Jade Dragon Jade Dragon MACAU, March 19, 2026 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment has once again solidified its position as a global leader in fine dining, leading Macau in MICHELIN Guide Hong Kong & Macau 2026 with eight MICHELIN Stars across five of its restaurants located in City of Dreams, Studio City and Altira Macau. City of Dreams proudly stands as Macau's premier gastronomic destination, holding six MICHELIN Stars, the most of any integrated resort in the city. Unveiled today at th ...

摩根士丹利发布研报称，预期短期内澳门博彩股将跑输大市，料今年澳门博彩收入增长6%，EBITDA仅 增长2%，低于市场预期及同比转弱。因下半年博彩收入受基数效应影响，增长将放缓，且基本中场持 续疲弱。另外，行业的推广优惠水平上升，加上非博彩开支持续。由于专注高端中场，成本压力（特别 是再投资）属结构性。市场盈测向下重评将对今年EBITDA预测带来压力。 该行将行业观点由"具吸引力"下调至"符合预期"，预期5月起博彩收入将同比增长放缓，而第二及第三 季更会录得EBITDA负增长。股份方面，该行偏好金沙中国（01928）及新濠博亚娱乐（MLCO.US）。 同时，该行将银河娱乐（00027）及永利澳门（01128）评级降至"与大市同步"。 责任编辑：史丽君 责任编辑：史丽君 摩根士丹利发布研报称，预期短期内澳门博彩股将跑输大市，料今年澳门博彩收入增长6%，EBITDA仅 增长2%，低于市场预期及同比转弱。因下半年博彩收入受基数效应影响，增长将放缓，且基本中场持 续疲弱。另外，行业的推广优惠水平上升，加上非博彩开支持续。由于专注高端中场，成本压力（特别 是再投资）属结构性。市场盈测向下重评将对今年EBITDA预测带来压 ...

智通财经APP获悉，摩根士丹利发布研报称，预期短期内澳门博彩股将跑输大市，料今年澳门博彩收入 增长6%，EBITDA仅增长2%，低于市场预期及同比转弱。因下半年博彩收入受基数效应影响，增长将 放缓，且基本中场持续疲弱。另外，行业的推广优惠水平上升，加上非博彩开支持续。由于专注高端中 场，成本压力(特别是再投资)属结构性。市场盈测向下重评将对今年EBITDA预测带来压力。 该行将行业观点由"具吸引力"下调至"符合预期"，预期5月起博彩收入将同比增长放缓，而第二及第三 季更会录得EBITDA负增长。股份方面，该行偏好金沙中国(01928)及新濠博亚娱乐(MLCO.US)。同时， 该行将银河娱乐(00027)及永利澳门(01128)评级降至"与大市同步"。 ...

Financial Position - As of December 31, 2025, net property and equipment amounted to US$5.16 billion, representing 67.9% of total assets[752] - Total contractual obligations amount to $9,233.2 million, with $590.9 million due within 1 year and $3,966.2 million due in 1-3 years[738] - Fixed interest payments total $1,292.5 million, with $346.1 million due within 1 year[738] - Variable interest payments are estimated at $66.6 million, with $42.2 million due within 1 year[738] Impairment and Valuation - The company recognized an impairment of goodwill related to the Mocha and Other segment of US$57.9 million during the year ended December 31, 2025[758] - An impairment of long-lived assets in relation to Altira Macau was recognized at US$207.6 million for the year ended December 31, 2023, including US$110.0 million for property and equipment[759] - The company recorded further impairments of long-lived assets for Altira Macau of US$4.1 million and US$3.3 million for the years ended December 31, 2025 and 2024, respectively[761] - The discount rates used for the impairment test of Mocha Clubs were 13.2% and 10.5% for the years ended December 31, 2025 and 2024, respectively[757] - The fair values of long-lived assets for Altira Macau were estimated using discount rates of 14.0%, 12.6%, and 12.3% for the years ended December 31, 2025, 2024, and 2023, respectively[761] - Future cash flows from long-lived assets are evaluated for impairment, with significant assumptions regarding revenue growth rates and cost inflation[755] - The company performs qualitative assessments to determine the necessity of quantitative impairment tests for goodwill and intangible assets with indefinite lives[756] - Future cash flows for impairment testing are based on management's historical experience and market conditions, consistent with the company's budget and strategic plan[757] Investments - Total investment in gaming and non-gaming related projects as of December 31, 2025, was MOP5,724.2 million (approximately US$714.2 million)[734] - The Incremental Investment Trigger was activated in 2023, increasing the total investment requirement to MOP13,826.7 million (approximately US$1.73 billion) by December 2032[734] - The company has committed to an overall investment of MOP11,823.7 million (approximately $1.48 billion) under the Concession Contract, with an additional investment of MOP2,003.0 million (approximately $249.9 million) triggered by Macau's annual gross gaming revenue exceeding MOP180.0 billion (approximately $22.46 billion) in 2023[745] - The company has incurred total investment in gaming and non-gaming projects of MOP5,724.2 million (approximately $714.2 million) as of December 31, 2025[745] Credit Losses and Tax Assets - The allowance for casino credit losses was 49.9% of gross casino accounts receivable as of December 31, 2025[765] - The company recorded valuation allowances of US$472.5 million for deferred tax assets as of December 31, 2025, indicating a likelihood of non-realization[766] - The company recorded valuation allowances for deferred tax assets of US$472.5 million and US$477.8 million as of December 31, 2025 and 2024, respectively, indicating a belief that these assets may not be realized[766] - The company maintains an estimated allowance for credit losses based on specific reviews of the age of balances owed and current business conditions[764] Regulatory Environment - The company faces increased regulatory scrutiny and compliance costs related to anti-money laundering and data protection laws, which may impact financial performance[749] Ratings and Agreements - The company has a corporate rating of "BB-" and "B+" from Standard & Poor's and "Ba3" and "B1" from Moody's, respectively, indicating stable outlooks[743] - The company has entered into various licensing agreements, including with Hyatt and Nobu, to enhance its brand presence and operational capabilities[745]

