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]

Group 1 - The article reports on share buybacks conducted by various companies on September 2, 2025, with a total of 30 companies participating in the buyback program [1] - China Hongqiao (01378) had the largest buyback amount, repurchasing 36.65 million shares for a total of 942 million [2] - Tencent Holdings (00700) repurchased 913,000 shares for 550 million, while Hang Seng Bank (00011) bought back 210,000 shares for 23.66 million [2] Group 2 - The cumulative buyback quantity for China Hongqiao (01378) for the year reached 14.1 million shares, representing 1.5% of its total share capital [2] - Other notable buybacks include Vitasoy International (00345) with 718,000 shares for 6.57 million and MGM China (02282) with 1 million shares for 15.90 million [2] - The buyback activity reflects a trend among companies to return capital to shareholders, with varying percentages of total share capital being repurchased across different firms [2][3]

Group 1 - MGM China repurchased 1 million shares on September 2 at a price range of HKD 15.770 to HKD 16.070, totaling HKD 15.90 million [2] - The stock closed at HKD 15.890 on the same day, down 0.19%, with a total trading volume of HKD 157 million [2] - Since August 26, the company has conducted share buybacks for six consecutive days, repurchasing a total of 6 million shares for a cumulative amount of HKD 96.05 million, with the stock down 0.38% during this period [2] Group 2 - Year-to-date, the company has completed 14 share buybacks, totaling 13 million shares and an aggregate amount of HKD 199 million [3] - Detailed buyback information includes the number of shares repurchased, highest and lowest prices, and total amounts for each transaction [3]

智通财经APP讯，美高梅中国(02282)发布公告，于2025年9月2日，该公司斥资1590.01万港元回购100万 股。 ...

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2日 | | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1). | 股份購回但未經註銷 | | 1,000,000 | % | HKD | 16.1391 | | | 變動日期 | 2025年8月26日 | | | | | | 2). | 股份購回但未經註銷 | | 1,000,000 | % | HKD | 16.018 | | | 變動日期 | 2025年8月27日 | | | | | | 3). | 股份購回但未經註銷 | | 1,000,000 | % | HKD | 15.9533 | | | 變動日期 | 2025年8月28日 | | | | | | 4). | 股份購回但未經註銷 | | 1,000,000 | % | ...

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 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2日 I. 法定/註冊股本變動 | 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) | 02282 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,00 ...

Group 1 - The core viewpoint of the report indicates that Macau's gaming revenue (GGR) reached a post-pandemic high in August, growing 12% year-on-year to MOP 22.2 billion, aligning with market expectations [1] - Compared to pre-pandemic levels, August's gaming revenue has recovered to 91% of the figures [1] - The report suggests that the performance in August reflects a turning point for the Macau gaming industry, driven by wealth effects and ample liquidity in the Hong Kong market [1] Group 2 - The company anticipates that the strong momentum will continue for some time, projecting a year-on-year growth of 15% in gaming revenue and 21% in EBITDA for the first quarter of next year [1] - In terms of stock recommendations, the company prefers Galaxy Entertainment and MGM China, with target prices set at HKD 54 and HKD 23 respectively [1] - Sands China is the second choice with a target price of HKD 24.5, all rated as "buy," while Melco International Development is rated as "sell" with a target price of HKD 4.5 [1]

Core Viewpoint - The Macau gaming sector shows strong performance with record monthly gross gaming revenue and increased tourist arrivals, indicating a positive outlook for the industry [1] Group 1: Gaming Revenue - Macau's gross gaming revenue for August reached 22.16 billion MOP, marking a new monthly high for the year, with a month-on-month increase of 0.14% and a year-on-year increase of 12.2% [1] - From January to August, the total gross gaming revenue amounted to 163.05 billion MOP, reflecting a year-on-year growth of 7.2% [1] Group 2: Tourist Arrivals - The Macau Public Security Police reported that the number of inbound tourists during the summer of 2025 (July to August) reached 7.68 million, averaging 123,000 visitors per day, which is a year-on-year increase of 15.2% [1] Group 3: Stock Performance - Major gaming stocks in Hong Kong saw gains, with SJM Holdings up 2.40%, Galaxy Entertainment up 2.14%, and Sands China up 1.29% among others [1]