Core Viewpoint - The report from Credit Lyonnais indicates that Macau welcomed 779,300 visitors during the first five days of the Lunar New Year holiday period (February 15 to 19), representing a year-on-year growth of 7.4% [1] Group 1: Visitor Statistics - The total number of visitors for the entire holiday period is projected to reach 1.486 million, exceeding government forecasts by 6% [1] - Even if the remaining period of the holiday sees visitor numbers remain flat year-on-year, the total will still be significant [1] Group 2: Gaming Revenue Forecast - The bank predicts that gaming revenue in February will grow by 7.4% year-on-year, while the market median expectation is for a growth of 10.5% [1] - This implies an average daily gaming revenue of MOP 954 million from February 16 to 28 [1] Group 3: Company Preferences - Galaxy Entertainment and MGM China remain the bank's top picks in the gaming sector [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Macau experienced a 7.4% year-on-year increase in visitor numbers during the first five days of the Lunar New Year holiday period, with a total of 779,300 visitors [1] Group 1: Visitor Statistics - Macau welcomed 779,300 visitors from February 15 to 19, representing a 7.4% increase compared to the same period last year [1] - Even if the remaining period of the holiday sees no increase in visitor numbers, the total is projected to reach 1.486 million, exceeding government forecasts by 6% [1] Group 2: Casino Performance - On-site observations on February 20 revealed a strong crowd in casino halls and stable minimum betting amounts [1] - The forecast for February's gaming revenue is a 7.4% year-on-year increase, with a median market expectation of 10.5%, suggesting an average daily gaming revenue of 954 million Macau Patacas from February 16 to 28 [1] Group 3: Preferred Companies - Galaxy Entertainment (00027) and MGM China (02282) are identified as the preferred companies by Credit Lyonnais [1]

Group 1 - The core viewpoint of the report indicates that Macau received 779,300 visitors during the first five days of the Lunar New Year holiday, representing a year-on-year increase of 7.4% on a comparable basis [1] - The total expected visitor count for the holiday period is projected to reach 1.486 million, which is 6% higher than the Macau government's forecast [1] - The report notes that during an on-site visit, the casino floors were crowded, and the minimum betting amounts remained stable, leading to a forecasted year-on-year increase of 7.4% in Macau's gaming revenue for February 2026, slightly below the market median expectation of 10.5% [1] Group 2 - The average daily gaming revenue for the period from February 16 to 28 is estimated to be approximately 954 million Macau Patacas [1] - The report continues to favor Galaxy Entertainment and MGM China as industry leaders [1]

Core Viewpoint - The Macau gaming stocks experienced a collective rise, with significant increases in share prices, driven by positive forecasts for the upcoming Lunar New Year holiday gaming revenue [1] Group 1: Stock Performance - Melco International Development saw a rise of over 6% [2] - Sands China increased by 4% [2] - Galaxy Entertainment and Wynn Macau both rose by 2.5% [2] - SJM Holdings and MGM China both experienced a 2% increase [2] Group 2: Market Insights - Morgan Stanley's research report indicated that the average daily gaming revenue in Macau during the first five days of last year's Golden Week was approximately 1.1 billion MOP [1] - The hotel occupancy rate during this year's Lunar New Year is expected to be similar to last year, with average daily room rates (ADR) up by about 25% [1] - The forecast for gaming revenue during this year's Lunar New Year holiday is expected to match or exceed last year's Golden Week figures [1] - The firm anticipates a 13% year-on-year growth in total gaming revenue for February [1] - EBITDA for the industry is projected to grow by 16% year-on-year in the first quarter of this year, leading to upward revisions in profit forecasts [1] Group 3: Hotel Industry Outlook - Macau hotel operators report a continuous increase in hotel booking rates and travel agency orders for the Spring Festival period [1] - Hotel occupancy rates during the Spring Festival are expected to exceed 90%, indicating a peak in Macau's tourism market [1]

Core Viewpoint - Goldman Sachs reports that Macau's total gaming revenue (GGR) in January exceeded market expectations, growing by 24% year-on-year to MOP 22.6 billion, reaching 91% of 2019 levels, with an acceleration from the 15% growth seen in the previous quarter [1] Group 1: Revenue Performance - The average daily gaming revenue was MOP 730 million, compared to MOP 718 million in the previous quarter [1] - The strong performance is attributed to a healthy visitor volume, with mainland visitor numbers increasing by 18% year-on-year [1] Group 2: Future Expectations - The firm anticipates a strong performance during the Lunar New Year holiday, based on a low comparison base from last year and a longer holiday this year, alongside sustained domestic tourism demand [1] - Assuming gaming revenue is 25% to 35% above trend levels, estimated daily revenue could reach MOP 850 million to MOP 900 million [1] Group 3: Impact of Events - The firm does not expect the Winter Olympics to divert gaming demand, and while the World Cup in June and July may have some impact, it is projected to affect monthly revenue by no more than 5% [1] - The firm maintains that gaming revenue will continue to show healthy growth in the first half of the year, forecasting year-on-year growth of 17% and 8% for the first and second quarters, respectively [1]

