该行列金沙中国为行业首选，指出金沙预计将在2026年成为最大市场份额赢家，占比可提升1.6个百分 点至25.1%，目标价由25.5港元上调至26.5港元。另外，花旗亦相信随着永利皇宫贵宾博彩区的 Chairman's Club扩建部分于明年首季开业，永利澳门的市场份额预计将很快开始恢复，列其为中型濠赌 股当中的首选，目标价由7.2港元上调至8.05港元。该行对其余濠赌股偏好依次为银河娱乐、美高梅中 国、新濠博亚娱乐及澳博，分别给予目标价54港元、20港元、13美元及2.3港元。花旗维持列拉斯维加 斯金沙集团为全球博彩股首选，目标价由75.5美元上调至76.75美元。 花旗发表研究报告指，凭借丰富的演唱会活动、奢华的新酒店供应及新的百家乐边注玩法，相信澳门将 继续成为内地富裕旅客追求的首选旅游目的地，目前预测明年澳门博彩收入将同比增长6%，行业 EBITDA料按年增长10%，EBITDA利润率维持在约29%，按年大致持平。 ...

智通财经APP获悉，摩根大通发布研报称，澳门博彩业势头持续向好，总收入再创强劲佳绩。11月博彩 总收入同比增长14%，达211亿澳门元，恢复至疫情前水平的92%，为疫情以来最佳复苏状态。随著盈 利可见度提高及投资者基础扩大，该行认为未来数季其行业估值存显著上调空间。该行的投资排序为： 金沙中国(01928)及银河娱乐(00027)＞永利澳门(01128)及美高梅中国(02282)＞新濠博亚娱乐(MLCO.US) ＞澳博控股(00880)＞新濠国际发展(00200)。 小摩现预计，12月博彩总收入同比增15%以上，且仍有上调空间或出现20%以上的增长。该行认为，若 达成此目标，今年第四季澳门博彩总收入年增将达15-16%，季增5-6%，为六年来最佳季度，远超该行 及市场普遍预期的约12%同比增长。 该行表示，看好2026年澳门博彩股，尽管市场已有所预期，但12月博彩总收入的加速增长仍将提振短期 市场情绪，同时，金沙中国有望于2月将其每股派息翻倍，美高梅中国或将在3月提高派息比率，这将体 现运营商对盈利及现金流可持续增长的强大信心。该行预计，受惠于低基数效应，增长势头有望延续至 明年首季。 ...

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Landscape - Wall Street is investing hundreds of billions into AI, but there is a pressing concern regarding the energy supply needed to sustain this growth [2] - AI data centers consume vast amounts of energy, comparable to that of small cities, leading to rising electricity prices and strained power grids [2][3] - The company in focus is positioned to benefit from the surge in demand for electricity driven by AI, making it a potentially lucrative investment opportunity [3][6] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It possesses significant nuclear energy infrastructure assets, which are crucial for America's future power strategy [7] - The company is noted for its ability to execute large-scale engineering, procurement, and construction projects across various energy sectors, including oil, gas, and renewables [7][8] Financial Position - The company is completely debt-free and has a substantial cash reserve, amounting to nearly one-third of its market capitalization [8] - It also holds a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without high premiums [9][10] Market Sentiment - There is a growing interest from hedge funds in this company, which is considered undervalued and off the radar compared to other AI and energy stocks [9][10] - The company is trading at less than seven times earnings, indicating a strong potential for upside in the context of its critical role in the AI and energy sectors [10][11]

