Group 1 - The Hong Kong gaming stocks, which have been experiencing a continuous decline, are now witnessing a rebound in the market [1] - Notable gains include SJM Holdings rising by 3.5%, while Galaxy Entertainment, Melco International Development, and MGM China all increased by over 3% [1] - Sands China and Wynn Macau saw increases of over 2%, and both Genting Hong Kong and Amax Holdings rose by 1% [1]

Group 1 - The core viewpoint of the articles indicates that Macau's gaming revenue is expected to show strong growth starting in 2026, with recent data supporting this trend [1][2] - According to a report from Jefferies, Macau's gaming revenue averaged MOP 693 million per day as of January 11, reflecting an 18% year-on-year increase [1] - The industry survey suggests that January's gaming revenue could achieve a year-on-year growth of 15% to 21%, indicating a positive outlook for the sector [1] Group 2 - UBS noted that the average daily gaming revenue in Macau over the past seven days was approximately MOP 693 million, which is lower than the MOP 800 million average in the first four days of January [2] - Year-to-date, Macau's gaming revenue has reached a solid average of MOP 732 million per day, representing a year-on-year growth of about 24% and a month-on-month growth of approximately 9% [2] - This performance is significantly better than the seasonal growth of about 2% observed from 2015 to 2019 [2]

Group 1 - The core viewpoint of the articles indicates a rebound in Hong Kong gaming stocks, with notable increases in share prices for companies such as Melco International Development, Galaxy Entertainment, and MGM China [1] - According to a report by Jefferies, Macau's gaming revenue is expected to show strong growth, with an average daily revenue of MOP 693 million for the first seven days of January, representing an 18% year-on-year increase [1] - Jefferies' industry survey suggests that Macau's gaming revenue for January could achieve a year-on-year growth of 15% to 21% [1] Group 2 - Specific stock performance includes Melco International Development rising by 3.5%, Galaxy Entertainment and Huayi Brothers Media increasing by over 3%, and Sands China and Wynn Macau rising by over 2% [2] - The report highlights a shift in investor preference towards U.S. regional gaming stocks, although Jefferies maintains that the fundamentals of stocks primarily operating in Macau are superior to their peers [1] - Jefferies continues to favor Wynn and Sands in the U.S. market, as well as Galaxy Entertainment and Sands China in the Hong Kong market [1]

Group 1 - The core viewpoint of the article highlights a strong upward trend in Macau's gaming stocks, with significant increases in share prices for major companies such as Melco International Development, Galaxy Entertainment, MGM China, Sands China, and Wynn Macau [1] - According to a report by Jefferies, Macau's total gaming revenue is expected to show robust growth in early 2026, with an average daily revenue of MOP 693 million from January 1 to January 11, representing an 18% year-on-year increase [1] - UBS noted that due to calendar effects, the average daily gaming revenue in Macau over the past week was approximately MOP 693 million, lower than the MOP 800 million average in the first four days of January, but the total revenue for January so far stands at a solid average of MOP 732 million, reflecting a year-on-year growth of about 24% and a month-on-month growth of about 9% [1] Group 2 - Jefferies' industry survey indicates that the entire month of January is expected to achieve a year-on-year growth of 15% to 21%, despite a recent shift in investor preference towards U.S. regional gaming stocks [1] - The reported figures support Jefferies' view that stocks with primary operations in Macau have stronger fundamentals compared to their peers [1] - The monthly growth rate of Macau's gaming revenue in January is significantly better than the seasonal performance observed from 2015 to 2019, which averaged around 2% month-on-month growth [1]

Group 1 - UBS reports that MGM China (02282) management participated in the 2026 UBS Greater China Conference (GCC) and expects the industry’s average daily gross gaming revenue (GGR) to grow in the mid-single digits by 2026, driven by strong demand in the high-end market [1] - UBS sets a 12-month target price of HKD 18.5 for MGM China and maintains a "Buy" rating [1] - MGM China plans property upgrades, including converting 160 rooms into 60 suites in Cotai, and launching a new high-end mid-market area in the first half of 2026, increasing the total number of suites from 290 to 350 [1] Group 2 - The company expects its market share to remain between 15% and 17% this year, with an EBITDA margin projected to stay in the mid-20% range [1] - Operating expenses (opex) are anticipated to align with revenue growth [1] - Recent organizational changes have streamlined the management structure, which will help accelerate decision-making processes in the future [1] - The company is also considering increasing the dividend payout ratio to offset the impact on earnings per share [1]

