Core Viewpoint - Recent roadshow in Tokyo revealed that many investors agree with the view that growth in China's industrial profits should continue to drive Macau's gaming revenue [1] Group 1: Industry Insights - Investors still prefer high-quality companies despite recent stock price corrections [1] - The gaming sector is currently trading at 9.4 times the 2026 enterprise value to EBITDA, which is below the range of 11 to 12 times set by the bank for Macau's "new normal" [1] Group 2: Company Preferences - The bank maintains its existing forecasts and ratings [1] - Galaxy Entertainment (00027) and MGM China (02282) are the bank's preferred stocks in the sector [1]

Core Viewpoint - Recent roadshow in Tokyo highlighted that many investors agree with the view that growth in China's industrial profits should continue to drive Macau's gaming revenue [1] Industry Summary - Investors are currently favoring high-quality companies, with the gaming sector trading at an enterprise value to EBITDA (EV/EBITDA) multiple of 9.4 times for 2026, compared to the bank's established "new normal" range of 11 to 12 times [1] Company Summary - The bank maintains its existing forecasts and ratings, with Galaxy Entertainment (00027) and MGM China (02282) identified as preferred stocks [1]

Core Viewpoint - The report from Credit Lyonnais indicates that the growth in mainland industrial profits is expected to continue driving the growth of Macau's gaming revenue, with stock investors still favoring high-quality companies [1] Group 1: Industry Insights - Recent stock price corrections have led the sector to trade at 9.4 times the 2026 enterprise value to EBITDA (EV/EBITDA), which is lower than the 11 to 12 times level set as the new normal for Macau [1] Group 2: Company Preferences - Credit Lyonnais maintains its existing forecasts and ratings, identifying Galaxy Entertainment and MGM China as its preferred stocks in the sector [1]

Core Viewpoint - The report from CICC maintains the 2025 total gaming revenue forecast for Macau while raising the 2026 forecast, expecting total gaming revenue to grow by 9% and 5% in the next two years, recovering to 84% and 88% of 2019 levels respectively [1] Industry Summary - Total gaming revenue is projected to grow by 9% in 2025 and 5% in 2026, reaching 84% and 88% of 2019 levels [1] - Mass gaming revenue is expected to increase by 7% and 6% in 2025 and 2026, recovering to 119% and 126% of 2019 levels [1] - VIP gaming revenue is forecasted to grow by 19% in 2025 but decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] - The industry EBITDA for Q3 is estimated to reach $2.108 billion, reflecting a 9% year-on-year growth and a 2% quarter-on-quarter increase, recovering to 91% of the 2019 Q3 level [1] - Total gaming revenue remains resilient, but increased market competition and rising reinvestment rates are pressuring EBITDA [1] Company Summary - CICC is optimistic about MGM China (02282) and Sands China (01928), projecting adjusted EBITDA for Q3 to be HKD 2.352 billion and USD 590 million, representing year-on-year increases of 19% and 1% respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, both rated as "outperforming the industry" [1]

里昂发表报告，经评估市场份额、利润率、资本回报率及股息派付率增长等前瞻性指标后，认为美高梅 中国具备重估潜力。美高梅中国现价相当于7.7倍2026年EV/EBITDA，较同业平均值低15%。该行将目 标EV/EBITDA倍数由8.8倍上调至10.6倍，较长期均值低0.5个标准差，目标价由18.3港元上调至22.7港 元，维持"跑赢大市"评级。 ...

Core Viewpoint - CICC maintains its total gaming revenue forecast for Macau in 2025 while raising the forecast for 2026, expecting a year-on-year growth of 9% and 5% respectively, recovering to 84% and 88% of 2019 levels [1] Group 1: Revenue Forecasts - Total gaming revenue is expected to grow by 9% in 2025 and 5% in 2026, reaching 84% and 88% of 2019 levels [1] - Mass gaming revenue is projected to increase by 7% and 6% in the next two years, recovering to 119% and 126% of 2019 levels [1] - VIP gaming revenue is anticipated to grow by 19% in 2025 but decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] Group 2: Industry EBITDA - The industry EBITDA for the third quarter is expected to reach $2.108 billion, representing a year-on-year growth of 9% and a quarter-on-quarter increase of 2%, recovering to 91% of the 2019 level [1] - Total gaming revenue remains resilient; however, increased market competition and rising reinvestment rates are expected to pressure EBITDA [1] Group 3: Company Outlook - CICC is optimistic about MGM China (02282) and Sands China (01928), forecasting adjusted EBITDA for the third quarter to be HKD 2.352 billion and USD 590 million, reflecting a year-on-year increase of 19% and 1% respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, both rated as "outperform the industry" [1]

