Core Viewpoint - The gaming stocks in Macau have shown a rebound, with notable increases in share prices for major companies such as Wynn Macau, MGM China, Melco International Development, and Galaxy Entertainment, following the government's revenue forecast for the gaming industry in 2024 [1] Group 1: Stock Performance - Wynn Macau (01128) increased by 4.31%, trading at HKD 6.53 [1] - MGM China (02282) rose by 3.96%, trading at HKD 15.74 [1] - Melco International Development (00200) saw a 3.68% increase, trading at HKD 4.79 [1] - Galaxy Entertainment (00027) grew by 2.71%, trading at HKD 39.44 [1] Group 2: Revenue Forecasts - The Macau government estimates the total gross gaming revenue for next year to be MOP 236 billion [1] - Jefferies adjusted its revenue outlook for the remainder of this year and next year to year-on-year growth rates of 9.1% and 3.6%, respectively [1] - Jefferies raised its forecast for Macau's gaming revenue this year from USD 28.217 billion to USD 30.777 billion [1] - The forecast for next year's revenue was revised down from USD 32.917 billion to USD 31.878 billion, with the year-on-year growth rate adjusted from 5% to 3.6% [1]

Core Viewpoint - The gaming stocks in Macau experienced a significant decline in early trading, with major companies like Sands China, Wynn Macau, MGM China, and Galaxy Entertainment all reporting losses. The Macau government anticipates a stable growth in the tourism sector, projecting a gross gaming revenue of 236 billion MOP for the next year, despite uncertainties in the external environment and economic conditions [1]. Group 1: Stock Performance - Sands China (01928) fell by 5.33%, trading at 19.2 HKD [1] - Wynn Macau (01128) decreased by 5.12%, trading at 6.3 HKD [1] - MGM China (02282) dropped by 3.67%, trading at 15.47 HKD [1] - Galaxy Entertainment (00027) declined by 3.15%, trading at 38.76 HKD [1] Group 2: Gaming Revenue Insights - The total gaming revenue for the first ten months of this year reached 2,054.27 million MOP, reflecting an 8% year-on-year increase [1] - Morgan Stanley reported that the gaming revenue for October was 240 million MOP, marking a 16% year-on-year growth and a 32% month-on-month increase, the strongest performance in six years [1] - The bank forecasts a slowdown in growth for November, estimating an increase of 8% to 10%, but expects a rebound in December with growth accelerating to 15% to 17% [1]

Group 1 - The Hong Kong gaming stocks experienced a collective decline, with specific companies like Galaxy Entertainment and Sands China seeing drops of over 5% [1][2] - The Macau government anticipates that the tourism industry will continue to develop in the next fiscal year (2026), estimating the total gaming revenue for next year to be 236 billion MOP [1] - Earlier, the government had revised its gaming revenue forecast for 2025 from 240 billion MOP down to 228 billion MOP [1] Group 2 - Morgan Stanley's report indicates that the growth rate for November may slow down to between 8% and 10% compared to October due to a more challenging base [1]

Group 1 - The gaming stocks experienced a decline in early trading, with Sands China down 5.33% to HKD 19.2, Wynn Macau down 5.12% to HKD 6.3, MGM China down 3.67% to HKD 15.47, and Galaxy Entertainment down 3.15% to HKD 38.76 [1] - The Macau government anticipates that the tourism industry will continue to develop in 2026, estimating the total gaming gross revenue for next year to be MOP 236 billion, considering external uncertainties and economic conditions [1] - For the first ten months of this year, the gaming revenue reached MOP 2,054.27 billion, reflecting a year-on-year growth of 8% [1] Group 2 - According to a report from JPMorgan, the total gaming revenue in Macau for October was MOP 24 billion, showing a year-on-year increase of 16% and a month-on-month increase of 32%, marking the strongest performance in six years [1] - The bank projects that the growth rate may slow to 8% to 10% in November due to a tougher comparison base, but expects an acceleration in gaming revenue growth to 15% to 17% starting in December, with at least low double-digit growth anticipated in the first quarter of next year [1]

Core Insights - UBS report indicates new customer segments emerging in Macau's high-end gaming market, including high-income professionals from various industries such as hardware technology and pharmaceuticals [1] - Gamblers report improved financial conditions over the past 12 months, with expectations for further improvement in the next 12 months, supporting resilient gaming demand [1] - The report forecasts a 5% growth in total gaming revenue (GGR) and an 11% increase in EBITDA by 2026 [1] Industry Trends - High-end gamblers prioritize factors such as rebates, membership programs, hotel room quality, and fine dining options [1] - High-end gaming companies are better positioned to capture the demand from this customer segment [1] - Strategies focusing on high-end marketing, customer incentives, and product positioning will enhance the ability of high-end gaming companies to stand out and increase market share [1] Stock Recommendations - UBS's top stock picks include Galaxy Entertainment (00027), Wynn Macau (01128), and MGM China (02282) with target prices of HKD 46.9, HKD 8.4, and HKD 19.8 respectively, all rated as "Buy" [1]

