Core Viewpoint - UBS reports that the gaming revenue growth for Kingdom Holdings (03918) is accelerating, driven by an increase in business travelers in Phnom Penh, Cambodia, and local demand [1] Group 1: Revenue Forecasts - UBS has raised its total gaming revenue (GGR) forecasts for Kingdom Holdings for 2025-2026 by 21% to 29% due to better-than-expected performance in the first half of the year [1] - The overall gaming revenue is expected to grow by 32% this year and 10% next year [1] Group 2: Financial Projections - The EBITDA forecast for Kingdom Holdings has been increased by 46% for next year [1] - The valuation basis has been adjusted, with the target multiple raised from 5x to 7x, leading to an increase in the target price from HKD 3.8 to HKD 7.5 [1] Group 3: Rating Changes - The rating for Kingdom Holdings has been upgraded from "Neutral" to "Buy" due to the revised forecasts and valuation [1]

Group 1 - The core viewpoint of the article highlights the upward trend of Hong Kong gaming stocks, particularly MGM China, which saw a more than 4% increase after its earnings report, reaching a new high for the period [1] - Macquarie has raised its forecast for Macau's total gaming revenue in 2025 by 5% to 235.7 billion, indicating a year-on-year growth of 4% [1] - Following a strong second quarter, Macquarie expects Macau's gaming business to remain robust in the third quarter, supported by the upcoming openings of high-end hotels and elite events [1] Group 2 - Specific stock performance includes MGM China with a 4.1% increase, SJM Holdings up 1.5%, Sands China rising 1.4%, and Galaxy Entertainment gaining 0.5% [1] - MGM China's adjusted EBITDA for the second quarter grew by 2.8% year-on-year to 2.511 billion, with a quarter-on-quarter increase of 6.1%, marking a quarterly record [1] - During the period, MGM China's gaming revenue reached 977 million, reflecting a 10% year-on-year growth, with the overall market share at 16.6%, and specific shares for MGM Macau and MGM Cotai at approximately 6.2% and 10.5% respectively [1]