智通财经APP获悉，中金公司发布研报称，维持2025年澳门总博彩收入预测，同时上调2026年预测，预 计今明两年总博彩收入分别同比增长9%和5%，恢复至2019年的84%和88%。其中，该行预计今明两年 的中场博彩收入同比增长7%和6%，恢复至2019年的119%和126%;并预计贵宾博彩收入2025年同比增长 19%，2026年同比下降5%，恢复至2019年的29%和28%。 今年第三季，该行预计行业EBITDA达21.08亿美元，同比增长9%，按季增长2%，恢复至2019年同期水 平的91%。期内总博彩收入维持韧性，但由于市场竞争加剧，再投资率上升，拖累EBITDA。 股份方面，该行较看好美高梅中国(02282)及金沙中国(01928)，料两间博企第三季经调整EBITDA分别为 23.52亿港元及5.90亿美元，同比升19%及1%;目标价分别为19.8港元及23.8港元，均予"跑赢行业"评级。 ...

Core Viewpoint - CICC maintains its 2025 total gaming revenue forecast for Macau while raising the 2026 forecast, expecting total gaming revenue to grow by 9% and 5% year-on-year for the next two years, recovering to 84% and 88% of 2019 levels respectively [1] Industry Summary - The estimated industry EBITDA for Q3 is projected to reach $2.108 billion, reflecting a year-on-year growth of 9% and a quarter-on-quarter growth of 2%, recovering to 91% of the same period in 2019 [1] - Total gaming revenue remains resilient; however, increased market competition and rising reinvestment rates are putting pressure on EBITDA [1] Company Summary - CICC is optimistic about MGM China and Sands China, forecasting adjusted EBITDA for Q3 to be HKD 2.352 billion and $590 million respectively, representing year-on-year increases of 19% and 1% [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, both receiving an "outperform" rating [1]

Group 1 - The core viewpoint of the article highlights a rebound in Hong Kong's gaming stocks, with significant increases in share prices for major companies such as Melco International Development, Sands China, and Wynn Macau, all rising by 4.6% [1] - China International Capital Corporation (CICC) maintains its forecast for total gaming revenue in Macau for 2025 while raising the forecast for 2026, expecting annual growth of 9% and 5% for the next two years, respectively, recovering to 84% and 88% of 2019 levels [1] - The expected growth in mass gaming revenue is projected at 7% and 6% for the next two years, recovering to 119% and 126% of 2019 levels, while VIP gaming revenue is expected to grow by 19% in 2025 and decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] Group 2 - CICC is particularly optimistic about MGM China and Sands China, forecasting adjusted EBITDA for the third quarter at HKD 2.352 billion and USD 590 million, representing year-on-year increases of 19% and 1%, respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, with both companies rated as "outperforming the industry" [1]

Group 1 - The Hong Kong gaming stocks have rebounded after a continuous decline, with Galaxy Entertainment and Wynn Macau rising approximately 3%, while Sands China and Melco International Development increased nearly 2%, and MGM China rose about 1% [1] - Goldman Sachs reported that total gaming revenue for the first 12 days of October decreased by 5% year-on-year, which was lower than expected, but there was a 3% year-on-year increase compared to the first 5 days of the month [1] - The firm believes that the recent reversal of the positive trend is premature, considering factors such as typhoons and overseas travel, and maintains a favorable year-on-year comparison basis for November through February of the following year [1] Group 2 - Goldman Sachs slightly lowered its gaming revenue forecast for the year to an 8% year-on-year growth, while remaining optimistic about Sands China and Galaxy Entertainment, both receiving "buy" ratings [1] - Wynn Macau's third-quarter performance is expected to exceed expectations, potentially providing positive momentum for its stock price in the short term [1]