Group 1 - The core viewpoint of the article highlights that Kingsoft Holdings (03918) experienced a significant stock price increase, with a rise of over 7% in early trading, currently at 5.76 HKD, with a trading volume of 41.1 million HKD [1] - Kingsoft Holdings reported a total gaming revenue of approximately 332 million USD for the first half of the year, representing a year-on-year growth of 17.2% [1] - The net profit for the same period was around 149 million USD, showing a substantial year-on-year increase of 68.8% [1] Group 2 - UBS's research report indicates that the growth in gaming revenue is driven by an increase in business travelers to Phnom Penh, Cambodia, and local demand [1] - Due to the better-than-expected performance in the first half of the year, UBS plans to raise its gaming revenue forecasts for 2025-2026 by 21% to 29%, with expected overall gaming revenue growth of 32% and 10% for this year and next year, respectively [1] - Citigroup noted that Kingsoft Holdings' first-half performance exceeded expectations, with a strong year-on-year increase of 17% in gaming revenue and an expansion of EBITDA margin by 9.2 percentage points [1] Group 3 - Although the resumption of interim cash dividends was unexpected, Citigroup pointed out that the payout ratio of 30% is lower than their annual expectation of 60% [1] - Despite signs of improvement in the fundamentals, there remains uncertainty regarding the Naga3 project, with no updates provided, suggesting a potential delay in the targeted opening date of September 2029 [1]

Core Viewpoint - Kwan Kee Holdings (03918) reported strong mid-year results, with total gaming revenue of approximately $332 million, a year-on-year increase of 17.2%, and net profit of about $149 million, up 68.8% [1] Group 1: Financial Performance - Total gaming revenue (GGR) for the first half of the year was approximately $332 million, reflecting a year-on-year growth of 17.2% [1] - Net profit reached around $149 million, marking a significant increase of 68.8% compared to the previous year [1] - EBITDA margin expanded by 9.2 percentage points year-on-year, indicating improved profitability [1] Group 2: Market Analysis - UBS noted that the growth in gaming revenue is driven by an increase in business travelers to Phnom Penh, Cambodia, and rising local demand [1] - The firm plans to raise its total gaming revenue forecasts for 2025-2026 by 21% to 29% due to better-than-expected mid-year performance [1] - Citigroup highlighted that while the mid-year cash dividend was unexpected, the payout ratio of 30% is below their annual expectation of 60% [1] Group 3: Future Outlook - Citigroup pointed out that despite signs of improvement in fundamentals, there is ongoing uncertainty regarding the Naga3 project, with the potential for delays in the targeted opening date of September 2029 [1] - Overall gaming revenue is expected to grow by 32% this year and 10% next year [1]