Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Gaming, Lodging, and Real Estate in Asia Pacific, specifically China and India malls [1][11][24] - **Market Sentiment**: Positive outlook on luxury malls in China due to rising inbound tourism and GST cuts benefiting Indian malls [1][11] Core Insights - **Chinese Luxury Malls**: Expected to benefit from an increase in inbound tourists, leading to improved retail sales [1][11][31] - **Indian Malls**: Anticipated benefits from GST rate rationalization, which is expected to enhance consumption [1][11][57] - **SJM Holdings**: Projected to continue losing market share, with high leverage and no expected dividends, making it less attractive [18][19][21] Financial Performance - **Wynn Macau**: Positive outlook with expected GGR growth of +15% YoY in 2H25, supported by a high dividend yield of 6% [13][17] - **HLP (Hang Lung Properties)**: Upgraded to "Overweight" with a compelling valuation of 0.3x P/B and a 6.5% yield, driven by improving luxury retail sales [11][24][30] - **SHKP (Sun Hung Kai Properties)**: Reported flat EPS/DPS for FY25, with a stable outlook and significant unbooked sales expected to recognize in FY26 [41][45] Market Dynamics - **RevPAR Trends**: 3Q25 RevPAR decline is leisure-driven, but caution is advised for 4Q25 as YoY weakness may widen again [1][48] - **GST Rate Changes in India**: Expected to lower construction costs and positively impact retail consumption, particularly in malls [57][58] Additional Insights - **Luxury Retail in China**: The luxury retail market is recovering, with Plaza 66 in Shanghai seeing an 80% YoY increase in tax-free shopping sales [31][32] - **Future Growth Drivers**: New projects like Westlake 66 in Hangzhou are expected to contribute to growth with minimal capex [32] - **Investor Queries**: Questions raised about the sustainability of growth in Macau and the performance of various developers in the context of market conditions [3][12][54] Performance Metrics - **Market Movements**: The Hang Seng Index and India's Sensex saw slight declines, while specific stocks like HLP and NWD showed significant movements [13][26] - **Stock Recommendations**: Positive recommendations for Wynn Macau, HLP, Link REIT, and Prestige, with varying degrees of expected growth and yield [13][24][54] Conclusion - The overall sentiment in the gaming, lodging, and real estate sectors in Asia Pacific is cautiously optimistic, with specific opportunities identified in luxury retail and the impact of regulatory changes in India. The performance of individual companies varies significantly, with some showing strong potential for growth while others face challenges.