Group 1 - The core viewpoint of the articles indicates a rebound in Hong Kong gaming stocks, with notable increases in share prices for companies such as Melco International Development, Galaxy Entertainment, and MGM China [1] - According to a report by Jefferies, Macau's gaming revenue is expected to show strong growth, with an average daily revenue of MOP 693 million for the first seven days of January, representing an 18% year-on-year increase [1] - Jefferies' industry survey suggests that Macau's gaming revenue for January could achieve a year-on-year growth of 15% to 21% [1] Group 2 - Specific stock performance includes Melco International Development rising by 3.5%, Galaxy Entertainment and Huayi Brothers Media increasing by over 3%, and Sands China and Wynn Macau rising by over 2% [2] - The report highlights a shift in investor preference towards U.S. regional gaming stocks, although Jefferies maintains that the fundamentals of stocks primarily operating in Macau are superior to their peers [1] - Jefferies continues to favor Wynn and Sands in the U.S. market, as well as Galaxy Entertainment and Sands China in the Hong Kong market [1]

Group 1 - The core viewpoint of the article highlights a strong upward trend in Macau's gaming stocks, with significant increases in share prices for major companies such as Melco International Development, Galaxy Entertainment, MGM China, Sands China, and Wynn Macau [1] - According to a report by Jefferies, Macau's total gaming revenue is expected to show robust growth in early 2026, with an average daily revenue of MOP 693 million from January 1 to January 11, representing an 18% year-on-year increase [1] - UBS noted that due to calendar effects, the average daily gaming revenue in Macau over the past week was approximately MOP 693 million, lower than the MOP 800 million average in the first four days of January, but the total revenue for January so far stands at a solid average of MOP 732 million, reflecting a year-on-year growth of about 24% and a month-on-month growth of about 9% [1] Group 2 - Jefferies' industry survey indicates that the entire month of January is expected to achieve a year-on-year growth of 15% to 21%, despite a recent shift in investor preference towards U.S. regional gaming stocks [1] - The reported figures support Jefferies' view that stocks with primary operations in Macau have stronger fundamentals compared to their peers [1] - The monthly growth rate of Macau's gaming revenue in January is significantly better than the seasonal performance observed from 2015 to 2019, which averaged around 2% month-on-month growth [1]

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 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 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 - The gaming stocks are under pressure, with significant declines observed in major companies such as New World Development, Sands China, Wynn Macau, and MGM China, following the release of Macau's gaming revenue data for December 2025 [1] Group 1: Market Performance - New World Development (00200) fell by 3.31% to HKD 4.09 [1] - Sands China (01928) decreased by 3.16% to HKD 19 [1] - Wynn Macau (01128) dropped by 2.5% to HKD 5.84 [1] - MGM China (02282) declined by 1.84% to HKD 12.28 [1] Group 2: Revenue Insights - Macau's gross gaming revenue for December 2025 was MOP 20.89 billion, representing a year-on-year increase of 14.8% [1] - The total gross gaming revenue for the first 12 months of 2025 reached MOP 247.404 billion, up 9.1% year-on-year [1] - Factors driving the revenue performance included the continued rollout of high-end property projects and increased visitor numbers due to various entertainment activities and promotional plans [1] Group 3: Future Projections - CICC forecasts that total gaming revenue for January 2026 will range from MOP 20.2 billion to MOP 21.7 billion, with daily gaming revenue expected to be between MOP 650 million and MOP 700 million, reflecting a year-on-year growth of 10% to 19% [1] - However, compared to January 2019, the revenue is projected to decline by 13% to 19% [1]

Group 1 - The Hong Kong gaming stocks are experiencing a downturn, with notable declines in shares such as Melco International Development down nearly 4%, Sands China down 3%, and others like Wynn Macau and Amax Holdings down over 2% [1] - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue for December 2025 reached 20.89 billion MOP, representing a year-on-year increase of 14.8% [1] - Cumulative gross gaming revenue for the first 12 months of 2025 in Macau was 247.404 billion MOP, reflecting a year-on-year growth of 9.1% [1] Group 2 - Citigroup's research indicated that the December 2025 gaming revenue in Macau was 20.888 billion MOP, averaging approximately 674 million MOP per day, which is a 15% increase year-on-year and about 91% of the levels seen in December 2019 [1] - The reported figures were approximately 5% lower than Citigroup's forecast and about 3% below market expectations [1] - Some institutions noted that while the performance of the Macau gaming industry in Q4 2025 and for the entire year was strong, there has been a profound structural change, leading to a cautious outlook for growth in 2026 [1]

FF301 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12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: 永利澳門有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 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) | 01128 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.001 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.001 | HKD | ...