Core Viewpoint - UBS reports that Macau's average daily gross gaming revenue (GGR) for the first nine days of November is approximately 711 million MOP, which is roughly in line with the average of 715 million MOP observed after the National Day Golden Week, indicating a strong demand environment [1] Industry Summary - The average daily GGR for the first nine days of November reflects a seasonal increase of about 1% compared to the average after the National Day Golden Week [1] - The average daily GGR for the mass market has decreased by approximately 7% to 9% compared to the previous month, while VIP betting amounts have declined by about 4% to 6% [1] - The VIP win rate is estimated to be between 3.2% and 3.5% [1] - Market consensus anticipates an average daily GGR of around 673 million MOP for November, suggesting that the remaining 21 days of the month will see an average daily GGR of approximately 657 million MOP [1] - The current industry valuation is equivalent to an expected enterprise value to EBITDA (EV/EBITDA) multiple of 8.6 times for 2026, which is 0.7 standard deviations below the two-year average [1] Company Preferences - The industry’s preferred stocks include Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128) [1]

Core Viewpoint - The company reported Q3 2025 operating performance with revenue of HKD 12.2 billion, a year-on-year increase of 14% [1] - Adjusted EBITDA reached HKD 3.3 billion, also up 14% year-on-year [1] - The company hosted approximately 260 entertainment, sports, arts, and cultural events in the first three quarters, with plans for significant performances and sports projects in Q4 2025 [1][3] Financial Performance - Q3 2025 revenue was HKD 12.2 billion, a 14% increase year-on-year [1] - Adjusted EBITDA for Q3 2025 was HKD 3.3 billion, reflecting a 14% year-on-year growth [1] - The overall net gaming revenue for Q3 2025 was HKD 9.707 billion, recovering to 91.6% of the 2019 level, with a quarter-on-quarter increase of 4.9 percentage points [2] Business Recovery - The company's mass gaming segment showed a recovery rate of 129.3%, with an 8.0 percentage point increase quarter-on-quarter [2] - The mass gaming revenue for Galaxy Macau in Q3 2025 recovered to 108.3% of the 2019 level, with a quarter-on-quarter increase of 3.4% [2] - The company continues to enhance its non-gaming offerings, supporting Macau's goal of becoming a "City of Entertainment" [2][3] Investment and Future Outlook - The company maintains a strong balance sheet with total cash and liquid investments of HKD 36.8 billion and net cash of HKD 34.8 billion [3] - Significant investments in technology have been made, including electronic gaming tables and data analytics capabilities [3] - Upcoming luxury projects, including the Galaxy Macau's ultra-luxury offerings, are expected to attract customers and enhance revenue streams [3]

Core Viewpoint - The report from CICC indicates that SJM Holdings (00027) experienced a 14% year-on-year increase in revenue for Q3, reaching HKD 12.163 billion, which is 96% of the same period in 2019 [1] - Adjusted EBITDA also rose by 14% year-on-year to HKD 3.341 billion, achieving 81% of the same period in 2019, aligning with market expectations of HKD 3.321 billion [1] - The report highlights that SJM's performance is impacted by increased operating expenses due to intensified market competition and the normalization of VIP room win rates [1] Financial Performance - Q3 revenue increased by 14% year-on-year to HKD 12.163 billion [1] - Adjusted EBITDA rose by 14% year-on-year to HKD 3.341 billion [1] - Revenue for Q3 is 96% of the same period in 2019 [1] - Adjusted EBITDA for Q3 is 81% of the same period in 2019 [1] Forecast Adjustments - CICC has revised down its adjusted EBITDA forecasts for SJM by 1% and 3% for this year and next year, respectively, to HKD 14.031 billion and HKD 14.923 billion [1] Rating and Target Price - CICC maintains a "Outperform" rating for SJM Holdings [1] - The target price is set at HKD 44.8 [1]

