Core Viewpoint - Morgan Stanley forecasts that Macau's gaming revenue in Q4 is expected to grow by 17% year-on-year, with industry EBITDA projected to increase by 15%, surpassing market expectations [1] Industry Summary - The forecast indicates that Q4 and Q1 of the following year will still see double-digit growth in gaming revenue, supported by potential increases in dividends for gaming companies [1] - Q4 EBITDA for gaming operators is expected to grow by 15% quarter-on-quarter and 6% year-on-year, despite high operating expenses, with potential improvements in profit margins [1] Company Summary - Morgan Stanley continues to favor MGM China (02282) and Galaxy Entertainment (00027) as top picks, anticipating that Q4 performance will drive upward revisions in market earnings forecasts [1] - For Galaxy Entertainment, a "Market Perform" rating is given, primarily due to its lower dividend yield and higher enterprise value multiples, with a target price reduced from HKD 44 to HKD 43 [1] - Sands China (01928) is striving for greater market share, and with potential for dividend doubling, it receives an "Overweight" rating, maintaining a target price of HKD 23 [1]

Core Viewpoint - The report from 兴证国际 initiates coverage on Galaxy Entertainment (00027) with a "Buy" rating, highlighting the effectiveness of the company's mid-to-high-end strategy and its potential for growth through new supply and market share gains [1] Group 1: Financial Performance - In Q3 2025, the company's net income reached HKD 12.2 billion, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 1% [2] - Adjusted EBITDA for Q3 2025 was HKD 3.3 billion, up 14% year-on-year but down 6% quarter-on-quarter, with an overall adjusted EBITDA margin of 27.5%, a slight decrease of 0.1 percentage points year-on-year [2] - The company's performance in the first three quarters of 2025 has outpaced the industry average, laying a solid foundation for annual growth [2] Group 2: Dividend Policy - For H1 2025, the company declared a dividend of HKD 0.7 per share, which accounts for 58% of the earnings per share (EPS) during the period, indicating a robust and generous dividend policy [3] - The expected dividend yield for 2025 is 3.5% [3] Group 3: Betting and Win Rates - In Q3 2025, the company's betting amounts for VIP, mass market, and slot machines were HKD 65 billion, HKD 35.4 billion, and HKD 27.4 billion, reflecting year-on-year growth of 46%, 12%, and 3%, respectively [4] - The overall win rate improved due to the adoption of smart tables and increased innovative gameplay, contributing to growth in Gross Gaming Revenue (GGR) [4] Group 4: Market Share - The company's GGR for Q3 2025 was HKD 20.95 billion, showing a year-on-year increase of 20.6%, which is higher than the industry average growth of 12.5% [5] - The company's market share for Q3 2025 was calculated at 19.6%, with a cumulative market share of 19.4% for the first three quarters of 2025, indicating a year-on-year increase [5]

智通财经APP获悉，兴证国际发布研报称，首次覆盖，给予银河娱乐(00027)"买入"评级，公司的中高端 策略卓有成效，2025Q1至Q3累计市场份额同比保持增长，银河综艺馆举办多项大型国际娱乐活动，吸 引旅游客流并进行转化，高端物业嘉佩乐开业带来协同作用。公司的银河四期是澳门稀缺的新增供给， 目前正在打造建设中，预计2027年竣工并分期开业运营，有望贡献下一个增长点。看好公司的规模优 势、供给释放潜力、中高端客户粘性、稳健的管理经营能力，以及行业领先的财务优势。 2025Q3公司净收益为122亿港元，同比增长14%，环比增长1%。其中，澳门银河、澳门星际净收益为 101亿港元、13亿港元，分别同比增长20%、下跌6%，分别环比增长1%、增长8%。经调整EBITDA为33 亿港元，同比增长14%，环比下跌6%。其中澳门银河、澳门星际分别为31亿港元、3.7亿港元，分别同 比增长20%、下跌7%，分别环比下降8%、增长22%。公司2025Q3的整体经调整EBITDA率为27.5%，同 比下降0.1个百分点。集团三季度EBITDA环比下降与赢率波动有关，若赢率正常化后，经调整EBITDA 环比增长5%。公司前三季度 ...

本文源自：金融界AI电报 12月9日穆迪确认现代汽车公司(Hyundai Motor Company简称"现代汽车"005385.KS)、起亚汽车公司(Kia Corporation简称"起亚汽车"000270.KS)和Hyundai Mobis Co., Ltd.的发行人评级为"A3"起亚汽车的高级无 抵押评级为"A3"。 ...

Core Viewpoint - Macquarie expresses optimism about Galaxy Entertainment (00027) due to its strong property project reserves and ample hotel room supply, with the upcoming full operation of the Galaxy Hotel expected to enhance its share in the premium mass market [1] Group 1: Company Insights - Galaxy Entertainment is anticipated to benefit from the opening of the Galaxy Hotel, which is expected to boost its market share in the high-end mass market [1] - Macquarie suggests investors reassess Sands China (01928) and MGM China (02282), highlighting both companies' potential for market share growth and attractive valuation levels [1] Group 2: Industry Performance - Third-party data indicates that Macau's gaming revenue increased by 32% year-on-year over the past week, with improvements in the first week of the month, suggesting a return of major players to gaming activities post-Asian Games [1] - Average daily gaming revenue in the mass market grew by 5% to 8% compared to November, while VIP room daily gaming revenue increased by 6% to 8%, with VIP win rates ranging from 2.9% to 3.2%, down from 3.2% to 3.5% in November [1] - Macquarie expects December gaming revenue to maintain the momentum from the previous month, projecting a double-digit year-on-year increase [1] Group 3: Market Share Expectations - Macquarie forecasts that Wynn Macau (01128) and SJM Holdings (00880) will capture the most market share in November, with increases of 1.5 and 1 percentage points, respectively, while Sands China and MGM China are expected to each gain 0.5 percentage points [1] - Sands China's market share has steadily rebounded over the past few months, reaching a 13-month high of 24.5% in November [1]

