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。 ...

智通财经APP讯，银河娱乐(00027)发布公告，银娱已授出(i)根据认股权计划认购合共21万份股份的认股 权;(ii)根据奖励计划合共835.52万份股份的股份奖励，但须待承授人接纳方告作实。 ...

银河娱乐(00027)发布公告，银娱已授出(i)根据认股权计划认购合共21万份股份的认股权;(ii)根据奖励计 划合共835.52万份股份的股份奖励，但须待承授人接纳方告作实。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 （於香港註冊成立之有限公司） （股份代號：27） 授出認股權及股份獎勵 董事會宣佈銀娛已授出 (i) 根據認股權計劃認購合共 210,000 份股份之認股權； 及 (ii) 根據獎勵計劃合共 8,355,200 份股份之股份獎勵，惟須待承授人接納方告 作實。 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「上市規則」）第 17.06A條作出。 授出認股權及股份獎勵 | | 認股權 | 股份獎勵 | | --- | --- | --- | | 行使期: | 由二零二六年十二月三十一日起 | 不適用 | | | 至二零三一年十二月三十日止 | | | 歸屬期: | 二零二六年十二月三十一日: | 二零二六年十二月三十一日: | | | 69,997 | 2,756,107 | | | 二零二七年十二月三十一日: ...

Core Viewpoint - Macquarie forecasts that Macau's gaming revenue in December could increase by 17% to 22% year-on-year, with a total revenue estimate of MOP 213 billion to MOP 222 billion [1] Group 1: Industry Insights - The average daily gaming revenue in Macau last week was MOP 700 million, reflecting a week-on-week increase of 8% [1] - The VIP room win rate has returned to normal levels, with average daily revenue in the mass market increasing by 3% to 5% compared to November, and VIP room daily revenue growing by 2% to 5% [1] - The VIP room win rate is reported to be between 2.7% and 2.9%, which is lower than the over 3% recorded in November [1] Group 2: Company Recommendations - Galaxy Entertainment (00027) is identified as the top pick in the gaming sector, with a target price of HKD 57.5, rated "outperform" due to its strong property project reserves and ample hotel room supply [1] - The opening of the Capella Hotel by the end of this year is expected to enhance Galaxy's market share in the high-end mass market [1] - Investors are advised to reconsider Sands China (01928) and MGM China (02282) due to their market share growth and attractive valuation levels, with target prices set at HKD 25.2 and HKD 22.6 respectively, both rated "outperform" [1]

Group 1 - The core viewpoint of the article indicates that Macau's average daily gaming revenue increased to 700 million MOP last week, reflecting an 8% week-on-week rise, with VIP room win rates returning to normal levels [1] - Compared to November, the average daily revenue from the mass market increased by 3% to 5%, while the average daily revenue from VIP rooms grew by 2% to 5%, with VIP win rates ranging from 2.7% to 2.9%, down from over 3% in November [1] - Assuming the average daily gaming revenue remains between 660 million to 750 million MOP for the rest of the month, total gaming revenue for December is projected to reach between 21.3 billion to 22.2 billion MOP, representing a year-on-year increase of 17% to 22% [1] Group 2 - The preferred stock in the gaming industry is Galaxy Entertainment (00027), with a target price of 57.5 HKD and a rating of "Outperform," primarily due to its strong property project reserves and ample hotel room supply [1] - The company anticipates that the Capella Hotel, which will fully commence operations by the end of this year, is expected to enhance its market share in the high-end mass market [1] - Additionally, investors are encouraged to reassess Sands China (01928) and MGM China (02282) due to their market share growth and attractive valuation levels, with target prices set at 25.2 HKD and 22.6 HKD, respectively, both rated as "Outperform" [1]

Core Viewpoint - Macao's average daily gaming revenue increased to 700 million Macanese Patacas last week, reflecting an 8% week-on-week rise, with VIP room win rates returning to normal levels [1] Group 1: Gaming Revenue Projections - If the average daily gaming revenue remains between 660 million to 750 million Macanese Patacas for the rest of the month, total gaming revenue for December is projected to reach between 21.3 billion to 22.2 billion Macanese Patacas, representing a year-on-year increase of 17% to 22% [1] Group 2: Preferred Stocks - The preferred stock is Galaxy Entertainment, with a target price of 57.5 Hong Kong dollars and a rating of "Outperform," attributed to its strong property project reserves and ample hotel room supply [1] - The Capella Hotel, expected to fully operate by the end of this year, is anticipated to enhance the company's market share in the high-end segment [1] Group 3: Other Investment Recommendations - Investors are advised to reconsider Sands China and MGM China, given their market share growth and attractive valuation levels, with target prices set at 25.2 Hong Kong dollars and 22.6 Hong Kong dollars, respectively, both rated "Outperform" [1]

Core Viewpoint - Alibaba's investment arm, Alibaba Entrepreneurship Fund, has reduced its stake in Huayi Brothers, leading to a significant change in shareholding structure, which is expected to stabilize the company's equity structure without adversely affecting its operations [2][5]. Shareholding Changes - Alibaba Entrepreneurship Fund's shareholding decreased from 3.467799% to 2.403580%, while the combined stake of Alibaba and Jack Ma fell from 6.064215% to 4.999996% [2][3]. - The reduction in shares was based on Alibaba's own business arrangements, with a possibility of further reductions in the next 12 months [3]. Company Financial Performance - Huayi Brothers has faced continuous losses for seven years, accumulating over 8 billion yuan in losses by the end of 2024 [5]. - For the first three quarters of the current year, the company reported revenue of 215 million yuan, a year-on-year decline of 46%, and a net profit attributable to shareholders of -114 million yuan [5]. Debt Situation - The company is experiencing a liquidity crisis, with overdue debts totaling 52.5 million yuan as of December 10, 2025, which exceeds 10% of the company's audited net assets for 2024 [6]. - The controlling shareholder's shares have been fully frozen, amounting to 13.81% of the company's total share capital [7]. Legal Issues - Huayi Brothers and its legal representative, Wang Zhongjun, have recently been subjected to a consumption restriction order due to an advertising contract dispute, indicating ongoing legal challenges [9][10].