Core Viewpoint - The report from CICC indicates that SJM Holdings (00027) experienced a 14% year-on-year increase in revenue for Q3, reaching HKD 12.163 billion, which is 96% of the same period in 2019 [1] - Adjusted EBITDA also rose by 14% year-on-year to HKD 3.341 billion, equating to 81% of the same period in 2019, aligning with market expectations of HKD 3.321 billion [1] - The firm notes that SJM's performance is impacted by increased operating expenses due to intensified market competition and the normalization of VIP room win rates [1] Financial Performance - Q3 revenue increased by 14% year-on-year to HKD 12.163 billion [1] - Adjusted EBITDA for Q3 also rose by 14% year-on-year to HKD 3.341 billion [1] - The performance metrics are 96% and 81% of the figures from the same quarter in 2019, respectively [1] Forecast Adjustments - CICC has revised down its adjusted EBITDA forecasts for SJM by 1% and 3% for this year and next year, now projecting HKD 14.031 billion and HKD 14.923 billion, respectively [1] Rating and Target Price - CICC maintains a "Outperform" rating for SJM Holdings with a target price set at HKD 44.8 [1]

Core Viewpoint - CICC reports that Galaxy Entertainment's Q3 revenue increased by 14% year-on-year to HKD 12.163 billion, which is 96% of the same period in 2019 [1] - Adjusted EBITDA also rose by 14% year-on-year to HKD 3.341 billion, reaching 81% of the same period in 2019, aligning with market expectations of HKD 3.321 billion [1] Financial Performance - The increase in revenue and EBITDA is attributed to heightened market competition leading to increased operating expenses and the normalization of VIP room win rates [1] - CICC has revised down its adjusted EBITDA forecasts for Galaxy Entertainment for this year and next year by 1% and 3% to HKD 14.031 billion and HKD 14.923 billion, respectively [1] Investment Rating - CICC maintains an "outperform" rating for Galaxy Entertainment with a target price set at HKD 44.8 [1]

Core Viewpoint - Galaxy Entertainment reported strong financial results for 3Q25, with net revenue and adjusted EBITDA both increasing by 14% year-over-year, aligning with expectations. The company maintains a positive outlook with a target price of HK$50, indicating a 30% upside potential, and continues to hold a Buy rating [1][5]. Financial Performance - The company's rolling chip volume increased by 46% year-over-year, mass gaming revenue rose by 13% year-over-year, and slot revenue grew by 14% year-over-year. Total gross gaming revenue, mass market revenue, slot machine revenue, and VIP rolling chip volume have recovered to 90%, 138%, 125%, and 41% of 3Q19 levels, respectively. EBITDA has recovered to 81% of the 2019 level [2]. New Developments - The majority of Capella at Galaxy Macau and Horizon Plus have opened, with all facilities expected to be fully operational by early next year. The upgrade program for StarWorld is anticipated to be completed by 2026, while the construction of Galaxy Macau Phase 4 is expected to finish in 2027, featuring several high-end hotel brands, a theater with approximately 5,000 seats, green gardens, a water resort deck, and a casino [3]. Non-Gaming Initiatives - In the first nine months of 2025, the company hosted around 260 entertainment, sports, arts and culture, and MICE events, leading to a 41% year-over-year increase in foot traffic at Galaxy Macau. Additionally, the company has established a four-year strategic partnership with the Ultimate Fighting Championship, renewed a three-year strategic partnership with Tencent Music, and renewed a three-year cooperation agreement with Damai Entertainment under Alibaba Group and Macau Pass for event ticketing [4].

