Group 1 - The core viewpoint of the report indicates that Macau's gaming revenue in December last year was 20.9 billion MOP, approximately 2.61 billion USD, representing a year-on-year increase of 14.8%, but a quarterly decline of 1%, which was below market expectations [1] - In the fourth quarter, Macau's gaming revenue reached 66.1 billion MOP, about 8.26 billion USD, with a year-on-year growth of 15% and a quarterly increase of 5.6% [1] - The report forecasts that Macau's total gaming revenue for 2025 will be 247 billion MOP, around 31 billion USD, reflecting a year-on-year growth of 9% and reaching 85% of the 2019 levels [1] Group 2 - The report highlights that the mass market revenue has already exceeded 120% of the 2019 levels [1] - The enterprise value to EBITDA ratio for Macau gaming stocks is currently at 8.5 times, compared to the 15-year average of 12.8 times, indicating that the sector remains attractive [1] - The report expresses a preference for Galaxy Entertainment (00027) and Sands China (01928), while downgrading MGM China (02282) to "in line with the market" and maintaining a sell rating on SJM Holdings (00880) [1]

Core Viewpoint - Morgan Stanley reports that Macau's gaming revenue in December last year was 20.9 billion MOP, approximately 2.61 billion USD, representing a year-on-year increase of 14.8%, but a quarterly decline of 1%, which was below market expectations [1] Group 1: Revenue Performance - Macau's gaming revenue for Q4 reached 66.1 billion MOP, about 8.26 billion USD, with a year-on-year growth of 15% and a quarterly increase of 5.6% [1] - The EBITDA for Q4 is expected to grow by over 10% year-on-year [1] Group 2: Future Projections - The total gaming revenue for Macau in 2025 is projected to be 247 billion MOP, around 31 billion USD, reflecting a year-on-year growth of 9% and reaching 85% of the 2019 levels [1] - The mass market revenue has already exceeded 120% of the 2019 levels [1] Group 3: Valuation and Preferences - The enterprise value to EBITDA ratio for Macau gaming stocks is currently at 8.5 times, compared to the 15-year average of 12.8 times, indicating attractiveness [1] - Morgan Stanley prefers Galaxy Entertainment (00027) and Sands China (01928), while downgrading MGM China (02282) to "in line with the market" and maintaining a sell rating on SJM Holdings (00880) [1] - MGM China significantly underperformed in December but may have short-term rebound opportunities [1]

Core Viewpoint - Morgan Stanley reports that Macau's gaming revenue in December last year was 20.9 billion MOP, approximately 2.61 billion USD, representing a year-on-year increase of 14.8%, but a quarterly decline of 1%, which was below market expectations [1] Group 1: Revenue Performance - Macau's gaming revenue for Q4 reached 66.1 billion MOP, about 8.26 billion USD, showing a year-on-year growth of 15% and a quarterly increase of 5.6% [1] - The EBITDA for Q4 is expected to grow by over 10% year-on-year [1] Group 2: Future Projections - The total gaming revenue for Macau in 2025 is projected to be 247 billion MOP, around 31 billion USD, reflecting a year-on-year growth of 9% and reaching 85% of the 2019 levels [1] - The mass market revenue has already surpassed 120% of the 2019 levels [1] Group 3: Valuation and Stock Preferences - The enterprise value to EBITDA ratio for Macau gaming stocks is currently at 8.5 times, compared to the 15-year average of 12.8 times, indicating attractiveness [1] - Morgan Stanley prefers Galaxy Entertainment (00027) and Sands China (01928) [1] - MGM China (02282) has been downgraded to "in line with the market," while SJM Holdings (00880) is maintained at a sell rating [1] - MGM China significantly underperformed in December but may have short-term rebound opportunities [1]

Core Viewpoint - Morgan Stanley reported that Macau's gaming revenue in December last year was 20.9 billion MOP, representing a year-on-year growth of 14.8% but a quarter-on-quarter decline of 1%, which was below market expectations [1] Group 1: Industry Performance - For the full year of 2025, Macau's gaming revenue is projected to reach 247 billion MOP, reflecting a year-on-year growth of 9% and achieving 85% of the 2019 levels [1] - The enterprise value to EBITDA ratio for Macau gaming stocks is currently at 8.5 times, compared to the 15-year average of 12.8 times, indicating that the sector remains attractive [1] Group 2: Company Preferences - Morgan Stanley has a preference for Silver Lake Entertainment and Sands China [1] - MGM China significantly underperformed in December but may have short-term rebound opportunities, with its rating downgraded to "in line with the market" [1] - The rating for SJM Holdings is maintained at "underweight" [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Macau's gaming revenue in December increased by 14.8% year-on-year to MOP 20.89 billion, aligning with the bank's forecast but falling short of market expectations by 3% [1] Group 1: December Gaming Revenue - Macau's gaming revenue for December reached MOP 20.89 billion, reflecting a year-on-year growth of 14.8% [1] - The average daily gaming revenue for the last ten days of December was MOP 624 million, compared to MOP 698 million for the first 21 days of the month [1] - Despite potential negative investor sentiment regarding the data, the bank remains optimistic that the continued appreciation of the RMB against the USD will support gaming revenue performance [1] Group 2: January and Future Projections - For January, the bank forecasts a year-on-year increase in Macau's gaming revenue of 18% to MOP 21.48 billion, exceeding market expectations by 3% [1] - The bank maintains its preference for stocks in Galaxy Entertainment (00027) and MGM China (02282) [1] - The bank anticipates that total gaming revenue in Macau will grow by 5% year-on-year by 2026, slightly below the market's expected growth of 5.5%, implying an average daily gaming revenue of MOP 709 million [1]