Core Viewpoint - The article discusses the current market outlook, emphasizing that earnings are driving the market, with expectations for the S&P 500 to end the year around 7,000, supported by strong earnings growth [1][2]. Earnings Performance - Analysts are raising their 2026 earnings expectations, with Q1 and Q2 of 2025 showing better-than-expected results, moving from low to mid single-digit growth to low double-digit increases year-over-year [3]. - The Q3 earnings reporting season for the S&P 500 is projected to show a 14% increase, significantly higher than the initial expectation of 6.5%, indicating strong performance despite market volatility [4]. Investment Opportunities - The article presents a list of 13 cheap stocks under $10, selected based on a forward P/E ratio below 15 and the number of hedge fund holders, indicating strong hedge fund interest [6][7]. Company Highlights - **Melco Resorts & Entertainment Limited (NASDAQ:MLCO)**: - Stock Price: $9.07, Forward P/E: 15, Hedge Fund Holders: 18 - Reported Q3 2025 revenues of $1.31 billion, up 11% from $1.18 billion year-over-year, attributed to improved gaming and non-gaming operations [9][10]. - EBITDA for Macau properties increased by 21% year-over-year, with strong growth in the Philippines and Cyprus [11][12][13]. - **Lloyds Banking Group plc (NYSE:LYG)**: - Stock Price: $5.03, Forward P/E: 11.57, Hedge Fund Holders: 19 - Announced the launch of the UK's first agentic AI financial assistant, aimed at providing personalized financial guidance to 21 million mobile app customers [14][15]. - Analysts have raised the price target for Lloyds, with RBC Capital increasing it to 110 GBP and Kepler Capital setting it at 97 GBP, both maintaining positive ratings [16][17].

Core Insights - The article emphasizes the importance of in-depth research in the casino and gaming sector, highlighting the value of actionable insights for investors [1][2]. Group 1: Industry Overview - The casino and gaming sector is characterized by significant operational complexities and requires a nuanced understanding of management quality for effective investment strategies [2]. - The sector includes various segments such as traditional casinos, online betting, and entertainment industries, which are interconnected and influenced by broader economic trends [2]. Group 2: Expert Analysis - Howard Jay Klein, with 30 years of experience in major casino operations, leads a research group that provides actionable analysis and insights into gaming companies [2]. - The research group, The House Edge, offers a model portfolio that is reviewed monthly, providing buy-sell-hold recommendations based on the latest trends in the gaming industry [2].

Market Overview - US stock markets experienced a decline, with the Dow Jones down 1.21% to 46,987.10, the S&P 500 down 1.63% to 6,728.80, and the Nasdaq down 3.04% to 23,004.54[5][6] - The Hang Seng Index rose 1.29% to 26,241.83, while the National Enterprises Index increased by 1.08% to 9,267.56[5][3] Commodity and Currency Markets - New York crude oil fell 2.02% to $59.75 per barrel, while New York gold rose 0.33% to $4,009.80 per ounce[5][3] - The US Dollar Index decreased by 0.20% to 99.60, with the Euro rising 0.25% to 1.1566 and the Australian Dollar falling 0.79% to 0.6493[3][31] Economic Indicators - The University of Michigan's consumer confidence index dropped to 50.3, the lowest since June 2022, with inflation expectations slightly rising to 4.7%[8][24] - US companies announced 153,000 layoffs in October, a significant increase of over 1.8 times month-on-month, marking the largest October layoffs since 2003[8][24] Bond Market Insights - The US government shutdown continues, impacting market stability; the 2-year Treasury yield is at 3.591%, while the 10-year yield is at 4.116%[26] - Hong Kong plans to issue tokenized bonds, with previous issuances totaling HKD 6.8 billion since 2023, aiming to enhance its status as a financial hub[26] Investment Strategies - AI-themed funds are highlighted as a key strategy for capturing future trends, emphasizing the importance of technology innovation and ethical standards[21] - Investors are advised to remain cautious and await clearer market directions before making significant investment decisions[18]

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article emphasizes that users may face access issues if ad-blockers are enabled, suggesting the need to disable them for a better experience [1]