Group 1 - The core viewpoint of the report indicates that Macau's January gaming revenue (GGR) exceeded market expectations, growing 24% year-on-year to MOP 22.6 billion, reaching 91% of 2019 levels, with an acceleration from the 15% growth in Q4 of the previous year [1] - Daily gaming revenue averaged MOP 730 million, slightly up from MOP 718 million in Q4 of last year, attributed to a healthy visitor volume, with mainland visitor numbers increasing by 18% year-on-year [1] - The report anticipates a strong performance during the Lunar New Year holiday, based on a low comparison base from last year and a longer holiday this year, with domestic tourism demand remaining robust, estimating daily revenue could reach MOP 850 million to MOP 900 million, assuming gaming revenue is 25% to 35% above trend levels [1] Group 2 - In terms of company performance, despite Sands China’s Q4 EBITDA falling short of expectations, raising concerns about increased competition, this was primarily due to one-time expenses related to the NBA and National Games, as well as a shift in the gaming revenue mix towards lower-margin VIP business [1] - The report maintains a positive outlook for Galaxy Entertainment and MGM China, expecting Q4 EBITDA to rise by 28% and 8% quarter-on-quarter, respectively, reiterating a "buy" rating for these stocks [1]

Core Viewpoint - UBS reports that Macau's average daily gaming revenue over the past week is approximately 693 million MOP, remaining stable compared to the previous week, with a year-to-date average of about 712 million MOP, reflecting a year-on-year increase of approximately 21% and a month-on-month increase of about 6%, surpassing the average growth of 2% from 2015 to 2019 [1] Industry Summary - The average daily gaming revenue for January is projected to be around 677 million MOP, indicating that the remaining six days of January need to achieve an average of approximately 532 million MOP [1] - The upcoming Lunar New Year holiday shows strong demand, with 27 out of 32 tracked hotels reporting sold-out rooms, similar to the situation last year [1] Company Summary - UBS maintains "Buy" ratings for Galaxy Entertainment (00027) and Wynn Macau (01128), with target prices set at 46.9 HKD and 8.9 HKD respectively [1]

Core Viewpoint - Morgan Stanley forecasts that Macau's gaming revenue will grow by 15% year-on-year to MOP 20.9 billion by December 2025, reaching 91% of pre-pandemic levels, slightly below market expectations of 18% due to previous upward adjustments [1] Group 1: Revenue Projections - For Q4 2025, gaming revenue is expected to increase by 15% year-on-year and 6% quarter-on-quarter to MOP 66.1 billion, marking a six-year high and exceeding both the bank's and market's expectations of 9% year-on-year growth [1] - For the full year of 2025, gaming revenue is projected to grow by 9% to MOP 247.4 billion, surpassing the bank's previous expectation of 5% [1] Group 2: Future Outlook - For 2026, the bank maintains its forecast for Macau's gaming revenue to grow by 5% to 6%, driven by a 7% to 8% increase in mass market and slot machine revenues, while VIP room revenues are expected to decline by 5% [1] - The bank anticipates industry profits will grow by 6% to 7% year-on-year, finally expected to outpace revenue growth [1] Group 3: Stock Recommendations - In the short term, the bank remains optimistic about Sands China (01928), while in the long term, Galaxy Entertainment (00027) is preferred, with target prices set at HKD 24.5 and HKD 50 respectively, both rated as "Buy" [1]

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for the first 21 days of December reached 14.65 billion MOP, averaging approximately 697 million MOP per day, indicating a significant increase in daily gaming revenue driven by normalized win rates and luck factors [1] Group 1: Revenue Performance - The average daily gaming revenue for December so far has increased nearly 20% compared to last December's average of 587 million MOP [1] - The daily gaming revenue for the past week reached 700 million MOP, up from 650 million MOP the previous week [1] Group 2: Future Projections - The bank's previous forecasts for December and Q4 gaming revenue growth of 15% and 13% respectively have further upside potential, with current data suggesting Q4 gaming revenue could grow by 15% to 16% year-on-year and 6% to 7% quarter-on-quarter [1] Group 3: Industry Valuation and Stock Recommendations - The gaming sector is currently undervalued, and with improved earnings visibility and an increase in gamblers, there is significant potential for revaluation in the coming quarters [1] - In the short term, the bank is optimistic about Sands China (01928) due to expected dividend increases and improvements in market share and profits for Q4 [1] - In the long term (over 12 months), Galaxy Entertainment (00027) is favored for its solid value and long-term growth potential [1] - The bank continues to recommend avoiding Melco International (00200) and Austar International (00880) [1]

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]