Investment Rating - The report maintains a "Buy" rating for MGM China [1] Core Views - The company's performance in Q4 2024 exceeded expectations, with total revenue reaching HKD 8.71 billion, a 10% increase quarter-on-quarter, and recovering to 128.3% of the same period in 2019 [6] - The company achieved a significant increase in market share, with VIP and mass market gaming revenue growing by 29.9% and 8.0% respectively, leading to an overall market share increase to approximately 15.6% [6] - The report forecasts continued growth in revenue and adjusted property EBITDA for 2024-2026, with target prices set at HKD 16.6 [6] Financial Projections - Total revenue is projected to grow from HKD 24,684.2 million in 2023 to HKD 31,381.9 million in 2024, representing a 369% year-on-year increase [1] - Adjusted property EBITDA is expected to rise from HKD 7,235.3 million in 2023 to HKD 9,244.1 million in 2024, reflecting a 28% increase [1] - The diluted earnings per share are forecasted to increase from HKD 0.69 in 2023 to HKD 1.34 in 2024 [1] Market Performance - The stock closed at HKD 9.71, with a market capitalization of HKD 36,899 million [4] - The stock has a historical price range of HKD 9.00 to HKD 14.92 over the past year [4] Balance Sheet Highlights - The total assets are projected to be HKD 29,181 million in 2023, with a significant portion in non-current assets [7] - The company has a debt ratio of 100.2%, indicating a high level of leverage [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's Q4 2024 performance showed steady growth, with revenue increasing by 5.9% year-on-year to $4,233 million, and net profit rising by 16.6% to $9.71 per share. Overall, the annual performance for 2024 met expectations [1][5] - The HTS business segment demonstrated solid growth, with Q4 revenue up 4.0% to $3,342 million, outperforming the MRO industry growth rate of 2.0-2.5%. The segment's operating profit increased by 7.6% to $567 million, supported by improved gross margins [1][5] - The EA business segment also performed well, with Q4 revenue rising 15.1% to $816 million and operating profit increasing by 27.3% to $70 million [1][5] - The company provided a conservative revenue guidance for 2025, expecting a growth of 2.7%-5.2% to $17.6-$18.1 billion, reflecting the challenging economic environment [1][5] - The company is projected to achieve revenue growth of 2.8%, 2.6%, and 7.1% for 2025, 2026, and 2027, respectively, with corresponding net profit growth of 0.3%, 5.6%, and 11.0% [1][5] Financial Summary - For 2024, the company forecasts revenue of $17.2 billion, with a year-on-year growth of 4.2%. The operating profit margin is expected to be 15.5%, and earnings per share (EPS) is projected at $38.96, reflecting a 6.2% increase [1][6] - The company's financial metrics indicate a P/E ratio of 26.61 for 2024, decreasing to 22.64 by 2027, suggesting a potential for value appreciation over time [1][6] - The total assets are projected to grow from $8.83 billion in 2024 to $10.54 billion by 2027, indicating a healthy balance sheet [1][6]

Investment Rating - The investment rating for Home Depot (HD.N) is maintained at "Neutral" [1][2]. Core Insights - The report highlights that Home Depot's Q3 2024 revenue increased by 6.6% year-over-year to $40.2 billion, although comparable sales declined by 1.3% [2]. - The company has adjusted its 2024 full-year revenue growth guidance to approximately 4%, considering a comparable sales decline of 2.5% [2]. - The report indicates that the long-term fundamentals supporting home improvement demand remain strong, despite short-term pressures from high interest rates and economic uncertainty [2]. Summary by Sections Earnings Forecast and Valuation - Revenue projections for Home Depot are as follows: 2023A at $157.403 billion, 2024E at $163.699 billion, 2025E at $167.759 billion, and 2026E at $175.845 billion, with year-over-year growth rates of 4.1%, 4.0%, 2.5%, and 4.8% respectively [1]. - Net income estimates are: 2023A at $17.105 billion, 2024E at $16.785 billion, 2025E at $17.515 billion, and 2026E at $18.499 billion, with growth rates of 4.1%, -1.9%, 4.3%, and 5.6% respectively [1]. - The earnings per share (EPS) are projected to be $17.22, $16.90, $17.63, and $18.62 for 2023A, 2024E, 2025E, and 2026E respectively, with corresponding P/E ratios of 23.56, 24.01, 23.01, and 21.79 [1][2]. Operational Data - Key operational metrics for Q3 2024 show that customer transactions totaled 399 million, a slight decrease of 0.2% year-over-year, while the average transaction value was $88.65, down 1.3% from the previous year [2]. - The sales per square foot metric was recorded