Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for the first seven days of December reached 5.2 billion MOP, showing a daily average of approximately 742 million MOP, which is over a 5% increase from November and more than a 25% increase year-on-year, despite a low base [1] Industry Summary - If the optimistic growth trend continues until the end of the month, the total gaming revenue for Q4 could increase by 18% to 19% year-on-year and 8% to 9% quarter-on-quarter, reaching a six-year high, significantly above the bank's and market's expectations of 13% to 14% [1] - The current industry valuation is considered extremely low, with a projected EV/EBITDA ratio of 9 times for 2026, below the historical average of 13 times [1] - An increase of 1 times in valuation multiples could enhance equity value by over 15%, and if valuations return to historical averages, the total market capitalization of the sector could rise by more than 60% [1] Company Summary - In the short term, the company is optimistic about Sands China (01928), anticipating an announcement of increased dividends for 2026 by the end of February, along with expected improvements in market share and profit share for Q4; a target price of 24.5 HKD is set with a "Buy" rating [1] - For the long term, Galaxy Entertainment (00027) is maintained as a preferred choice due to its strong value and long-term growth potential, with the fourth phase development project expected to reflect in the stock price next year; a target price of 50 HKD is also set with a "Buy" rating [1] - The company continues to recommend avoiding Melco International Development (00200) and Austar International Holdings (00880), assigning "Reduce" and "Neutral" ratings respectively [1]