Group 1 - Morgan Stanley forecasts that Macau's gaming revenue in Q4 is expected to grow by 17% year-on-year, with industry EBITDA projected to increase by 15%, surpassing market expectations [1] - The firm continues to favor MGM China (02282) and Galaxy Entertainment (00027) as top picks, anticipating that Q4 performance will drive upward revisions in market earnings forecasts [1] - Q4 and Q1 of the following year are expected to maintain double-digit growth in gaming revenue, supported by potential increases in dividend payouts for gaming companies [1] Group 2 - The firm predicts that Q4 EBITDA for gaming operators will grow by 15% quarter-on-quarter and 6% year-on-year, despite high operating expenses, with potential improvements in profit margins [1] - Morgan Stanley assigns a "Market Perform" rating to Galaxy Entertainment, primarily due to its lower dividend yield and higher enterprise value multiples, lowering the target price from HKD 44 to HKD 43 [1] - Sands China (01928) is striving for greater market share, and with potential for dividend doubling, it receives an "Overweight" rating, maintaining a target price of HKD 23 [1]