Core Viewpoint - The Macau gaming stocks experienced a significant decline due to the impending threat of Typhoon Haikui, with the government issuing warnings and potentially requiring casinos to suspend operations [1] Group 1: Stock Performance - SJM Holdings (00200) fell by 4.03%, trading at HKD 5.24 [1] - MGM China (02282) decreased by 2.49%, trading at HKD 15.66 [1] - Galaxy Entertainment (00880) dropped by 2.52%, trading at HKD 3.1 [1] - Wynn Macau (01128) declined by 1.99%, trading at HKD 6.88 [1] Group 2: Government Response - The Macau Meteorological and Geophysical Bureau issued a No. 3 warning at 5 AM on the 23rd, with expectations to upgrade to No. 8 by 5 PM [1] - The government has activated its emergency response mechanism and is implementing evacuation plans for low-lying areas [1] Group 3: Revenue Forecast - Citigroup revised its forecast for Macau's total gaming revenue in September from MOP 19.5 billion to MOP 18.5 billion, reflecting a year-on-year growth of 7% [1] - This adjustment indicates that the gaming revenue for the remaining days of the month is expected to average approximately MOP 561 million per day [1]

智通财经APP获悉，博彩股午后跌幅扩大，截至发稿，新濠国际发展(00200)跌4.03%，报5.24港元；美 高梅中国(02282)跌2.49%，报15.66港元；澳博控股(00880)跌2.52%，报3.1港元；永利澳门(01128)跌 1.99%，报6.88港元。 花旗发布研报称，澳门特区政府已发出警示，若本周超强台风桦加沙触发八号或以上热带气旋警告信 号，将要求赌场暂停营业。因此，该行将9月的博彩总收入预测由195亿下调至185亿澳门元，按年增长 7%，相当于2019年同期约84%，意味今个月余下时间的日均博彩收入约5.61亿澳门元。 消息面上，为防范超强台风"桦加沙"，澳门特区政府地球物理气象局23日5时发出三号风球，预计将在 17时改发八号风球。澳门特区政府已全面启动应急机制。据悉，澳门将进入即时预防状态，将执行低洼 地区疏散撤离计划。 ...

Dear non-registered shareholder(s) (Note) , SJM Holdings Limited (the "Company") Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") and Arrangement of Electronic Dissemination of the Current Corporate Communication The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at https://www.sjmholdings.com and the website of The Stock Exchange of Hong Kong Limited at https://www.hkexnews.hk (the "HKEX's website") or ...

各位登記股東： 倘 閣下選擇收取公司通訊的印刷本，本公司將向 閣下寄發所選擇的公司通訊語言版本，除非及直至 閣下以書面通 知本公司股份過戶登記處或以電郵方式把通知發送至 sjm.ecom@computershare.com.hk，告知希望以其他（或兩種）語言 版本或以電子形式透過本公司網站及／或聯交所網站（即網上版本）收取公司通訊。 閣下有權隨時在給予合理時間的 書面通知的情況下，通知本公司股份過戶登記處，或以電郵方式把通知發送到上述的電郵地址，並註明 閣下的姓名、地 址及要求，以更改收取公司通訊的語言版本或收取方式的選擇。 閣下收取印刷本之要求將一直維持，直至該指示被撤 銷、取代、或逾期，或自收到 閣下之指示日期的一年內有效（以較早者為準）。 倘 閣下選擇以電子形式收取所有公司通訊（或被視為已同意以電子形式收取），如因任何理由以致收取或接收公司通 訊上出現困難，只要提出要求，均可盡快獲免費發送公司通訊的印刷本。該要求不會構成變更 閣下收取公司通訊之 選擇。 如 閣下對本函件有任何疑問，請於辦公時間星期一至五（香港公眾假期除外）上午9時正至下午6時正（香港時間）期間 致電股份過戶登記處(852) 2862 8 ...

2025 中期報告 INTERIM REPORT SJM HO LDINGS LIMITED 企業簡介 目 錄 澳門博彩控股有限公司（「本公司」）及 其附屬公司（統稱「本集團」）為中華人 民共和國澳門特別行政區（「澳門」）娛 樂場及綜合娛樂度假村的領先擁有 者、經營者和發展商。本公司的主要 附屬公司澳娛綜合度假股份有限公司 （「澳娛綜合」）是澳門六家獲授博彩經 營批給合同的公司之一，獲澳門政府 授權經營娛樂場及博彩區域。澳娛綜 合亦是唯一植根澳門的娛樂博彩承批 公司。 澳娛綜合擁有和經營上葡京綜合度假 村、新葡京酒店及娛樂場，以及其他 位處澳門重要據點的娛樂場。其營運 涵蓋娛樂場博彩以及多元的休閒設施 及酒店服務，包括酒店住宿、高級和 休 閒 餐 飲、購 物、健 康 和 水 療 設 施， 以及可供會議、活動及文化展覽的場 地，以迎合廣泛賓客的需求。 本集團位於路氹的上葡京綜合度假村 設有三座酒店大樓 — 澳 門 上 葡 京、 THE KARL LAGERFELD 及 Palazzo Versace 澳門，提供豪華酒店客房和套房，以 及多元的酒店服務。 澳門博彩控股有限公司 中期報告 INTERIM REPOR ...

