is a strategic move aimed at enhancing long-term value and operational synergies for the company [1][2]. Group 1: Acquisition Details - The purchase price for the acquisition will be the par value of MOP 180,000 [1]. - The buyers are required to repay a loan from the Industrial and Commercial Bank of China, with a maximum amount of HKD 1,749,825,243, which corresponds to the valuation of HKD 1.75 billion for the Grand Lisboa Palace property minus the share purchase price [1]. - The total amount payable by the buyers upon completion will be HKD 1.75 billion [1]. Group 2: Strategic Importance - The acquisition aligns with the company's strategy to consolidate resources and create long-term value through operational synergies [2]. - The Grand Lisboa Palace is strategically located near the city center and is only a five-minute drive from the Macau Outer Harbour Ferry Terminal, enhancing its attractiveness as an asset [2]. - The acquisition is expected to generate synergies with the company's existing operations, particularly with nearby properties like the Lisboa Casino, thereby strengthening the company's market position in the Macau Peninsula [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 自願性公告 終止十六浦娛樂場之博彩營運 茲提述澳門博彩控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）於2025年 6月9日刊發的公告，內容有關（其中包括）董事會先前有意收購十六浦娛樂場的所在 物業及決定不再在若干衛星娛樂場繼續經營博彩業務（「該公告」）。 承接董事會先前有意收購十六浦娛樂場的所在物業，經過全面審慎的業務評估，以 及對長遠業務布局、商業考量及本集團整體資源優先分配的深入考慮後，澳娛綜合 將不會進行該收購。是次結果反映了本集團審慎務實的資本規劃，以及其專注於強 化核心業務以配合市場發展和本集團長遠發展的戰略方針。 因此，於2025年11月20日，澳娛綜合與十六浦娛樂集團有限公司（「十六浦」，一間 由澳娛綜合持有51%權益的附屬公司），相互同意及訂立終止協議（「終止協議」）。 根據上市規則第十四A章，十六浦並非本公司的關連人士。根據終止協議，由相同 訂約方訂立日期為2022年12月30 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對 因 本 公 告 全 部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 建議須予披露及關連交易 – 1 – (I)收購凱旋門發展有限公司全部已發行股本； (II)貸款協議；及 (III)終止凱旋門服務協議 本公司的財務顧問 新百利融資有限公司 獨立董事委員會及獨立股東的獨立財務顧問 該收購事項 董 事 會 欣 然 宣 佈，於2025年11月20日（交 易 時 段 後），(i) 買 方（各 自 均 為 本 公 司 附 屬 公 司）；(ii)梁 女 士（作 為 擔 保 人）；及(iii)賣 方（各 自 均 由 梁 女 士 間 接 全 資 擁 有）訂 立 收 購 協 議，據 此，賣 方 已 同 意 出 售 且 買 方 已 同 意 收 購 目 標 公 司 之 全 部 已發行股本。 訂 約 方 已 同 意：(i)收購協議項下目標公司全部已發行股份之購買價將為其 面 值，即180,000澳 門 元（或 約174,757港 元）；及 ...

Core Viewpoint - 澳博控股's 3Q25 performance slightly missed market expectations, with net income of HKD 7.034 billion, a year-on-year decline of 6% and a quarter-on-quarter decline of 2%, recovering to 85% of 3Q19 levels [1] Financial Performance - Adjusted EBITDA for 3Q25 was HKD 0.881 billion, down 15% year-on-year but up 28% quarter-on-quarter, recovering to 93% of 3Q19 levels, slightly below Bloomberg consensus estimate of HKD 0.896 billion [1] - Daily operating costs decreased to HKD 21.5 million, a year-on-year increase of 2.9% and a quarter-on-quarter decrease of 1.5% [1] Development Trends - Management expects all satellite casinos to close by December 31, 2025, with potential acquisitions of 十六浦 and 凯旋门 casinos by 澳博控股, anticipated to be completed by the end of 2025 [1] - To regain market share from satellite casinos, 澳博 plans to increase the number of sales and marketing personnel and integrate clients from existing satellite casino contracts [1] - 澳博 intends to enhance marketing rebate expenditures to convert target customers from satellite casinos to 上葡京 [1] - Capital expenditures are projected at HKD 2 billion for 2025 for gaming area upgrades, HKD 1.5-1.8 billion for 2026 for 横琴 hotel renovations, and HKD 1 billion for 2027 [1] Earnings Forecast and Valuation - 2025 adjusted EBITDA forecast has been lowered by 14% to HKD 3.827 billion, primarily due to the closure of satellite casinos, while the 2026 adjusted EBITDA forecast remains unchanged [2] - Current trading is at 9 times 2026 adjusted EV/EBITDA, with a target price reduced by 12% to HKD 2.20, corresponding to 8 times 2026 adjusted EV/EBITDA, indicating a 20% downside from the current stock price [2]