Core Viewpoint - UBS reports that MGM China (02282) expects a mid-single-digit growth in daily gross gaming revenue (GGR) by 2026, driven by strong performance in the high-end market [1] Group 1: Company Outlook - MGM China plans to upgrade its properties, including converting 160 rooms into 60 suites in Cotai, and launching a new high-end mid-market area in the first half of 2026 [1] - After the upgrades, the total number of suites will increase from 290 to 350 [1] - The company anticipates maintaining a market share of 15% to 17% this year [1] Group 2: Financial Projections - MGM China expects its EBITDA profit margin to remain at a high level in the mid-20% range [1] - Operating expenses (opex) are projected to grow in line with revenue [1] - The management is considering increasing the dividend payout ratio to offset the impact on earnings per share [1]

Core Viewpoint - UBS reports that MGM China management expects the average daily gross gaming revenue (GGR) in the industry to grow in the mid-single digits by 2026, driven by strong demand in the high-end market [1] Company Summary - MGM China plans to upgrade its properties, including converting 160 rooms into 60 suites in Cotai, and launching a new high-end mid-market area in the first half of 2026 [1] - After the upgrades, the total number of suites will increase from 290 to 350 [1] - The company anticipates maintaining a market share of 15% to 17% this year [1] - EBITDA margin for the properties is expected to remain in the mid-20% range [1] - Operating expenses (opex) are likely to align with revenue growth [1] - Recent organizational changes have streamlined the management structure, which will help accelerate decision-making processes in the future [1] - The company is also considering increasing the dividend payout ratio to offset the impact on earnings per share [1] Industry Summary - The gaming industry is projected to see a mid-single-digit growth in average daily GGR by 2026, supported by strong performance in the high-end market [1]

Core Viewpoint - Citi's report indicates that the operating leverage of the Macau gaming sector should have significantly improved in Q4 2022, if not for additional operational expenses related to the NBA China Games and the 15th National Games, as well as costs associated with the closure of satellite casinos by SJM Holdings [1] Group 1: Industry Performance - The gaming sector's gross gaming revenue is expected to increase by 15% year-on-year, leading to an estimated EBITDA growth of 13% to $2.246 billion for the quarter [1] - The industry EBITDA margin is projected to rise by half a percentage point year-on-year to 27.5% [1] Group 2: Company-Specific Insights - Galaxy Entertainment (00027) and MGM China (02282) are likely to show the most significant quarter-on-quarter improvement in market share, while Sands China (01928) is also expected to see a quarter-on-quarter increase [1] - SJM Holdings is anticipated to experience the largest market share loss in the quarter, primarily due to the closure of its satellite casinos [1] - Wynn Macau's market share is expected to remain stable quarter-on-quarter [1] Group 3: EBITDA Projections - Among the six gaming operators, Galaxy Entertainment is expected to see the largest EBITDA improvement, with a year-on-year increase of 31% to HKD 4.239 billion, benefiting from concert events and favorable VIP win rates [1] - Sands China's EBITDA is projected to grow by 8% year-on-year to $616 million, which is about 5% lower than market expectations, mainly due to additional operational expenses from the NBA China Games in October and the National Games in November [1]

Core Viewpoint - Citi's report indicates that the profitability preview for Macau gaming stocks in Q4 last year shows that operational leverage in the industry should have significantly improved, excluding additional operational expenses related to the NBA China Games and the 15th National Games, as well as costs associated with the closure of satellite casinos by SJM Holdings (00880) [1] Group 1: Industry Performance - The industry’s EBITDA is expected to increase by 13% year-on-year to $2.246 billion, supported by a 15% year-on-year rise in gross gaming revenue [1] - The EBITDA margin for the industry is projected to rise by half a percentage point year-on-year to 27.5% [1] Group 2: Company-Specific Insights - Galaxy Entertainment (00027) and MGM China (02282) are likely to see the largest quarter-on-quarter improvement in market share among operators [1] - Sands China (01928) is also expected to see a quarter-on-quarter increase in market share, while SJM is anticipated to experience the largest market share loss due to the closure of satellite casinos [1] - Wynn Macau's market share is expected to remain stable quarter-on-quarter [1] Group 3: EBITDA Projections - Among the six gaming operators, Galaxy Entertainment is expected to show the most significant EBITDA improvement, with a year-on-year increase of 31% to HKD 4.239 billion, benefiting from concert events and favorable VIP win rates [1] - Sands China’s EBITDA is projected to grow by 8% year-on-year to $616 million, which is about 5% lower than market expectations, primarily due to additional operational expenses from the NBA China Games in October and the National Games in November last year [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry is experiencing significant growth, with a 15% increase in gaming revenue, and an expected EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - The report anticipates that the revenue shares of Galaxy Entertainment (00027), Sands China (01928), and MGM China (02282) will increase compared to the previous year [1] - Investors are expected to focus on EBITDA profit margins and dividends ahead of the earnings releases [1] Group 2 - The target price for Wynn Macau (01128) has been revised down from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5 [1] - Both Galaxy Entertainment and MGM China are highlighted as preferred stocks in the industry [1]