Investment Rating - The report indicates a positive outlook for the Macau gaming industry, expecting GGR growth momentum to continue into the second half of 2025, with overall performance anticipated to exceed that of the first half of 2025 [2][9]. Core Insights - The Macau gaming market has shown better-than-expected performance from June to August, achieving double-digit GGR growth driven by factors such as RMB appreciation, stock market recovery, and strong tourism demand [2][9]. - The premium mass segment is leading GGR growth, surpassing pre-pandemic levels, while the mass market has yet to recover fully [2][9]. - Companies are actively positioning themselves in the premium mass segment, enhancing their offerings with luxury accommodations and services, leading to intense competition [2][9]. Company Summaries SJM Holdings - The company saw an increase in market share in September, particularly on the Macau Peninsula, attributed to a rise in day-trip visitors [10]. - The mass market business performed exceptionally well, with high profit margins expected to boost EBITDA margins [10]. - Confidence in performance for Q3 2025 is high, with expectations to surpass Q2 and Q1 2025 levels [10]. Sands China - The company is focusing on building competitiveness in the premium mass segment, adding numerous rooms and facilities [11]. - It is the last among six gaming enterprises to target the premium mass segment, aiming to regain lost advantages over the past two years [11]. - Capital expenditures will be directed towards a new convention center and garden, with no short-term increase in room numbers [11]. MGM China - Growth trends are expected to continue into the second half of 2025, with positive hotel booking data for September and October [12]. - The company is actively gaining market share in the premium mass segment, which is anticipated to enhance EBITDA profit margins [12]. - New high-end villas and the upcoming Alpha Club targeting ultra-high-end clientele are expected to boost revenue and profit margins [12]. Galaxy Entertainment - The company performed well in August, benefiting from a concert, with stable sales data from shopping centers [13]. - It expects steady improvement in EBITDA profit margins and remains optimistic about next year's performance growth [13]. - The company is advancing a project to add 1,500 guest rooms, expected to be completed by 2027, enhancing its competitiveness in the premium mass segment [13]. Industry Events - Numerous entertainment and sports events in the second half of 2025 are expected to significantly contribute to tourism and GGR growth in Macau [14]. - Upcoming events include concerts by popular artists and the NBA China Games, which are anticipated to attract significant visitor numbers [14][16].

Core Viewpoint - Morgan Stanley has downgraded the target price for Melco Resorts & Entertainment (00880) from HKD 3 to HKD 2.8, maintaining a "Reduce" rating due to disappointing interim results and expectations of continued market share loss [1][2] Group 1: Financial Performance and Projections - The company is expected to have a free cash flow equity (FCFE) yield of 8.5% by 2026 [1] - Morgan Stanley has reduced its EBITDA forecasts for Melco by 21% for this year and 8% for next year, along with a significant cut in earnings per share forecasts by 81% and 24% respectively [2] - The current enterprise value to EBITDA multiple for Melco is 13 times, with a projected free cash flow yield of only 4.1%, which is the lowest among peers [2] Group 2: Market Position and Competition - Melco's market share in the second quarter is projected to be 7.7%, down from 9.3% in 2024, compared to competitors like Sands China (24%), Galaxy Entertainment (19%), and MGM China (16.9%) [1] - The company plans to expand the Lisboa Hotel and acquire two satellite casino properties to increase its market share in the Macau Peninsula [1] Group 3: Financial Health - Melco's balance sheet remains tight, with net debt at 6.5 times EBITDA, the highest among its peers, while Sands China and MGM China have net debt at 2.8 times and 2 times EBITDA respectively [1]