Group 1: Macau Gaming Industry - The gaming revenue in Macau for 2025 is expected to exceed expectations, with high-end consumption showing resilience due to supply constraints. Monthly gaming revenue from April to July consistently surpassed expectations, with October's gross gaming revenue reaching 24.1 billion MOP, a year-on-year increase of 16% [4][12] - Visitor numbers in Macau are projected to approach 2019 levels, with total inbound visitors from January to September 2025 reaching 29.67 million, a year-on-year increase of 14%, recovering to 98% of 2019 levels [12][13] - The gaming sector is experiencing upward momentum, with the gross gaming revenue recovering to 88% of 2019 levels in Q3 2025, driven by a 13% year-on-year increase [7][9] - The valuation of gaming companies is currently at low levels, presenting potential investment opportunities [15][18] Group 2: Online Travel Industry - The online travel industry is experiencing stable growth, with domestic residents' travel numbers increasing by 18% year-on-year in the first nine months of 2025, and travel spending rising by 12% [30][31] - The competitive landscape in the online travel sector remains stable, with high entry barriers due to supply chain and customer service advantages [32][33] - Tongcheng Travel is expected to see gradual improvement in profit margins, with a 14% year-on-year increase in core OTA business revenue in Q2 2025 [41][42] Group 3: Restaurant Industry - The restaurant sector is currently in a recovery phase, with the growth rate of social retail dining revenue lagging behind overall social retail growth [50][51] - The chain rate in China's restaurant services is steadily increasing, projected to rise from 15% in 2020 to 24% in 2025, although it remains below the global average of 35% [53][54] - Companies like Mixue and Gu Ming are experiencing high growth rates due to rapid store expansion and effective marketing strategies [59][60]

Investment Rating - The report does not explicitly state an investment rating for SJM Holdings Core Insights - SJM Holdings reported a net revenue of HKD 7.03 billion for 25Q3, a decrease of 6.2% year-on-year and 1.7% quarter-on-quarter, with adjusted EBITDA of HKD 0.88 billion, down 15.0% year-on-year but up 28.1% quarter-on-quarter, resulting in an adjusted EBITDA margin of 12.5%, down 1.3 percentage points year-on-year [1][9][13] - The company's market share in 25Q3 was 11.8%, down from 12.3% in 25Q2 and 13.9% in 24Q3, indicating a slight decline in competitive positioning [6][14] Summary by Sections Financial Performance - In 25Q3, SJM Holdings achieved a net revenue of HKD 7.03 billion, with gaming and non-gaming contributions of HKD 6.54 billion and HKD 0.5 billion respectively, reflecting year-on-year changes of -6.5% and -1.4% [2][10] - The total betting amount, excluding satellite casinos, reached HKD 55.41 billion, up 21.1% year-on-year and 3.5% quarter-on-quarter, with VIP, mass, and slot machine betting amounts showing significant increases [3][11] - The gross gaming revenue (GGR) was HKD 7.14 billion, down 4.7% year-on-year and lower than the industry growth rate of +12.5%, with a quarter-on-quarter decline of 1.8% [4][12] Property Performance - The adjusted EBITDA for Grand Lisboa Palace was HKD 0.11 billion, with an adjusted EBITDA margin of 5.8%, while Grand Lisboa's adjusted EBITDA was HKD 0.47 billion with a margin of 23.5% [5][13] - The total revenue from Grand Lisboa Palace and Grand Lisboa was HKD 1.91 billion and HKD 2.0 billion respectively, with year-on-year changes of +7.4% and -0.7% [2][10] Market Dynamics - The company's market share has declined, attributed to the closure of satellite casinos, which may impact overall market positioning but could enhance profitability [7][14] - Capital expenditures in 25Q3 were HKD 0.412 billion, primarily for property renovations and equipment [7]

Core Viewpoint - Morgan Stanley's report indicates that the acquisition of the Parisian Macao and the Studio City satellite casino by Suncity Group Holdings (00880) in Q4 is expected to further increase the company's debt ratio, leading to a target price of HKD 2.8 and a "Reduce" rating [1] Financial Performance - Suncity Group's Q3 EBITDA was HKD 881 million, representing a 28% quarter-on-quarter increase but a 15% year-on-year decline, aligning with both Morgan Stanley's and market expectations [1] - The market share in the mass gaming segment decreased by 110 basis points, primarily due to the underperformance of satellite casino operations [1] - The full-year EBITDA forecast for the group is HKD 3.529 billion, implying a required quarter-on-quarter growth of 14% to reach HKD 1.002 billion in Q4, which Morgan Stanley considers overly optimistic [1] Debt and Expenses - The group's net debt reached HKD 21.8 billion in Q3, with a net debt to EBITDA ratio of 6.2 times, the highest in the Macau industry over the past 12 months [1] - Daily operating expenses for Q3 were HKD 21.5 million, remaining stable quarter-on-quarter; however, the closure of satellite casinos is expected to increase daily costs by HKD 3.5 million to HKD 3.7 million [1] Management Expectations - Management anticipates that the transfer of 100 new gaming tables and a strong marketing team from the satellite casinos will enhance the performance of the high-end business at the Grand Lisboa next year [1]

Core Viewpoint - Morgan Stanley predicts that the acquisition of the Parisian Macao and the Studio City satellite casinos by SJM Holdings (00880) in Q4 will further increase the company's debt ratio, leading to a target price of HKD 2.8 and a "Reduce" rating [1] Financial Performance - SJM Holdings reported an EBITDA of HKD 881 million for Q3, representing a quarter-on-quarter increase of 28% but a year-on-year decline of 15%, aligning with market expectations [1] - The market anticipates that the total EBITDA for the year will reach HKD 3.529 billion, indicating a need for a quarter-on-quarter growth of 14% to HKD 1.002 billion in Q4, which Morgan Stanley considers overly optimistic [1] Market Share and Debt Levels - The company's market share in the mass gaming segment decreased by 110 basis points, primarily due to the underperformance of satellite casino operations [1] - As of Q3, SJM Holdings' net debt reached HKD 21.8 billion, with a net debt to EBITDA ratio of 6.2 times, the highest in the Macau industry [1] Operating Expenses - The daily operating expenses for Q3 were HKD 21.5 million, remaining stable quarter-on-quarter; however, the closure of satellite casinos is expected to increase daily costs by HKD 3.5 million to HKD 3.7 million [1] - Management aims to enhance the performance of the high-end business at the Grand Lisboa through the transfer of 100 new gaming tables and a strong marketing team next year [1]