at $582.97, reflecting a 2.1% decline compared to the same period last year [2]. Market Indicators - The NAHB/Wells Fargo Housing Market Index (HMI) for October 2024 was reported at 43, indicating a slight increase but still below the breakeven point [2]. - The latest building permit data for September 2024 showed a total of 113.7 thousand permits, down 5.9% year-over-year, which is closely correlated with Home Depot's revenue [2]. Performance Outlook - The report anticipates that Home Depot will benefit from the recent hurricane-related demand, which is expected to provide a short-term boost to sales [2]. - The company plans to open approximately 12 new stores in 2024, maintaining its previous guidance, which represents a 0.5% increase from the 2,335 stores at the end of 2023 [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $6 [3]. Core Insights - The company reported its Q3 2024 financial results, which met expectations, showing a revenue of 1.43 billion yuan, a year-on-year increase of 31% [4]. - The revenue growth is attributed to stable performance and ongoing global business expansion [2]. - The company has accelerated its technology product development, with over 7.3 million vehicles globally equipped with its technology as of September 30, 2024 [4]. - The company has a strong project pipeline with over 40 models in development, indicating a diversified approach to vehicle integration [4]. - The company has launched new models in international markets, including the Lynk & Co 02 overseas version and the Smart 5 SUV [5]. Financial Summary - Total revenue projections for 2024, 2025, and 2026 are adjusted to 5.68 billion, 6.88 billion, and 8.68 billion yuan respectively, reflecting a decrease from previous estimates [3]. - The company is expected to continue incurring net losses, with projected net profits of -975 million yuan in 2024, -313 million yuan in 2025, and -32 million yuan in 2026 [3]. - The gross margin is projected to decline to 23% in 2024, with a gradual recovery to 24.6% by 2026 [13]. Operational Highlights - The company has successfully ramped up production at its new manufacturing base in Fuyang, Zhejiang, producing over 30,000 units of the Antora 1000 computing platform for the Geely Galaxy E5 model [5]. - The company has implemented advanced AI capabilities in its vehicles, enhancing safety features for children [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.0 [1] Core Views - The company's Q3 2024 performance exceeded expectations, with net revenue reaching HKD 7.5 billion, recovering to 91% of Q3 2019 levels [1] - Adjusted EBITDA for Q3 2024 was HKD 1.04 billion, surpassing the expected HKD 1.0 billion and recovering to 109.2% of Q3 2019 levels [1] - The company's market share in the gaming sector increased by 1.3 percentage points to 13.9% in Q3 2024 [1] - The new property, Grand Lisboa Palace, turned profitable in Q3 2024, contributing HKD 1.42 billion in gaming revenue, a 17.2% increase quarter-over-quarter [1] Financial Performance - Total revenue for 2023A was HKD 21,623.2 million, with a projected increase to HKD 28,921.2 million in 2024E, HKD 31,408.8 million in 2025E, and HKD 33,521.4 million in 2026E [1] - Adjusted property EBITDA for 2023A was HKD 1,928.0 million, expected to rise to HKD 3,786.5 million in 2024E, HKD 4,712.1 million in 2025E, and HKD 5,427.4 million in 2026E [1] - Earnings per share (EPS) for 2023A was -HKD 0.28, projected to improve to HKD 0.03 in 2024E, HKD 0.18 in 2025E, and HKD 0.31 in 2026E [1] Market Share and Operational Improvements - The company's market share in the VIP segment recovered to 26.9% of 2019 levels, while the mass market segment (including slot machines) recovered to 101.8% of 2019 levels [1] - Grand Lisboa Palace's adjusted property EBITDA reached HKD 165 million in Q3 2024, marking a turnaround from losses [1] - The company plans to enhance service quality by introducing new VIP programs, opening more leisure restaurants, and renovating the Sky Phoenix VIP area [1] Operational Costs - Daily operating expenses in Q3 2024 were approximately HKD 20.9 million, a 5.2% increase quarter-over-quarter, primarily due to higher summer traffic [1] - Grand Lisboa Palace's daily operating expenses were HKD 7.6 million, up 8.4% quarter-over-quarter, reflecting its growth phase and increased marketing personnel [1] Valuation Metrics - The company's EV/Adjusted EBITDA for 2024E is 11.7x, expected to decrease to 9.4x in 2025E and 8.2x in 2026E [1] - The current price-to-book (P/B) ratio is 1.41x, with a market capitalization of HKD 19.46 billion [2][3]

