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].

| 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.09.12 | 100.00 | 16.650 | 16.260 | 1642.49 | | 2025.09.11 | 100.00 | 16.450 | 16.040 | 1624.63 | | 2025.09.10 | 100.00 | 16.200 | 16.000 | 1608.69 | | 2025.09.08 | 100.00 | 16.060 | 15.700 | 1584.40 | | 2025.09.05 | 100.00 | 15.870 | 15.680 | 1577.56 | | 2025.09.04 | 100.00 | 15.970 | 15.580 | 1568.73 | | 2025.09.03 | 100.00 | 16.000 | 15.830 | 1595.06 | | 2025.09.02 | 100.00 | 16.070 | 15.770 | 1590 ...

Group 1 - MGM China repurchased 1 million shares at a cost of approximately HKD 16.425 million [1] - The repurchase price per share ranged from HKD 16.26 to HKD 16.65 [1]

Group 1 - MGM China announced a share buyback of 1 million shares at a cost of HKD 16.425 million on September 12 [1]

Group 1 - MGM China announced a share buyback plan, intending to repurchase 1 million shares at a cost of approximately HKD 16.4249 million [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 美高梅中國控股有限公司(於開曼群島註冊成立的有限公司) 呈交日期： 2025年9月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | | 02282 | 說明 | 普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 ...

Group 1 - On September 11, 28 Hong Kong-listed companies conducted share buybacks, totaling 16.42 million shares and an amount of 639 million HKD [1][2] - Tencent Holdings repurchased 874,000 shares for 550 million HKD, with a year-to-date total buyback amount of 50.50 billion HKD [1][2] - Hang Seng Bank repurchased 210,000 shares for 24.88 million HKD, with a year-to-date total buyback amount of 69.60 million HKD [1][2] - Stone Four Pharmaceutical Group repurchased 6 million shares for 18.14 million HKD, with a year-to-date total buyback amount of 8.42 million HKD [1][2] Group 2 - The highest buyback amount on September 11 was from Tencent Holdings at 550 million HKD, followed by Hang Seng Bank at 24.88 million HKD [1][2] - In terms of share quantity, Stone Four Pharmaceutical Group had the highest buyback volume with 6 million shares, followed by Yongda Automobile and Puhua Heshun with 1.5 million and 1.35 million shares respectively [1][2] - China Sanjiang Chemical's recent buyback was its first of the year, while Tencent Holdings has conducted multiple buybacks totaling 50.50 billion HKD this year [2]