Ge Long Hui·2025-09-04 03:34Group 1: Financial Performance - Company reported total revenue of 14.6 billion HKD for 1H25, a year-on-year increase of 6% [1] - EBITDA decreased by 5% year-on-year to 1.65 billion HKD, with EBITDA margin declining by 1.3 percentage points to 11.2% [1] - Net loss widened from 160 million HKD in 1H24 to 180 million HKD in 1H25, primarily due to underperformance of the Lisboa project [1] Group 2: Earnings Forecast - Earnings per share forecast for 2025 revised down from 0.30 HKD to 0.01 HKD, with new forecasts introduced for 2026 at 0.12 HKD and 2027 at 0.17 HKD [1] - Target price adjusted down from 3.7 HKD to 3.3 HKD, indicating a potential upside of 13% [1] Group 3: Second Quarter Performance - In 2Q25, gross gaming revenue increased by 5% year-on-year, with mass gaming revenue up by 6% and VIP gaming revenue down by 14% [1] - EBITDA for 2Q25 fell by 21% year-on-year to 688 million HKD, with the Lisboa project's EBITDA turning from a profit of 104 million HKD in 2Q24 to a loss of 6.6 million HKD [1] Group 4: Acquisition Plans - Company announced plans to acquire part of the Lisboa Hotel for a total consideration of 529 million HKD, aiming to expand the operational area of the Lisboa Casino by an additional 7,504 square meters [2] - The acquisition is expected to enhance the overall operations of the integrated resort, making it the largest on the Macau Peninsula [2] - The company plans to redistribute gaming tables and slot machines from satellite casinos that will cease operations by the end of 2025 [2] Group 5: Industry Outlook - Company maintains an "overweight" rating, citing resilience in the gaming industry [2]