Core Viewpoint - Morgan Stanley has downgraded the target price for Austra Holdings (00880) from HKD 3 to HKD 2.8, maintaining a "Reduce" rating due to disappointing interim results and expectations of market share loss [1][2] Group 1: Target Price and Ratings - The target price for Austra Holdings has been reduced to HKD 2.8 from HKD 3 [1] - The company is rated as "Reduce" by Morgan Stanley [1] Group 2: Financial Performance and Projections - The expected free cash flow equity (FCFE) yield for 2026 is projected at 8.5% [1] - EBITDA forecasts for Austra Holdings have been cut by 21% for this year and 8% for next year, with earnings per share estimates reduced by 81% and 24% respectively [2] - The company needs an 18% growth rate in EBITDA for the first half to meet market expectations for the full year, which may lead to further downward adjustments [2] Group 3: Market Position and Competitiveness - Austra Holdings is expected to lose market share, with a projected second-quarter market share of 7.7% compared to 9.3% in 2024 [1] - Competitors such as Sands China (01928), Galaxy Entertainment (00027), and MGM China have market shares of 24%, 19%, and 16.9% respectively [1] Group 4: Financial Health and Debt Levels - The company's net debt is 6.5 times its EBITDA, the highest among peers, while Sands China and MGM China have net debt to EBITDA ratios of 2.8 times and 2 times respectively [1] - The predicted enterprise value to EBITDA multiple for Austra Holdings is 13 times, with a free cash flow yield of only 4.1%, the lowest in the industry [2]

Investment Rating - The report does not explicitly state an investment rating for SJM Holdings, but it provides detailed financial performance metrics that may inform investment decisions. Core Views - SJM Holdings reported a net revenue of HKD 14.64 billion for 25H1, a year-on-year increase of 6.1%, while adjusted EBITDA decreased by 5.1% to HKD 1.65 billion, with an adjusted EBITDA margin of 11.2%, down 1.3 percentage points year-on-year [8][12] - In 25Q2, net revenue reached HKD 7.16 billion, up 4.0% year-on-year, but down 4.3% quarter-on-quarter. Gaming revenue contributed HKD 6.68 billion, a 3.8% increase year-on-year [2][9] - The company's gaming gross revenue (GGR) for 25Q2 was HKD 7.27 billion, reflecting a year-on-year increase of 5.4%, but this growth rate was below the industry average of 8.3% [3][10] - The adjusted EBITDA for 25Q2 was HKD 0.69 billion, down 20.9% year-on-year and 28.2% quarter-on-quarter, with a margin of 9.6%, indicating a decline in profitability [4][11] Financial Performance Summary - For 25H1, SJM Holdings achieved a net revenue of HKD 14.64 billion, with adjusted EBITDA of HKD 1.65 billion and an EBITDA margin of 11.2% [8] - In 25Q2, the breakdown of net revenue included HKD 6.68 billion from gaming and HKD 0.48 billion from non-gaming activities, with respective year-on-year changes of +3.8% and +7.1% [2][9] - The GGR composition showed that VIP, mass market, and slot machines generated HKD 0.46 billion, HKD 6.1 billion, and HKD 0.71 billion, with year-on-year changes of -13.9%, +5.6%, and +20.9% respectively [3][10] Market Share and Strategic Developments - SJM Holdings' market share in 25Q2 was 12.5%, a decrease of 1.2 percentage points from 25Q1 [5][12] - The company plans to acquire a property near the Hengqin Port for conversion into a three-star hotel with approximately 250 rooms, expected to be completed within 24 months after obtaining necessary permits [5] - Additionally, SJM Holdings intends to purchase a former gaming area within the Lisboa Hotel for HKD 529 million, aiming to enhance operational efficiency and profitability [6]

Group 1: Financial Performance - Company reported total revenue of 14.6 billion HKD for 1H25, a year-on-year increase of 6% [1] - EBITDA decreased by 5% year-on-year to 1.65 billion HKD, with EBITDA margin declining by 1.3 percentage points to 11.2% [1] - Net loss widened from 160 million HKD in 1H24 to 180 million HKD in 1H25, primarily due to underperformance of the Lisboa project [1] Group 2: Earnings Forecast - Earnings per share forecast for 2025 revised down from 0.30 HKD to 0.01 HKD, with new forecasts introduced for 2026 at 0.12 HKD and 2027 at 0.17 HKD [1] - Target price adjusted down from 3.7 HKD to 3.3 HKD, indicating a potential upside of 13% [1] Group 3: Second Quarter Performance - In 2Q25, gross gaming revenue increased by 5% year-on-year, with mass gaming revenue up by 6% and VIP gaming revenue down by 14% [1] - EBITDA for 2Q25 fell by 21% year-on-year to 688 million HKD, with the Lisboa project's EBITDA turning from a profit of 104 million HKD in 2Q24 to a loss of 6.6 million HKD [1] Group 4: Acquisition Plans - Company announced plans to acquire part of the Lisboa Hotel for a total consideration of 529 million HKD, aiming to expand the operational area of the Lisboa Casino by an additional 7,504 square meters [2] - The acquisition is expected to enhance the overall operations of the integrated resort, making it the largest on the Macau Peninsula [2] - The company plans to redistribute gaming tables and slot machines from satellite casinos that will cease operations by the end of 2025 [2] Group 5: Industry Outlook - Company maintains an "overweight" rating, citing resilience in the gaming industry [2]