Core Viewpoint - Galaxy Entertainment's Q3 2025 performance aligns with market expectations, showing a revenue of HKD 12.163 billion, a 14% year-on-year increase and a 1% quarter-on-quarter increase, recovering to 96% of Q3 2019 levels [1] Financial Performance - Adjusted EBITDA for the company was HKD 3.341 billion, reflecting a 14% year-on-year increase but a 6% quarter-on-quarter decline, recovering to 81% of Q3 2019 levels, closely matching Bloomberg's expectation of HKD 3.321 billion [1] - The increase in operational expenditure and normalization of VIP business win rates are identified as key factors affecting performance [1] Development Trends - Galaxy aims for a total gaming revenue market share of 20-22%, with strong performance noted in October 2025 due to higher VIP business win rates [1] - Management observed an improvement in demand in the last weeks of October 2025, with expectations for a strong finish in Q4 2025 [1] - One-time marketing expenses during the summer led to a 300 basis point decline in profit margins, while average fixed operating costs remained stable compared to Q2 2025 [1] - The company plans to host large concerts and sports events in Macau, having signed partnerships with UFC, Tencent, and Damai for various events and services [1] - Galaxy intends to relocate some gaming tables from Galaxy Macau to the StarWorld Hotel, anticipating demand from existing satellite casino customers after the satellite casino's closure at the end of 2025 [1] - Phase 4 of Galaxy is expected to be completed by 2027, with Broadway potentially serving as future land reserves for redesign or reconstruction for Phase 5 expansion [1] - Despite delays in the legalization of Thai gambling, Galaxy remains interested in investment opportunities in Thailand [1] Earnings Forecast and Valuation - Due to increased operational expenditures, the adjusted EBITDA forecasts for 2025 and 2026 have been revised down by 1% and 3% to HKD 14.031 billion and HKD 14.923 billion, respectively [2] - The current stock price corresponds to 9 times the 2026 EV/Adjusted EBITDA, with a maintained "outperform" rating and a target price of HKD 44.80, indicating a 16% upside potential based on an 11 times 2026 EV/Adjusted EBITDA valuation [2]

Core Viewpoint - UBS reports that Galaxy Entertainment (00027) achieved an EBITDA of approximately HKD 3.3 billion in Q3, representing a year-on-year increase of 14% but a quarter-on-quarter decline of 6% [1] Financial Performance - EBITDA of HKD 3.3 billion aligns with UBS and market expectations, even when adjusting for VIP room win rate impacts [1] - Mass gaming revenue increased by 6% quarter-on-quarter, driven by the normalization of mass table win rates, outperforming the industry’s quarter-on-quarter growth of approximately 2-3% [1] - VIP gaming revenue grew by about 17% quarter-on-quarter; however, due to a win rate of only 3.1%, VIP revenue experienced a quarter-on-quarter decline of 15% from a high base [1] Operational Insights - The operation of the Capella Hotel is gradually stabilizing, leading to increased costs, with average daily operating expenses and reinvestment rates rising by 9% and 110 basis points quarter-on-quarter, respectively [1] - The luck-adjusted EBITDA margin (excluding construction business) remains around 27.5% [1] Investment Rating - UBS maintains a "Buy" rating for Galaxy Entertainment with a target price of HKD 46.9 [1]

Core Viewpoint - UBS reported that Galaxy Entertainment's (00027) Q3 EBITDA was approximately 3.3 billion HKD, representing a year-on-year increase of 14% but a quarter-on-quarter decline of 6% [1] Financial Performance - EBITDA of 3.3 billion HKD aligns with UBS and market expectations, even when adjusting for VIP room win rates [1] - Mass gaming revenue increased by 6% quarter-on-quarter, driven by the normalization of mass table win rates, outperforming the industry growth of approximately 2-3% [1] - VIP gaming revenue grew by about 17% quarter-on-quarter; however, due to a win rate of only 3.1%, VIP revenue saw a quarter-on-quarter decline of 15% from a high base [1] Operational Insights - The operation of the Galaxy Hotel is gradually stabilizing, leading to increased costs, with average daily operating expenses and reinvestment rates rising by 9% and 110 basis points quarter-on-quarter, respectively [1] - The luck-adjusted EBITDA margin (excluding construction business) remains around 27.5% [1] Investment Rating - UBS maintains a "Buy" rating for Galaxy Entertainment with a target price of 46.9 HKD [1]

Core Viewpoint - Galaxy Entertainment (00027) is expected to see a 5% quarter-on-quarter growth in normalized adjusted EBITDA for Q3 2025, despite a reduction of 140 million yuan due to Typhoon Haikui [1] Group 1: Financial Performance - The company reported strong performance in October, driven by robust foot traffic and exceptionally high win rates at VIP gaming tables, with this momentum continuing into November [1] - Management anticipates that Q4 2025 performance will slightly exceed typical seasonal fluctuations, primarily supported by high-end mass market and VIP room business [1] Group 2: Analyst Ratings - The rating for Galaxy Entertainment is maintained at "Buy," with the target price adjusted from 49 HKD to 47 HKD [1]