Investment Rating - Buy (Maintained) [1] Core Views - Sands China's 3Q24 performance slightly exceeded market expectations, with net revenue reaching $1.77 billion, slightly above the expected $1.74 billion, and recovering to 83.1% of the same period in 2019 [2] - The company's adjusted property EBITDA for 3Q24 was $590 million, in line with market expectations, recovering to 77.5% of the same period in 2019 [3] - The disruption from the Londoner Phase II renovation project is expected to peak in 4Q24, with 3,100-3,200 rooms temporarily closed, but the company remains confident in the recovery of EBITDA margins by 2025 [4] Financial Performance - Sands China's total gaming revenue in 3Q24 was $1.68 billion, recovering to 82.6% of the same period in 2019, with VIP and mass market (including slot machines) gaming revenues recovering to 40.4% and 94.2% of 2019 levels, respectively [1] - The company's gaming and non-gaming revenues in 3Q24 were $1.34 billion and $430 million, respectively, recovering to 80.2% and 97.3% of 2019 levels [2] - The adjusted property EBITDA margin in 3Q24 was 33.0%, down 2.7 percentage points from the same period in 2019, primarily due to the impact of the Londoner renovation and slower recovery in mass market gaming [3] Renovation Impact - The Londoner Phase II renovation project affected approximately 2,500 rooms in 3Q24, representing 63% of the Sheraton Grand Macao's rooms and 20% of the company's total room inventory [4] - The company expects the renovation disruption to peak in 4Q24, with 3,100-3,200 rooms temporarily closed, and only around 300 new suites remaining open [4] Future Outlook - Sands China's management is confident in the recovery of EBITDA margins by 2025, driven by the completion of the Londoner Phase II renovation in 2Q25 and the expected rebound in visitor numbers to Macau, particularly in the mass market segment [3] - The company's 2024-2026 revenue forecasts are maintained at $7.11 billion, $7.90 billion, and $8.39 billion, respectively, with adjusted property EBITDA forecasts of $2.27 billion, $2.75 billion, and $3.12 billion [4] - The current stock price implies 2024-2026 EV/EBITDA multiples of 9.6x, 7.9x, and 7.0x, respectively, with a target price of HKD 25.5, implying 2024-2026 EV/EBITDA multiples of 11.6x, 9.6x, and 8.5x [4]

Investment Rating - The report maintains a "Buy" rating for Galaxy Entertainment [1] Core Views - The company's performance in Q3 2024 met expectations, with a net revenue of HKD 10.67 billion, recovering to 83.9% of Q3 2019 levels. The adjusted property EBITDA was HKD 3.1 billion, also recovering to 71.5% of the same period in 2019 [1][2] - The management is optimistic about the future market share growth, supported by strong performance during the Golden Week and the upcoming openings of new luxury properties [3] Financial Forecasts and Valuation - Total revenue projections for 2024, 2025, and 2026 are HKD 45.62 billion, HKD 50.31 billion, and HKD 53.49 billion, respectively, with year-on-year growth rates of 27.8%, 10.3%, and 6.3% [1][3] - Adjusted property EBITDA forecasts for the same years are HKD 12.75 billion, HKD 15.38 billion, and HKD 16.66 billion, with corresponding growth rates of 34.5%, 20.6%, and 8.3% [1][3] - The current stock price corresponds to EV/EBITDA multiples of 11.5, 9.5, and 8.8 for 2024, 2025, and 2026, respectively [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Insights - The company's performance in Q3 2024 showed steady growth, with revenue increasing by 4.3% year-on-year to $4,388 million, and operating profit rising by 2.8% to $686 million. Earnings per share (EPS) also grew by 4.7% to $9.87 [2]. - The HTS business continues to outperform the industry, with a revenue growth of 3.3% to $3,515 million, slightly above the industry growth rate of 2.0-2.5%. The operating profit for this segment increased by 0.8% to $617 million, accounting for 90% of the company's total profit [2]. - The EA business showed strong growth, with a revenue increase of 8.1% to $791 million, although impacted by yen depreciation. The operating profit for this segment rose by 27.3% to $70 million [2]. - The company has maintained its guidance for 2024, projecting a revenue growth of approximately 4.0%-4.75% to $17,100-$17,300 million, with an expected EPS growth of 5.4%-7.3% [2]. - The report forecasts revenue growth of 4.3% in 2024, 6.1% in 2025, and 7.1% in 2026, with corresponding net profit growth of 2.2%, 9.6%, and 10.2% respectively [2]. Financial Summary - Revenue projections for 2023A, 2024E, 2025E, and 2026E are $16,478 million, $17,194 million, $18,239 million, and $19,539 million respectively, with year-on-year growth rates of 8.2%, 4.3%, 6.1%, and 