展望近期，该行认为11月面临的基数较10月更严峻，增长幅度可能放缓至8%至10%。不过，12月起基 数将转趋宽松，预期博彩收入增长将加速至15%至17%，而明年首季亦至少有低十位数增长。 股份方面，该行短期看好永利澳门(01128)，因其估值吸引和杠杆较高;中期看好金沙中国(01928)，因明 年2月有机会上调股息，且预期今年第四季会持续扩大市场份额。长期而言，该行看好银河娱乐 (00027)，兼具价值优势与长期增长潜力。以上股份均获"增持"评级，目标价分别为8港元、24.5港元及 48.5港元。 智通财经APP获悉，摩根大通发布研报称，澳门10月博彩总收入为240亿澳门元(下同)，同比增长16%、 按月增长32%，是六年以来最强劲的博彩表现，中场与贵宾厅博彩收入分别恢复至疫情前约125%及35% 水平。虽然今年黄金周表现较平淡，但10月博彩收入仍较市场已上调预期高出11%至12%。细分而言， 贵宾厅及高端中场推动贵宾业务增长40%至45%，而中场业务则增长12%至13%。 ...

该行短期看好永利澳门，因其估值吸引和杠杆较高；中期看好金沙中国，因明年2月有机会上调股息， 且预期今年第四季会持续扩大市场份额。长期而言，该行看好银河娱乐，兼具价值优势与长期增长潜 力。以上股份均获"增持"评级，目标价分别为8港元、24.5港元及48.5港元。 摩根大通发表研究报告指，澳门10月博彩总收入为240亿澳门元，按年增长16%、按月增长32%，是六 年以来最强劲的博彩表现，较市场已上调预期高出11%至12%。展望近期，该行认为11月面临的基数较 10月更严峻，增长幅度可能放缓至8%至10%。不过，12月起基数将转趋宽松，预期博彩收入增长将加 速至15%至17%，而明年首季亦至少有低十位数增长。 ...

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]