瑞银一项针对澳门博彩高端中场赌客的调查发现，业内正有新的客源出现，包括高收入的专业人士；赌 客亦来自更多不同行业，例如硬件科技及制药行业。虽然宏观经济不利，但有更多赌客表示过去12个月 财务状况有所改善，并预期未来12个月将进一步好转，有助支持博彩需求维持韧性。该行现料2026年博 彩行业总收入(GGR)及EBITDA将分别增长5%及11%。 选股方面，该行首选为银河娱乐、永利澳门及美高梅中国，目标价分别为46.9港元、8.4港元及19.8港 元，均获"买入"评级。 ...

Core Viewpoint - UBS reports that Macau's average daily gaming revenue for the past week was approximately 671 million MOP, down from about 711 million MOP in the previous nine days, likely influenced by the Macau Grand Prix held from November 13 to 16 [1] Industry Summary - The average daily gaming revenue from the beginning of the month until now is approximately 694 million MOP, reflecting a month-on-month decline of about 11%, consistent with seasonal performance from 2015 to 2019 [1] - In terms of market segments, the average daily gaming revenue from the mass market has decreased by about 8% to 10% this month, while the VIP room turnover has dropped by about 6% to 8% [1] - The win rate for VIP rooms is reported to be around 3.3% to 3.5% [1] Company Summary - UBS forecasts that the average daily gaming revenue for November will be around 673 million MOP, with expectations that the remaining days of the month will see an average daily revenue of approximately 649 million MOP [1] - Preferred stocks include Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128), all rated as "Buy" with target prices of HKD 46.9, HKD 19.8, and HKD 8.4 respectively [1]

Core Viewpoint - UBS reports that Macau's average daily gaming revenue for the past week was approximately 671 million MOP, down from about 711 million MOP in the previous nine days, likely influenced by the Macau Grand Prix held from November 13 to 16 [1] Industry Summary - Average daily gaming revenue from the beginning of the month until now is around 694 million MOP, representing a month-on-month decline of approximately 11%, consistent with seasonal performance from 2015 to 2019 [1] - The market generally predicts that the average daily gaming revenue for November will be about 673 million MOP, with expectations that the remaining days of the month will see an average daily revenue of approximately 649 million MOP [1] Company Summary - UBS's preferred stocks include Galaxy Entertainment, MGM China, and Wynn Macau, all rated as "Buy" with target prices set at 46.9 HKD, 19.8 HKD, and 8.4 HKD respectively [1]

Core Viewpoint - MGM China Holdings Limited (02282.HK) has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2][3]. Summary by Sections Share Buyback Activity - On November 14, 2025, MGM China repurchased 338,700 shares at prices ranging from HKD 15.970 to HKD 16.220, totaling HKD 5.4485 million [2]. - The stock closed at HKD 16.130 on the same day, reflecting a decrease of 2.54%, with a total trading volume of HKD 78.7277 million [2]. - Over the two days since November 13, the company has repurchased a total of 638,700 shares for a cumulative amount of HKD 10.4004 million, during which the stock price fell by 3.06% [2]. Year-to-Date Buyback Summary - Year-to-date, MGM China has conducted 36 buyback transactions, acquiring a total of 29.3784 million shares for a total expenditure of HKD 459 million [3]. - The detailed buyback activities include various dates, share quantities, and price ranges, showcasing a consistent effort to stabilize the stock price [3][4].

Core Viewpoint - Multiple companies conducted share buybacks on November 14, 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 10.70 million shares for a total of 46.13 million yuan, representing 1.412% of its total share capital [2]. - COSCO Shipping Holdings (01919) repurchased 3.00 million shares for 42.58 million yuan, accounting for 0.979% of its total share capital [2]. - Sinopec Limited (00386) repurchased 6.74 million shares for 29.82 million yuan, which is 0.120% of its total share capital [2]. - AAC Technologies (02018) repurchased 300,000 shares for 11.97 million yuan, representing 0.212% of its total share capital [2]. - Yimeng Sunshine (N23020) repurchased 604,000 shares for 9.97 million yuan, accounting for 1.732% of its total share capital [2]. Group 2: Other Notable Buybacks - Kweichow Moutai (09987) repurchased 17,400 shares for 6.27 million yuan, which is 3.190% of its total share capital [2]. - Antong Oilfield Services (03337) repurchased 6.01 million shares for 5.99 million yuan, representing 1.660% of its total share capital [2]. - MGM China (02282) repurchased 338,700 shares for 5.45 million yuan, accounting for 0.763% of its total share capital [2]. - China Feihe (06186) has a cumulative buyback of 12.8 million shares for the year, which is 1.412% of its total share capital [2].