Core Viewpoint - Macquarie is optimistic about Galaxy Entertainment (00027) due to its strong property project reserves and ample hotel room supply, with the upcoming opening of the Galaxy Hotel expected to enhance its market share in the premium mass segment [1] Company Analysis - Galaxy Entertainment is expected to benefit from the opening of the Galaxy Hotel by the end of this year, which will likely boost its market share in the high-end mass market [1] - Sands China (01928) and MGM China (02282) are recommended for investors to reassess, as both companies possess growth advantages in market share and attractive valuation levels [1] Industry Insights - Third-party data indicates that Macau's gaming revenue increased by 32% year-on-year over the past week, with improvements in the first week of the month compared to the previous month, suggesting a return of major players to gaming activities post-Asian Games [1] - Average daily gaming revenue in the mass market grew by 5% to 8% compared to November, while VIP room daily gaming revenue increased by 6% to 8%, with VIP win rates ranging from 2.9% to 3.2%, down from 3.2% to 3.5% in November [1] - Macquarie anticipates that December's gaming revenue will maintain the momentum from the previous month, with a year-on-year double-digit growth expected [1] Market Share Projections - Macquarie predicts that Wynn Macau (01128) and SJM Holdings (00880) will gain the most market share in November, with increases of 1.5 and 1 percentage points, respectively, while Sands China and MGM China are expected to each gain 0.5 percentage points [1] - Sands China's market share has steadily rebounded over the past few months, reaching a 13-month high of 24.5% in November [1]

Core Viewpoint - Macquarie's research report indicates that Macau's gaming revenue increased by 32% year-on-year in the past week, with improvements in the first week of this month, suggesting that major players may be re-engaging in gaming activities post the National Games [1] Group 1: Industry Insights - The report anticipates that December's gaming revenue will maintain the momentum from the previous month, projecting a double-digit year-on-year growth [1] - The strong performance in Macau's gaming sector is attributed to the re-engagement of key players in the market [1] Group 2: Company Recommendations - Macquarie expresses a positive outlook on Galaxy Entertainment, highlighting its robust property project reserves and ample hotel room supply [1] - The anticipated full operation of the Galaxy Macau's Capella Hotel by the end of this year is expected to enhance its market share in the high-end mass market [1] - Investors are encouraged to reassess Sands China and MGM China, as both companies possess advantages in market share growth and attractive valuation levels [1]

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for the first seven days of December reached 5.2 billion MOP, showing a daily average of approximately 742 million MOP, which is over a 5% increase from November and more than a 25% increase year-on-year, despite a low base [1] Industry Summary - If the optimistic growth trend continues until the end of the month, the total gaming revenue for Q4 could increase by 18% to 19% year-on-year and 8% to 9% quarter-on-quarter, reaching a six-year high, significantly above the bank's and market's expectations of 13% to 14% [1] - The current industry valuation is considered extremely low, with a projected EV/EBITDA ratio of 9 times for 2026, below the historical average of 13 times [1] - An increase of 1 times in valuation multiples could enhance equity value by over 15%, and if valuations return to historical averages, the total market capitalization of the sector could rise by more than 60% [1] Company Summary - In the short term, the company is optimistic about Sands China (01928), anticipating an announcement of increased dividends for 2026 by the end of February, along with expected improvements in market share and profit share for Q4; a target price of 24.5 HKD is set with a "Buy" rating [1] - For the long term, Galaxy Entertainment (00027) is maintained as a preferred choice due to its strong value and long-term growth potential, with the fourth phase development project expected to reflect in the stock price next year; a target price of 50 HKD is also set with a "Buy" rating [1] - The company continues to recommend avoiding Melco International Development (00200) and Austar International Holdings (00880), assigning "Reduce" and "Neutral" ratings respectively [1]

Group 1 - The bank is optimistic about Sands China (01928) in the short term, expecting the company to announce an increase in dividends for 2026 by the end of February, along with anticipated improvements in market share and profit share for Q4 [1] - The long-term preference remains for Galaxy Entertainment (00027) due to its strong value and growth potential, with a target price of HKD 50 and a rating of "Buy" [1] - The bank advises to avoid Melco International Development (00200) and SJM Holdings (00880), assigning "Reduce" and "Neutral" ratings respectively [1] Group 2 - According to Morgan Stanley, Macau's total gaming revenue for the first seven days of December reached MOP 5.2 billion, averaging about MOP 742 million per day, which is over a 5% increase from November and more than 25% year-on-year [2] - In an optimistic scenario, if the growth continues until the end of the month, Q4 gaming revenue could increase by 18% to 19% year-on-year and 8% to 9% quarter-on-quarter, reaching a six-year high, significantly above the bank's and market's expectations of 13% to 14% [2] - The bank notes that the current industry valuation is very low, with a 2026 EV/EBITDA ratio of 9 times, below the historical average of 13 times, estimating that a 1-time expansion in valuation could increase equity value by over 15% [2]

瑞银发布研报称，对澳门博彩业明年前景看法正面，预期需求将保持强韧，丰富的旅游产品、市场推广 增加及客户基础更多元化均将支持行业增长，特别看好高端需求，将今明两年澳门博彩总收入增长预测 由8%及5%，提升至9%及6%，并预期博彩营运商EBITDA可增长约1%及7%。瑞银预期明年濠赌股竞争 格局将维持稳定，当中高端博彩营运商份可持续取得市场份额，目前行业首选股为银河娱乐(00027)、 永利澳门(01128)及美高梅中国(02282)。 ...