Ge Long Hui·2025-12-09 02:46Core Viewpoint - Morgan Stanley's research report indicates that Macau's total gaming revenue for the first seven days of December reached 5.2 billion MOP, averaging approximately 742 million MOP per day, representing an increase of over 5% from November and more than 25% year-on-year, albeit from a low base [1] Group 1: Industry Performance - If the optimistic scenario continues until the end of the month, the total gaming revenue for Q4 could increase by 18% to 19% year-on-year and by 8% to 9% quarter-on-quarter, reaching a six-year high, significantly above the bank's and market's expectations of 13% to 14% [1] Group 2: Company Outlook - In the short term, the company is optimistic about Sands China, anticipating an announcement in late February regarding an increase in the 2026 dividend, along with expected improvements in market share and profit share for Q4; a target price of 24.5 HKD is set with a "Buy" rating [1] - In the long term, the company maintains a preference for Galaxy Entertainment due to its strong value and long-term growth potential, with the fourth phase development project expected to reflect in the stock price starting next year; a target price of 50 HKD is also set with a "Buy" rating [1]