Group 1 - The core viewpoint is that Macau's gaming industry is expected to maintain strong momentum due to various factors such as major events, wealth effects from the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, leading more mainland tourists to choose Hong Kong and Macau as destinations [1][2] - The overall industry anticipates strong growth momentum to continue for the remainder of the year, with a projected 9% year-on-year increase in Macau's total gaming revenue (GGR) for 2025, translating to a 14% year-on-year growth from September to December this year, and a 7% growth in 2026 [1] - The company Goldman Sachs has a "buy" rating for Sands China (01928), citing that the stock price has not fully reflected its ability to regain market share and potential for dividend growth, with a target price set at HKD 24.8 [1] Group 2 - Galaxy Entertainment (00027) is also favored by the company, with expectations of increased market share driven by the new hotel Capella and numerous major events, and a target price of HKD 55.9 with a "buy" rating [2] - MGM China (02282) is noted for its attractive valuation, with expectations to maintain a market share of 15% to 16% and a dividend yield of 5.1%, also anticipated to absorb some gaming volume from the upcoming closure of satellite casinos, with a target price of HKD 20.4 and a "buy" rating [2]

Group 1 - The core viewpoint of the article is that Macau's gaming companies attribute the strong performance of gross gaming revenue (GGR) in recent months to several factors, including major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, which have led more mainland travelers to choose Hong Kong and Macau as destinations [1] - For the upcoming Golden Week, gaming companies expect strong demand based on nearly full hotel bookings and communication with clients, while the National Games are not anticipated to have a significant impact on gaming revenue [1] - Overall, the industry expects strong growth momentum to continue for the remainder of the year, with Goldman Sachs projecting a 9% year-on-year increase in Macau's total gaming revenue for 2025, implying a 14% year-on-year growth from September to December this year, and a 7% growth in 2026 [1] Group 2 - Sands China (01928) is favored by Goldman Sachs as the stock price has not fully reflected its ability to regain market share and potential for dividend growth, despite recent adjustments in promotional activities and reinvestment rates that may pressure profit margins in Q3, with a target price of HKD 24.8 and a "Buy" rating [1] - Galaxy Entertainment (00027) is also viewed positively, with expectations of increased market share driven by the new hotel Capella and major events, receiving a target price of HKD 55.9 and a "Buy" rating [1] - MGM China (02282) is considered to have the most attractive valuation, with expectations to maintain a 15% to 16% market share and a dividend yield of 5.1%, also expected to absorb some gaming volume from the upcoming closure of satellite casinos, with a target price of HKD 20.4 and a "Buy" rating [1]

Core Viewpoint - Goldman Sachs reports that Macau gaming companies attribute the strong performance of gross gaming revenue (GGR) in recent months to a combination of major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, leading more mainland travelers to choose Hong Kong and Macau as destinations [1] Industry Summary - The gaming industry anticipates strong growth momentum to continue for the remainder of the year, with expectations of a 9% year-on-year increase in Macau's total gaming revenue for 2025, translating to a 14% year-on-year growth from September to December this year, and a 7% growth in 2026 [1] Company Summary - Sands China (01928) is favored by Goldman Sachs due to its stock price not fully reflecting its ability to regain market share and potential for dividend growth, despite potential short-term profit margin pressure from recent promotional adjustments and reinvestment rates; target price set at HKD 24.8 with a "Buy" rating [1] - Galaxy Entertainment (00027) is also viewed positively, with expectations of market share growth driven by the new hotel Capella and major events; target price set at HKD 55.9 with a "Buy" rating [1] - MGM China (02282) is considered the most attractively valued, expected to maintain a 15% to 16% market share with a dividend yield of 5.1%, and likely to absorb some gaming volume from the upcoming closure of satellite casinos; target price set at HKD 20.4 with a "Buy" rating [1]

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].

中信里昂发布研报称，维持金沙中国(01928)目标价22.4港元以及"跑赢大市"评级。 中信里昂认为，在当前的运营环境之下，金沙中国未来两年的股息增长可能性很大，如果EBITDA份额 增长，股息也会加速增长。现市价股价表明金沙中国2026和2027年股息率分别约6.2%和10%，指引是有 机会每股派息1.99港元。 中信里昂表示，在其举办的投资者论坛会中，得到金沙中国最大的消息是：该公司在玩家再投资方面正 在迎头赶上，而此第二季度EBITDA份额下降至27.8%。运营方面，该公司重要要留住酒店老主顾。 ...

Core Viewpoint - Citic Securities maintains a target price of HKD 22.4 for Sands China (01928) and a "outperform" rating, indicating confidence in the company's future performance [1] Group 1: Dividend Growth Potential - The report suggests a high possibility of dividend growth for Sands China over the next two years, contingent on EBITDA share growth [1] - Current market price indicates dividend yields of approximately 6.2% and 10% for 2026 and 2027, respectively, with a potential payout of HKD 1.99 per share [1] Group 2: Operational Insights - During an investor forum, Sands China revealed significant updates regarding player reinvestment, indicating a focus on retaining loyal hotel customers [1] - The company's EBITDA share decreased to 27.8% in the second quarter, highlighting operational challenges [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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 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) | 01928 | 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 | | | 8,093,379,566 | | 0 | | 8,093,379,566 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 8,093,379,566 | | 0 | | 8,093,379,566 | 第 2 頁 共 10 頁 v 1.1.1 公司名稱: 金沙中國有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 ...

Core Insights - Morgan Stanley reported that Macau's gaming revenue in August increased by 12% year-on-year, aligning with the bank's and market expectations [1] - After three consecutive months of double-digit growth, the bank anticipates that operating leverage will begin to take effect in the second half of the year, driving margin expansion and profit adjustments [1] - The bank projects a 16% year-on-year increase in gaming revenue for September, indicating a 16% rise in the third quarter [1] - Morgan Stanley has assigned "overweight" ratings to Sands China (01928), MGM China (02282), and Wynn Macau (01128) [1]

Group 1 - Morgan Stanley reports that Macau's gaming revenue in August increased by 12% year-on-year, aligning with the bank's and market expectations [1] - After three consecutive months of double-digit growth, the operating leverage is expected to start playing a role in the second half of the year, driving margin expansion and profit correction [1] - The bank anticipates a 16% year-on-year increase in gaming revenue for September, indicating a 16% rise in the third quarter [1] Group 2 - Morgan Stanley maintains "overweight" ratings for Sands China (01928), MGM China (02282), and Wynn Macau (01128) [1]

Core Viewpoint - Morgan Stanley's research report indicates that Macau's gaming revenue in August increased by 12% year-on-year, aligning with the bank's and market expectations [1] Group 1: Revenue Growth - After three consecutive months of double-digit growth, the operating leverage is expected to start playing a role in the second half of the year, driving margin expansion and profit correction [1] - The bank anticipates a 16% year-on-year growth in gaming revenue for September, suggesting a 16% year-on-year increase for the third quarter [1] Group 2: Company Ratings - Morgan Stanley has assigned "Overweight" ratings to Sands China, MGM China, Wynn Macau, and Melco Resorts [1]