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]

Group 1 - The core viewpoint of the article is that while the Macau gaming industry is expected to see a 14% year-on-year increase in EBITDA for the fourth quarter, Sands China (01928) is projected to have only an 8% increase due to additional operational expenses from events like the NBA China Games and the National Games in November [1] - Citi believes that Sands China's potential EBITDA growth is below the industry average, which may lead to a decline in the stock price in the short term [1] - The stock is rated as "Buy" with a target price of HKD 24.25, and it has been placed on a 30-day watchlist for downward catalysts [1]

Core Viewpoint - Citi has initiated a 30-day downward catalyst observation for Sands China (01928), anticipating that the company's EBITDA growth in Q4 will underperform the overall Macau gaming industry [1] Group 1: Industry Overview - The Macau gaming industry is expected to see a year-on-year EBITDA growth of 14% in the fourth quarter [1] Group 2: Company Analysis - Sands China's EBITDA growth is projected at only 8% for the same period, attributed to additional operational expenses from events like the NBA China Games in October and the National Games in November [1] - Citi believes that Sands China's potential EBITDA growth is below the industry average, which may lead to a decline in the stock price in the short term [1] - The stock is rated as "Buy" with a target price of HKD 24.25, and it has been included in the 30-day downward catalyst observation list [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 indicates that while the Macau gaming industry is expected to see a year-on-year EBITDA growth of 14% in the fourth quarter of last year, Sands China is projected to have a lower EBITDA growth of only 8% during the same period [1] - The lower growth forecast for Sands China is attributed to additional operational expenses incurred from the NBA China Games in October and the National Games in November [1] - Citi believes that Sands China's potential EBITDA growth is below the industry average, which may lead to a decline in the stock price in the short term [1] Group 2 - Despite the lower growth expectations, Citi maintains a "Buy" rating on Sands China, setting a target price of HKD 24.25 [1] - Sands China has been included in the 30-day downside catalyst watch list by Citi [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]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.17% or 309.64 points, closing at 26,149.31 points, and a total trading volume of 268.275 billion HKD [1] - The Hang Seng Tech Index dropped by 1.05%, while the Hang Seng China Enterprises Index decreased by 1.09% [1] - Everbright Securities noted that domestic policy support and a weaker US dollar may lead to continued fluctuations and potential upward movement in the Hong Kong market, highlighting strong overall profitability and relatively low valuations [1] Blue-Chip Stocks Performance - New World Development (00016) led blue-chip stocks with a rise of 3.21%, closing at 102.8 HKD, contributing 7.39 points to the Hang Seng Index [2] - China Shenhua (01088) increased by 2.56%, while Hansoh Pharmaceutical (03692) rose by 1.75% [2] - Sands China (01928) fell by 4.49%, and Tingyi (00322) dropped by 4.18%, negatively impacting the index [2] Sector Highlights - Large tech stocks faced pressure, with Alibaba and Tencent both declining [3] - The commercial aerospace sector saw significant gains, with Asia Pacific Satellite rising over 20% [4] - Semiconductor stocks performed well, with Tian Shuo Zhi Xin (09903) increasing by 8.44% and Shanghai Fudan (01385) rising by 5.27% [3] - The brain-computer interface sector gained attention, with companies like Brainhole Technology (02203) and Micro-Innovation Brain Science (02172) seeing notable increases [4][5] New Listings and Market Movements - New listings included Zhipu AI (02513), which rose by 13.17% on its debut, becoming known as the "first stock of large models" [7] - COSCO Shipping Energy (01138) saw a strong performance, increasing by 7.09% amid rising demand for legal oil tankers due to geopolitical dynamics [8] - Xindong Company (02400) also performed well, rising by 6.46% following the global launch of its mobile game [9] HSBC Holdings Update - HSBC Holdings (00005) faced pressure, declining by 2.28% as it held a court meeting and shareholder meeting to vote on a privatization proposal valued at approximately 290.3 billion HKD [10] - The proposed buyout price is set at 155 HKD per share, representing a 30.3% premium over the previous closing price [10]

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]