7.1% [1][4]. - Net profit projections for the same years are $1,829 million, $1,870 million, $2,049 million, and $2,259 million, with growth rates of 18.2%, 2.2%, 9.6%, and 10.2% [1][4]. - The report indicates a decrease in gross margin to 39.2% and operating margin to 15.6% in Q3 2024 compared to the previous year [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 3Q24 performance met expectations, with daily operating expenses remaining stable [1] - Total gaming revenue in 3Q24 reached USD 1.21 billion, recovering to 72.1% of 3Q19 levels [1] - Macau property gaming revenue was USD 1.01 billion, recovering to 66.4% of 2019 levels [1] - The company's recovery pace continues to lag behind the industry, with VIP/mass market share declining by 0.4pct/0.2pct respectively in 3Q24 [1] - Measures to attract high-quality customers have shown effectiveness, with mass market betting volume increasing over 20% during the National Day Golden Week [1] Financial Performance - 3Q24 net revenue was USD 1.18 billion, recovering to 81.7% of 3Q19 levels [2] - Gaming/non-gaming net revenue reached USD 940 million/USD 230 million, recovering to 76.0%/118.0% of 3Q19 levels respectively [2] - Adjusted property EBITDA was USD 320 million, recovering to 77.1% of 2019 levels [2] - Adjusted property EBITDA margin improved by 1.3pct to 27.4% in 3Q24 [2] Operational Outlook - Daily operating expenses are expected to remain around USD 3 million [3] - The "House of Dancing Water" show is expected to reopen in 2Q25, adding USD 100,000 to daily operating costs [3] - 4Q24 capital expenditure is estimated at USD 120 million, with 2025 capex projected at USD 400 million [3] - The Sri Lanka project, with 687 rooms opened in October 2024, is expected to open its gaming area in 2H25 [3] - Dividend resumption is anticipated in 2H25, subject to debt repayment progress [3] Financial Forecasts - 2024-2026 revenue forecasts are revised to HKD 36.62/40.24/42.52 billion [3] - Adjusted property EBITDA forecasts are revised to HKD 9.47/11.34/12.46 billion for 2024-2026 [3] - Current share price implies 2024/2025/2026 EV/EBITDA multiples of 7.3/6.1/5.6x [3] - Target price is revised to HKD 6.6 [3] Market Data - Current share price: HKD 4.95 [7] - 52-week range: HKD 3.83-6.95 [7] - Market capitalization: HKD 7.51 billion [7] - Price-to-book ratio: 24.9x [7]

Investment Rating - The report maintains a "Buy" rating for MGM China (2282.HK) [1] Core Views - The company's revenue and profit continue to recover in Q3 2024, with a total revenue of HKD 7.25 billion, which is 125.5% of Q3 2019 levels, meeting market expectations [2] - The management has declared a special dividend of HKD 0.35 per share, reflecting confidence in the long-term prospects of the Macau business [3] - The report projects a decrease in net income forecasts for 2024-2026 to HKD 31.38 billion, HKD 33.64 billion, and HKD 35.19 billion respectively, with adjusted property EBITDA estimates lowered to HKD 9.24 billion, HKD 10.21 billion, and HKD 10.85 billion [3] Summary by Sections Revenue and Profitability - In Q3 2024, the company achieved total revenue of HKD 7.25 billion, recovering to 125.5% of Q3 2019 levels, with gaming revenue at HKD 6.24 billion (120.4% of Q3 2019) and non-gaming revenue at HKD 1.01 billion (168.2% of Q2 2019) [2] - The adjusted property EBITDA for Q3 2024 was HKD 1.98 billion, recovering to 128.1% of the same period in 2019, slightly below market expectations [2] Non-Gaming Business Development - The company's non-gaming initiatives are expected to enhance its competitiveness in the mid-market segment, with strong performance during the recent Golden Week, achieving 120% of 2019 visitor levels [2] - Upcoming projects, including the collaboration with director Zhang Yimou for the "MGM 2049" show and the new MGM Museum set to open in 2025, are anticipated to further boost visitor traffic [2] Market Position and Share - In Q3 2024, the company reported total gaming revenue of HKD 7.92 billion, recovering to 113.5% of 2019 levels, with VIP and mass market revenues at HKD 0.73 billion and HKD 7.19 billion respectively [3] - The company's market share for VIP and mass market segments saw a slight decline, with market shares of 5.7% and 17.4% respectively [3] Financial Forecasts - The report revises the net income forecasts for 2024-2026 to HKD 31.38 billion, HKD 33.64 billion, and HKD 35.19 billion, with adjusted property EBITDA forecasts lowered to HKD 9.24 billion, HKD 10.21 billion, and HKD 10.85 billion [3] - The current stock price corresponds to EV/adjusted property EBITDA multiples of 6.9, 6.2, and 5.9 for the years 2024, 2025, and 2026 respectively [3]