瑞银预期明年濠赌股竞争格局将维持稳定，当中高端博彩营运商份可持续取得市场份额，目前行业首选 股为银河娱乐、永利澳门及美高梅中国。 瑞银发表研究报告，对澳门博彩业明年前景看法正面，预期需求将保持强韧，丰富的旅游产品、市场推 广增加及客户基础更多元化均将支持行业增长，特别看好高端需求，将今明两年澳门博彩总收入增长预 测由8%及5%，提升至9%及6%，并预期博彩营运商EBITDA可增长约1%及7%。 ...

Core Viewpoint - Morgan Stanley's report indicates that Macau's gaming revenue for November reached 21.1 billion MOP, representing a year-on-year increase of 14%, surpassing market expectations of a 10.5% rise [1] Group 1: Revenue Growth - The forecast for Macau's gaming revenue in December is projected to grow by 22%, suggesting a year-on-year increase of 17% and a quarter-on-quarter increase of 8% for Q4 overall [1] - In comparison, the year-on-year growth rates for Q2 and Q3 were 8% and 12.5% respectively, indicating a significant acceleration in growth momentum [1] Group 2: Stock Performance - Since May, Macau gaming stocks have experienced substantial upward movement due to positive earnings forecast revisions and valuation recovery [1] - Morgan Stanley has upgraded its rating on MGM China to "Overweight," noting an increase in market share in October, which is expected to benefit the entire sector [1]

Group 1 - UBS report indicates that Macau's average daily gross gaming revenue (GGR) over the past week was 593 million MOP, representing an 8% year-on-year decline and a 46% drop compared to the first five days of the National Day Golden Week, which is weaker than the market expectation of 700 million MOP [1] - The report highlights a significant slowdown in Macau's GGR since the Mid-Autumn Festival on October 6, despite various events taking place over the past weekend, including the NBA China Games [1] - For the month to date, Macau's average daily GGR is 804 million MOP, down 5% year-on-year, suggesting that the remaining 19 days of the month may see an average daily GGR of 707 million MOP based on market forecasts [1] Group 2 - The industry is currently trading at an EV/EBITDA forecast valuation of 8.5 times for next year, which is 0.8 standard deviations below the two-year average [1] - UBS identifies Wynn Macau, MGM China, and Galaxy Entertainment as the preferred stocks within the industry [1]

Market Overview - The Hong Kong stock market showed positive momentum with all three major indices rising, particularly the Hang Seng Tech Index which surged by 1.61% after reaching a peak increase of 1.8% during the morning session [1] - The Hang Seng Index and the National Enterprises Index increased by 0.32% and 0.53% respectively, indicating a noticeable improvement in market sentiment [1] Sector Performance - Large technology stocks generally experienced upward trends, with Kuaishou rising nearly 4%, Xiaomi up nearly 2%, Tencent increasing by 1.43%, and Alibaba gaining 1.3% [3] - Semiconductor stocks were notably impacted by two significant news items, leading to a nearly 12% increase in Hua Hong Semiconductor and over 6% rise in SMIC [3] - Sportswear stocks continued to rise, with Li Ning increasing nearly 7% and reaching a new high following its earnings report [3] - Apple-related stocks collectively rose as Bank of America indicated that the Apple supply chain is entering a multi-year upgrade cycle [3] Weak Performers - Airline stocks faced significant declines, particularly China National Aviation which dropped over 6% following news of Boeing negotiating to sell up to 500 aircraft to China [3] - Other sectors such as heavy infrastructure, brain-computer interface concepts, coal, gaming, and solar energy stocks showed weak performance [3]

Group 1 - The core viewpoint of the article highlights the overall increase in Hong Kong's gaming stocks, with specific companies like MGM China, Sands China, and Galaxy Entertainment showing notable gains [1] - Citigroup's research report indicates that the high-end gaming turnover in Macau rose by 5% year-on-year to 1.34 billion HKD in August, while the number of high-end players decreased by 5% to 624, suggesting a 10% increase in per capita betting amount to 21,543 HKD, marking four consecutive months of double-digit growth [1] - Galaxy Entertainment leads the market with approximately 34% share of high-end gaming turnover, followed by Sands China at about 23%, reflecting the appeal of the Capella Hotel and Eason Chan's concert to high rollers [1] Group 2 - The article notes that MGM China, Sands China, and Galaxy Entertainment have implemented various strategies and new betting options to attract customers [1] - The stock performance of several gaming companies is detailed, with MGM China up by 2.07%, Sands China by 1.96%, and Galaxy Entertainment by 1.16% [1] - The overall trend indicates a positive outlook for the gaming sector in Hong Kong, driven by increased spending from high-end gamblers despite a decline in their numbers [1]

Core Viewpoint - MGM China outperformed its peers in Q2, with gross gaming revenue increasing by 12% year-on-year to $1.26 billion, recovering to 154% of the same period in 2019, compared to the industry average recovery level of 83% [1] Company Performance - Adjusted EBITDA margin was 29%, a decline from 30.7% in the same period last year and 29.6% in the previous quarter, attributed to increased marketing expenses and rising customer acquisition costs due to intensified market competition [1] Industry Outlook - Future prospects are expected to benefit from policies such as the "one license for multiple banks" in Zhuhai and cross-border payment initiatives in Hong Kong, as well as major events like the National Games and the Grand Prix, indicating a continued recovery in Macau's gaming industry [1] - The company is optimistic about the upward trend of gaming stocks in the second half of the year, driven by favorable policies, wealth effects, and non-gaming synergies [1] Investment Rating - The firm reiterated a "Buy" rating for MGM China, raising the target price from HKD 18 to HKD 19.3 [1]