Core Viewpoint - The performance of Kingsoft Holdings in 1H25 exceeded expectations, with significant growth in both total revenue and EBITDA, driven by a recovery in business volume and the introduction of new products [1][2]. Financial Performance - Total revenue reached $342 million, a year-on-year increase of 17% and a quarter-on-quarter increase of 27%, recovering to 38% of the level in 1H19 [1]. - Total gaming revenue was $332 million, also reflecting a 17% year-on-year increase and a 28% quarter-on-quarter increase, recovering to 38% of the level in 1H19 [1]. - EBITDA amounted to $200 million, showing a year-on-year growth of 261% and a quarter-on-quarter growth of 36%, recovering to 61% of the level in 1H19, surpassing the forecast of $188 million [1]. Development Trends - Infrastructure improvements and increased flight frequency have boosted visitor numbers, driving growth in the mid-market segment [1]. - The number of Chinese tourists visiting Cambodia increased by 51% year-on-year and 28% quarter-on-quarter in 1H25, with business travelers increasing by 46% year-on-year and 31% quarter-on-quarter [1]. - The new Decho International Airport is set to open in September 2025, with a passenger capacity of 13 million, while the existing Phnom Penh International Airport will cease operations [1]. VIP Business Growth - The direct VIP business turnover increased by 88% year-on-year and 87% quarter-on-quarter in 1H25, driven by the rise in business travelers and expatriates [2]. - The acceleration in foreign direct investment in Cambodia, particularly following Chinese President Xi Jinping's visit in April, has contributed to this growth [2]. Future Plans and Dividend - The Naga 3 project is expected to announce more details in 1H26, with management anticipating more iconic tourist attractions and amenities [2]. - The company declared an interim dividend of $0.0101 per share, corresponding to a 30% payout ratio, compared to a historical level of 60% [2]. Earnings Forecast and Valuation - The EBITDA forecasts for 2025 and 2026 have been raised by 6%, reaching $406 million and $481 million, respectively [2]. - The current stock price corresponds to 7 times the 2025 EV/EBITDA, with a target price raised by 12% to HKD 6.50, indicating a 12% upside potential from the current price [2].

Core Viewpoint - The company reported a strong recovery in its business segments for the first half of 2025, with significant growth in net income and EBITDA, driven by robust performance in the mid-market gaming sector [1][2]. Financial Performance - In H1 2025, the company achieved net revenue of $292 million, a year-on-year increase of 19.9% [1] - EBITDA, excluding the impact of the Vladivostok project impairment, was $200 million, reflecting a year-on-year growth of 38.5% [1] - The overall gross gaming revenue (GGR) reached $332 million, up 17.2% year-on-year [1] - The mid-market gaming table GGR was $162 million, increasing by 24.0% year-on-year [1] - The company’s comprehensive gross margin improved to 80.7%, a 1.8% increase year-on-year, primarily due to faster growth in the mid-market gaming table segment [2] Business Segment Analysis - The mid-market gaming table segment showed a gross margin of 91.9%, up 0.3 percentage points year-on-year [2] - High-end VIP business GGR recovered to 138.8% of the same period in 2019, with a year-on-year increase of 89.0% [1][2] - The company’s administrative expenses were reduced by 35.6% year-on-year, contributing to improved EBITDA and net profit margins [2] Competitive Advantage - The company holds exclusive operating rights in the Phnom Penh area until 2045, enhancing its competitive position in Southeast Asia [3] - Cambodia's gaming tax rates are competitive, at 7% for mid-market GGR and 4% for non-mid-market GGR, allowing the company to offer attractive commission policies to high-end clients [3] Growth Outlook - The company is expected to maintain steady growth in the medium to long term, supported by ongoing foreign direct investment and increased tourism demand [3] - Projections for EBITDA from 2025 to 2027 are $401 million, $445 million, and $487 million, respectively [3] - The company is rated as a strong buy due to its exclusive operating rights and sustainable growth potential, with a 2025 EV/EBITDA of 7.4x and a P/E of 11.4x [3]

8月26日，金界控股(03918)盘中上涨20.0%，截至10:41，报5.82元/股，成交2.42亿元。 8月25日，2025年中期每股派美元0.0101元(相当于港币0.0783元)，除权除息日2025-09-09，派息日2025- 09-30(董事会预案)。 本文源自：金融界 作者：行情君 金界控股有限公司是由Tan Sri Dr Chen Lip Keong在1995年创立的博彩娱乐公司，其主营业务是运营湄 公河地区最大的综合博彩娱乐度假村NagaWorld，该公司在2006年在香港联交所上市，并且是首家在联 交所上市的博彩类公司等，目前市值已经增长了11倍。同时，金界控股持有为期达70年至2065年的赌场 牌照，并且在金边方圆200公里范围内享有至2045年的独家赌场经营权。 截至2025年中报，金界控股营业总收入24.47亿元、净利润10.65亿元。 ...