Group 1 - The core viewpoint of the article indicates that Macau's gaming revenue in December increased by 14.8% year-on-year to 20.89 billion MOP, aligning with the bank's forecast but falling short of market expectations by 3% [1] - The average daily gaming revenue for the last ten days of December was 624 million MOP, compared to 698 million MOP for the first 21 days of the month [1] - Despite potential negative sentiment from investors regarding the data, the bank remains optimistic that the continued appreciation of the RMB against the USD will support gaming revenue performance [1] Group 2 - For January, the bank forecasts a year-on-year increase in Macau's gaming revenue of 18% to 21.48 billion MOP, exceeding market expectations by 3% [1] - The bank maintains its preferred stocks as Galaxy Entertainment (00027) and MGM China (02282) [1] - The bank projects that Macau's total gaming revenue will grow by 5% year-on-year by 2026, slightly below the market expectation of 5.5%, implying an average daily gaming revenue of 709 million MOP [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Macau's gaming revenue in December increased by 14.8% year-on-year to MOP 20.89 billion, aligning with the bank's forecast but falling short of market expectations by 3% [1] Group 1: December Gaming Revenue - Macau's gaming revenue for December reached MOP 20.89 billion, reflecting a year-on-year growth of 14.8% [1] - The average daily gaming revenue for the last ten days of December was MOP 624 million, compared to MOP 698 million for the first 21 days of the month [1] Group 2: January Forecast - For January, Credit Lyonnais projects a year-on-year increase in Macau's gaming revenue of 18% to MOP 21.48 billion, which is 3% higher than market forecasts [1] Group 3: Long-term Outlook - The bank anticipates that Macau's total gaming revenue will grow by 5% year-on-year by 2026, slightly below the market expectation of 5.5%, indicating an average daily gaming revenue of MOP 709 million [1] - The continued appreciation of the Renminbi against the US dollar is expected to support gaming revenue performance [1] Group 4: Preferred Stocks - Credit Lyonnais maintains its preference for Galaxy Entertainment (00027) and MGM China (02282) as top stock picks in the sector [1]

Industry Overview - UBS reports that Macau's total gaming revenue is projected to reach approximately 20.9 billion MOP by December 2025, reflecting a year-on-year growth of 15% and a slight month-on-month decline of 1% [1] - The average daily gaming revenue is estimated at around 674 million MOP, which is a 4% month-on-month decrease and below market expectations of 693 million MOP [1] - For the entire year, Macau's total gaming revenue is expected to accumulate to 247 billion MOP, representing a year-on-year growth of 9% [1] Future Outlook - The outlook for Macau's gaming industry in 2026 remains constructive, with expectations of resilient demand supported by upgraded tourism products, increased marketing activities, and a more diversified customer base [1] - These factors are anticipated to continue driving growth, particularly in the high-end customer segment [1] Company Recommendations - Within the sector, UBS expresses a favorable view on Galaxy Entertainment and Wynn Macau, setting target prices of 46.9 HKD and 8.9 HKD respectively, with a "buy" rating assigned to both [1]

Group 1 - The core viewpoint of the report is that Macau's gaming revenue in December increased by 14.8% year-on-year to MOP 20.89 billion, aligning with the bank's forecast but falling short of market expectations by 3% [1] - The average daily gaming revenue for the last ten days of December was MOP 624 million, compared to MOP 698 million for the first 21 days of the month [1] - Despite potential negative investor sentiment regarding the data, the bank remains optimistic that the continued appreciation of the RMB against the USD will support gaming revenue performance [1] Group 2 - For January, the bank forecasts a year-on-year growth of 18% in Macau's gaming revenue, reaching MOP 21.48 billion, which is 3% higher than market predictions [1] - The bank maintains its preferred stocks as Galaxy Entertainment and MGM China [1] - The bank projects that Macau's total gaming revenue will grow by 5% annually by 2026, slightly below the market expectation of 5.5%, indicating an average daily gaming revenue of MOP 709 million [1]

格隆汇12月31日丨银河娱乐(00027.HK)宣布，银娱已授出(i)根据认股权计划认购合共21万份股份之认股 权；及(ii)根据奖励计划合共835.5万份股份之股份奖励，惟须待承授人接纳方告作实。 ...