Core Viewpoint - UBS report indicates that the average daily gross gaming revenue (GGR) in Macau for the first nine days of November is approximately 711 million MOP, which is roughly in line with the average of 715 million MOP during the National Day Golden Week, reflecting a strong demand environment [1] Industry Summary - The average daily GGR for November is expected to be around 673 million MOP, suggesting that the remaining 21 days of November will see an average daily GGR of approximately 657 million MOP [1] - The current industry valuation is at 8.6 times the expected enterprise value to EBITDA (EV/EBITDA) for 2026, which is 0.7 standard deviations below the two-year average [1] Company Preferences - The industry’s preferred companies are Galaxy Entertainment, MGM China, and Wynn Macau [1]

Summary of Key Points Core Viewpoint - Multiple companies conducted share buybacks on November 10, 2025, with China Feihe (06186) leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - China Feihe (06186) repurchased 9.753 million shares for a total of 43.2831 million yuan, representing 0.919% of its total share capital [2]. - China Merchants Industry Holdings (01919) repurchased 3 million shares for 42.5626 million yuan, accounting for 0.562% of its total share capital [2]. - Sinopec Limited (00386) repurchased 4.072 million shares for 17.7963 million yuan, which is 0.110% of its total share capital [2]. Group 2: Other Notable Buybacks - Yimai Sunshine (N23020) repurchased 929,000 shares for 14.9596 million yuan, representing 0.712% of its total share capital [2]. - Lianyi Technology-W (09959) repurchased 2.31 million shares for 7.4321 million yuan, which is 4.518% of its total share capital [2]. - Gushengtang (02273) repurchased 250,000 shares for 7.4123 million yuan, accounting for 3.541% of its total share capital [2].

Group 1 - On November 10, four Hong Kong stocks were repurchased by their companies, with MGM China, LianLian Digital, and International Home Retail having the largest repurchase amounts of HKD 6.243 million, HKD 2.7071 million, and HKD 0.1184 million respectively [1] - As of November 10, a total of 244 Hong Kong stocks have been repurchased this year, with 58 stocks having a cumulative repurchase amount exceeding HKD 100 million [1] - The companies with the largest cumulative repurchase amounts this year are Tencent Holdings, HSBC Holdings, and AIA Group, with repurchase amounts of HKD 60.965 billion, HKD 30.257 billion, and HKD 17.693 billion respectively [1]

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.10 | 39.20 | 15.960 | 15.830 | 624.30 | | 2025.11.07 | 40.00 | 15.920 | 15.750 | 632.76 | | 2025.11.06 | 40.00 | 15.990 | 15.860 | 637.01 | | 2025.11.05 | 6.64 | 15.500 | 15.420 | 102.73 | | 2025.09.26 | 100.00 | 16.120 | 15.830 | 1596.49 | | 2025.09.25 | 100.00 | 15.850 | 15.610 | 1574.99 | | 2025.09.22 | 120.00 | 16.260 | 16.030 | 1937.11 | | 2025.09.19 | 11.24 | 15.980 | 15.660 | 178.28 | | 2025.09.18 | 120.00 ...

美高梅中国(02282)公布，2025年11月10日耗资约624.3万港元回购39.2万股股份。 ...

Core Viewpoint - MGM China Holdings Limited announced a share buyback of 392,000 shares at a cost of HKD 6.24 million on November 10 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total expenditure for the buyback was HKD 6.24 million [1] - The number of shares repurchased was 392,000 [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11月10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 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行 ...

Core Viewpoint - The report from Industrial Securities maintains a "Buy" rating for MGM China (02282), highlighting the company's strong market share and performance despite challenges in Q3 2025 due to high base effects and typhoon impacts [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of HKD 8.51 billion, representing a year-on-year increase of 17.4% but a quarter-on-quarter decrease of 1.8% [2] - The adjusted EBITDA for Q3 2025 was HKD 2.37 billion, showing a year-on-year growth of 19.6% but a quarter-on-quarter decline of 5.5% [2] - For the first three quarters of 2025, total revenue reached HKD 25.17 billion, with a year-on-year growth of 7.3%, and adjusted EBITDA was HKD 7.25 billion, reflecting a year-on-year increase of 4.6% [2] Group 2: Market Share and Strategy - The company's market share reached a high level in Q2, and there was a notable recovery in market share during October, particularly during the Golden Week [1] - The company is expected to continue benefiting from its mid-to-high-end customer acquisition strategy and operational capabilities [1] - Revenue projections for 2025, 2026, and 2027 are estimated at HKD 34.2 billion, HKD 35.2 billion, and HKD 36.2 billion, respectively, with year-on-year growth rates of 9.0%, 2.9%, and 2.9% [1]

Core Viewpoint - The report from Industrial Securities maintains a "Buy" rating for MGM China (02282), highlighting the company's strong market share and performance despite a decline in revenue and EBITDA in Q3 2025 due to high base effects and typhoon impacts, with a positive outlook for Q4 2025 [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of HKD 8.51 billion, representing a year-on-year growth of 17.4% but a quarter-on-quarter decline of 1.8% [2] - The adjusted EBITDA for Q3 2025 was HKD 2.37 billion, showing a year-on-year increase of 19.6% but a quarter-on-quarter decrease of 5.5% [2] - The adjusted EBITDA margin for Q3 2025 was 27.9%, reflecting a year-on-year increase of 0.5 percentage points but a quarter-on-quarter decline of 1.1 percentage points [2] Group 2: Segment Performance - Revenue from MGM Macau and MGM Cotai in Q3 2025 was HKD 3.39 billion and HKD 5.12 billion, respectively, with year-on-year growth of 11.6% and 21.5% [2] - Adjusted EBITDA for MGM Macau and MGM Cotai was HKD 0.91 billion and HKD 1.46 billion, with year-on-year growth of 14.1% and 23.3% [2] Group 3: Future Projections - The company is expected to generate revenues of HKD 34.2 billion, HKD 35.2 billion, and HKD 36.2 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.0%, 2.9%, and 2.9% [1] - The adjusted EBITDA projections for 2025, 2026, and 2027 are HKD 9.5 billion, HKD 9.7 billion, and HKD 10.0 billion, with year-on-year growth rates of 5.0%, 2.4%, and 2.9% [1]

美高梅中国回购明细 证券时报·数据宝统计，美高梅中国在港交所公告显示，11月7日以每股15.750港元至15.920港元的价格 回购40.00万股，回购金额达632.76万港元。该股当日收盘价15.800港元，下跌0.82%，全天成交额 6192.84万港元。 自11月5日以来公司已连续3日进行回购，合计回购86.64万股，累计回购金额1372.50万港元。 其间该股 累计上涨2.73%。 今年以来该股累计进行32次回购，合计回购2808.30万股，累计回购金额4.38亿港元。（数据宝） | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.07 | 40.00 | 15.920 | 15.750 | 632.76 | | 2025.11.06 | 40.00 | 15.990 | 15.860 | 637.01 | | 2025.11.05 | 6.64 | 15.500 | 15.420 | 102.73 | | 2025.09.26 | 100.00 | 16.120 ...