Core Insights - Melco Resorts reported revenue of $1.31 billion for the quarter ended September 2025, reflecting an 11.4% increase year-over-year and a surprise of +1.91% over the Zacks Consensus Estimate of $1.29 billion [1] - The company's EPS was $0.21, significantly higher than the $0.08 reported in the same quarter last year, resulting in a surprise of +90.91% compared to the consensus EPS estimate of $0.11 [1] Financial Performance - Total segment operating revenues for Mocha and Other were $28.6 million, exceeding the estimated $26.26 million but showing a -6.5% change year-over-year [4] - Altira Macau reported total segment operating revenues of $25.6 million, below the estimated $28.67 million, with a -16.1% change compared to the previous year [4] - City of Dreams generated $672.6 million in total segment operating revenues, slightly below the estimated $681.54 million, but showing a +19.3% year-over-year increase [4] - Studio City reported total segment operating revenues of $375.3 million, slightly below the estimated $387.7 million, with a +2.9% change year-over-year [4] - City of Dreams Manila had total segment operating revenues of $110.7 million, exceeding the estimated $105.64 million, but reflecting a -6.9% change year-over-year [4] - City of Dreams Mediterranean and Other reported total segment operating revenues of $85.8 million, surpassing the estimated $74.74 million, with a +33.2% year-over-year increase [4] Adjusted EBITDA - Adjusted EBITDA for Mocha and Other was $5.77 million, exceeding the average estimate of $4.92 million [4] - Studio City reported adjusted EBITDA of $104.67 million, slightly below the average estimate of $104.97 million [4] - City of Dreams Manila's adjusted EBITDA was $41.26 million, surpassing the average estimate of $32.24 million [4] - City of Dreams reported adjusted EBITDA of $206.88 million, exceeding the average estimate of $200.11 million [4] - City of Dreams Mediterranean and Other had adjusted EBITDA of $23.17 million, significantly above the average estimate of $12.94 million [4] - Corporate and Other reported adjusted EBITDA of -$28.46 million, slightly worse than the estimated -$28.5 million [4] Stock Performance - Melco's shares have returned -3.3% over the past month, contrasting with the Zacks S&P 500 composite's +1.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Melco Resorts (MLCO) reported quarterly earnings of $0.21 per share, exceeding the Zacks Consensus Estimate of $0.11 per share, and showing an increase from $0.08 per share a year ago, resulting in an earnings surprise of +90.91% [1] - The company achieved revenues of $1.31 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.91% and up from $1.18 billion year-over-year [2] - Melco shares have increased approximately 39.9% year-to-date, outperforming the S&P 500's gain of 15.6% [3] Earnings Outlook - The future performance of Melco's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is $0.17 on revenues of $1.3 billion, and for the current fiscal year, it is $0.47 on revenues of $5.15 billion [7] Industry Context - The Gaming industry, to which Melco belongs, is currently ranked in the top 33% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Performance - Melco's Total Operating Revenues increased by 114% to $1310 million in 3Q'25, compared to $1175 million in 3Q'24[23] - Gaming revenue increased by 124% to $1061 million in 3Q'25, compared to $944 million in 3Q'24[23] - Non-Gaming revenue increased by 75% to $248 million in 3Q'25, compared to $231 million in 3Q'24[23] - Net Income increased significantly by 3890% to $62 million in 3Q'25, compared to $13 million in 3Q'24[23] - Adjusted Property EBITDA increased by 179% to $380 million in 3Q'25, compared to $323 million in 3Q'24[23] - Adjusted EBITDA increased by 163% to $352 million in 3Q'25, compared to $303 million in 3Q'24[23] Operational Highlights - City of Dreams Sri Lanka officially opened on August 1, 2025, featuring approximately 800 hotel rooms and 118 gaming tables and 250 gaming machines as of the end of third quarter 2025[8, 22] - City of Dreams Macau recorded Adjusted EBITDA of $207 million in 3Q'25[28] - Studio City recorded Adjusted EBITDA of $105 million in 3Q'25[32] - City of Dreams Mediterranean and Other recorded Adjusted EBITDA of $23 million in 3Q'25[45] Liquidity and Capital Management - As of September 30, 2025, Melco Group had total liquidity of $2598 million, including $1607 million in cash and cash equivalents[50] - Approximately $41 billion has been returned to shareholders from 2016 through 2025 YTD in the form of dividends and share repurchases[56, 58]