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

Group 1 - Melco Resorts & Entertainment has been included in the S&P Sustainability Yearbook 2026, ranking in the 96th percentile within the Casinos and Gaming Industry, an improvement from the 92nd percentile the previous year [1] - The Yearbook recognizes companies that score within the top 15% of their industry based on the S&P Global 2025 Corporate Sustainability Assessment, with only about 800 out of over 9,200 assessed companies making the list [2] - Melco has consistently achieved a B score for CDP Climate 2025 and improved its CDP Water score from B to A-, while also holding an A rating from MSCI, reflecting its commitment to sustainability [3] Group 2 - Melco Resorts & Entertainment operates integrated resort facilities in Asia and Europe, including City of Dreams and Altira Macau in Macau, City of Dreams Manila in the Philippines, and City of Dreams Mediterranean in Cyprus [4] - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, who serves as the Chairman, Executive Director, and CEO of Melco [5]

Core Insights - Melco Resorts & Entertainment has been included in the S&P Sustainability Yearbook 2026, ranking in the 96th percentile within its industry group, an improvement from the 92nd percentile the previous year [1][2] Group 1: Sustainability Recognition - The inclusion in the Yearbook is based on the S&P Global 2025 Corporate Sustainability Assessment, where only the top 15% of companies in each industry are selected [2] - Over 9,200 companies were assessed for the 2025 CSA, with only around 800 companies across 59 industries making it to the Yearbook [2] Group 2: Company Performance - Melco has consistently achieved a B score for CDP Climate 2025 and improved its CDP Water score from B to A- [3] - The company holds an A rating from MSCI, reflecting its commitment to sustainability [3] Group 3: Leadership Statement - Mr. Lawrence Ho, Chairman & CEO, emphasized the company's commitment to sustainability and the importance of the CSA assessment as a benchmark for evaluating their impact [3] Group 4: Company Overview - Melco Resorts & Entertainment is a developer, owner, and operator of integrated resort facilities in Asia and Europe, including City of Dreams and Altira Macau [4] - The company operates various integrated resorts and gaming facilities in multiple regions, including the Philippines and Cyprus [4]

Group 1 - Morgan Stanley updates its preference order for Macau gaming stocks, with Galaxy Entertainment (00027) as the top pick rated "Overweight" [1] - MGM China (02282) is also rated "Overweight," followed by Sands China (01928) and Wynn Macau (01128), both rated "Overweight" [1] - Melco Resorts (MLCO.US) receives a "Neutral" rating, while SJM Holdings (00200) and Australia’s Amax Holdings (00880) are rated "Underweight" [1] Group 2 - For the first 22 days of February, Macau's total gaming revenue reached MOP 14.3 billion, averaging MOP 650 million per day [1] - The average daily revenue during the previous week, which included the Lunar New Year holiday, was MOP 785 million, lower than the expected MOP 850 million [1] - The initial days of the holiday showed weak performance with an average daily revenue of MOP 450 million, reflecting a double-digit year-on-year decline [1] Group 3 - The forecast for February's gaming revenue has been adjusted to a year-on-year growth of 0% to 2%, down from the previous estimate of 2% to 5% [2] - Excluding seasonal and calendar factors, the expected growth for total gaming revenue in the first two months of 2026 is revised to 12% to 13%, slightly down from the earlier forecast of 13% to 14% [2] - This revised forecast aligns with both the company's and market's industry expectations [2]

Core Viewpoint - Morgan Stanley's report indicates that Macau's total gaming revenue for the first 22 days of February reached 14.3 billion MOP, averaging 650 million MOP per day, with the holiday period still ongoing and future days being crucial for high-end player spending [1] Group 1: Revenue Forecast - The bank has adjusted its February gaming revenue forecast to flat to a 2% increase year-on-year, down from a previous estimate of 2% to 5% growth [1] - Excluding seasonal and calendar factors, the forecast for total gaming revenue growth in the first two months of 2026 is revised to 12% to 13%, slightly down from the previous estimate of 13% to 14% [1] Group 2: Stock Preferences - Morgan Stanley updated its preference order for Macau gaming stocks, with Galaxy Entertainment as the top pick, rated "Overweight" [1] - MGM China is also rated "Overweight," followed closely by Sands China and Wynn Macau, both receiving "Overweight" ratings [1] - Melco Resorts is rated "Neutral," while Melco International Development and SJM Holdings are both rated "Underweight" [1]

Group 1 - The Livermore Chinese concept stock index rose by 0.2% at the beginning of trading on February 17 [1] - Among the constituent stocks, Lufax increased by 10% [1] - Hesai Technologies rose nearly 8% [1] - Melco Resorts & Entertainment gained 4.7% [1] - Pony.ai saw an increase of over 2% [1]