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's gaming stocks, particularly driven by the strong performance of Golden Century Holdings, which surged 18% after its earnings report [1] - Golden Century Holdings reported a revenue of $342 million for the first half of the year, representing a year-on-year increase of 16.76% [1] - The company achieved a profit attributable to shareholders of $149 million, marking a turnaround from a loss, with earnings per share at 3.36 cents and an interim dividend of 1.01 cents [1] Group 2 - The financial position of Golden Century Holdings showed a substantial increase in cash and bank balances, which surged by 103.5% to $245 million, with a net asset value of $2.3 billion [1] - Several institutions have released research reports expressing optimism about the gaming industry, with Morgan Stanley predicting continuous growth in Macau's gaming revenue from 2025 to 2027 due to improved operating leverage and competitive dynamics [1] - JPMorgan has raised its forecasts for the Macau gaming industry for the third time in three months since the last upgrade [1] Group 3 - Other gaming stocks also experienced gains, with Macau Legend rising 7.6%, Melco International Development up 6.9%, and Wynn Macau increasing by over 3% [1] - Additional stocks such as SJM Holdings and Galaxy Entertainment saw increases of over 1%, indicating a positive trend across the sector [1]

Core Viewpoint - Goldin Financial Holdings (03918) reported a significant financial turnaround with a 16.76% increase in revenue and a return to profitability for the period ending June 30, 2025 [1] Financial Performance - The company achieved a revenue of $342 million, up from the previous year [1] - Profit attributable to owners reached $149 million, marking a return to profit compared to the previous loss [1] - Earnings per share were reported at 3.36 cents, with an interim dividend of 1.01 cents [1] Gaming Revenue Breakdown - Total gaming revenue increased by 17.2% to $330 million [1] - Mass market gaming revenue grew by 20.9%, while VIP market gaming revenue rose by 9.6% [1] - The gross profit margin for mass market operations, after deducting gaming taxes, was 89.1%, accounting for 69.8% of total gaming revenue and 75% of total gross profit [1] Adjusted Profit Metrics - Excluding the impact of a $89.1 million impairment loss from the previous year related to the Russian Vladivostok gaming and resort project, net profit increased by 68.8% to $149 million [1] - Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 38.5% to $200 million [1]

消息面上，金界控股发布截至2025年6月30日止6个月业绩，该集团期内取得收入3.42亿美元，同比增加 16.76%；公司拥有人应占溢利1.49亿美元，同比扭亏为盈；每股盈利3.36美仙，中期息派1.01美仙。公 告指出，博彩总收入增长17.2%至3.3亿美元，中场博彩总收入增长20.9%，贵宾市场博彩总收入增长 9.6%，而中场分部毛利率扣除博彩税后为89.1%，占博彩总收入69.8%及总毛利75%，而剔除去年同期 确认俄罗斯海参崴的博彩及度假村项目减值亏损8910万美元元的影响，纯利增加68.8%至1.49亿美元， 未计利息、税项、折旧及摊销的盈利（EBITDA）增加38.5%至2亿美元。 智通财经APP获悉，金界控股(03918)高开逾5%，截至发稿，涨5.15%，报5.1港元，成交额973.08万港 元。 ...

每经AI快讯，8月25日，金界控股(03918.HK)在港交所发布中期业绩报告，上半年博彩总收入约3.32亿 美元，同比增长17.2%；净利润约1.49亿美元，同比增长68.8%。 ...

Core Viewpoint - The company reported a significant increase in revenue and profitability for the six months ending June 30, 2025, indicating a strong financial performance compared to the previous year [1] Financial Performance - The company achieved a revenue of 342 million USD, representing a year-on-year increase of 16.76% [1] - The profit attributable to the company's owners was 149 million USD, marking a turnaround from a loss to profitability [1] - Earnings per share were reported at 3.36 cents [1]

金界控股(03918)发布截至2025年6月30日止6个月业绩，该集团期内取得收入3.42亿美元，同比增加 16.76%;公司拥有人应占溢利1.49亿美元，同比扭亏为盈;每股接棒盈利3.36美仙。 ...

金界控股(03918)公布，将于2025年9月30日派发中期股息每股7.83港仙。 ...