瑞银发布研报称，将澳门2025年下半年博彩总收入(GGR)同比增长预测由7%上调至12%，对比今年上半 年同比增长4%。该行认为，澳门的博彩市场格局正在转变，酒店客房增长不再是市场份额增长的主要 推动因素，关键因素已变成赌台分布、高端产品及服务等，并料中低端中场业务持续受到内地旅游竞争 及中国宏观环境的挑战。 随着博彩市场持续高端化，该行预期高端博企如永利澳门(01128)及美高梅中国(02282)将能维持或扩大 市场份额，其相较于大型博企的估值折让将会收窄。该行料永利澳门今年第三季中场市场份额达12.2% (较原预测升0.5个百分点)，估美高梅中国今年第三季中场市场份额达16.4%(较原预测升0.7个百分点)。 该行料金沙中国(01928)及银河娱乐(00027)今年第三季中场市场份额各为24.5%(较原预测跌0.2个百分点) 及19.5%(较原预测跌0.1个百分点)。 该行将永利澳门评级由"中性"上调至"买入"，目标价由6.1港元升至8.4港元，相当预测明年企业价值对 EBITDA的9.5倍;维持对美高梅中国"买入"评级，目标价由15.9港元升至19.8港元，相当预测明年企业价 值对EBITDA的9.5倍 ...

细分而言，本月至今贵宾厅及中场业务均有10至15%的同比增长，分别恢复至疫情前水平的30%与 125%。该行现预期8月博彩总收入将增长11至14%，达到219亿至225亿元，有望再次突破疫情后纪录。 智通财经APP获悉，摩根大通发布研报称，根据该行数据，澳门8月首24天的博彩总收入(GGR)达176.5 亿澳门元(下同)，日均收入为7.35亿元。上周的日均收入较前周进一步增长9%至7.93亿元，对比8月前17 天日均收入为7.1亿元，而7月日均为7.14亿元，创下疫情以来非黄金周期最高纪录，主要受惠于暑期旺 季强劲的旅客流量。 ...

金融界8月19日消息，上证指数高开震荡，中华交易服务博彩业指数 (中华博彩指数，CESG10)上涨 0.8%，报3281.67点，成交额8.98亿元。 数据统计显示，中华交易服务博彩业指数近一个月上涨4.64%，近三个月上涨26.89%，年至今上涨 21.09%。 据了解，"中华交易服务博彩业指数由中华证券交易服务有限公司(中华交易服务)委托中证指数有限公 司(中证指数)进行编制，指数编制方案由中证指数以及中华交易服务共同确定。中华交易服务博彩业指 数(中华博彩指数)为证券价格指数，旨在反映于香港交易所主板上市的前十大博彩证券的整体表 现。"该指数以2011年03月04日为基日，以3000.0点为基点。 从中华交易服务博彩业指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中华交易服务博彩业指数持仓样本的行业来看，可选消费占比100.00%。 本文源自：金融界 作者：行情君 ...

Group 1 - The core viewpoint of the article is that Macau's gaming revenue is showing positive growth despite adverse weather conditions, with a projected total gaming revenue for August of 22 billion MOP [1] - As of the first 17 days of August, the total gaming revenue in Macau reached 12.1 billion MOP, translating to an average daily revenue of 711 million MOP [1] - The VIP and mass market segments have experienced approximately 10% year-on-year growth so far this month [1]

Core Viewpoint - Goldman Sachs reports that Sands China (01928) declared an interim dividend of HKD 0.25 per share, consistent with last year's final dividend, but increased the payout ratio to 63% [1] Group 1: Dividend and Financial Projections - The bank expects the final dividend for 2025 to remain at HKD 0.25, totaling HKD 0.50 for the year; assuming gradual increases to HKD 0.80 in 2026 and HKD 1.00 in 2027 [1] - Sands China's target price is slightly raised from HKD 21.5 to HKD 21.6, maintaining a "Buy" rating [1] Group 2: Market Conditions and Business Strategy - Compared to Galaxy Entertainment (00027), Sands China's dividend may disappoint some investors, but Goldman Sachs believes this aligns with expectations due to recent fluctuations in gaming revenue market share, indicating significant business pressure [1] - The management's short-term goal is to increase gaming volume to achieve an EBITDA close to USD 2.6 to 2.7 billion, which is anticipated to be reached by 2026 [1] - Unlike other gaming companies that base dividends on payout ratios, Sands China prefers to maintain consistent dividend amounts across different market cycles, as evidenced by maintaining a full-year dividend of HKD 1.99 during the anti-corruption period from 2014 to 2015 [1]

金融界8月15日消息，上证指数低开高走，中华交易服务博彩业指数 (中华博彩指数，CESG10)下跌 1.53%，报3254.02点，成交额9.19亿元。 数据统计显示，中华交易服务博彩业指数近一个月上涨1.92%，近三个月上涨28.91%，年至今上涨 21.04%。 据了解，"中华交易服务博彩业指数由中华证券交易服务有限公司(中华交易服务)委托中证指数有限公 司(中证指数)进行编制，指数编制方案由中证指数以及中华交易服务共同确定。中华交易服务博彩业指 数(中华博彩指数)为证券价格指数，旨在反映于香港交易所主板上市的前十大博彩证券的整体表 现。"该指数以2011年03月04日为基日，以3000.0点为基点。 从中华交易服务博彩业指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中华交易服务博彩业指数持仓样本的行业来看，可选消费占比100.00%。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Macquarie's research report indicates that Galaxy Entertainment's net income for the second quarter increased by 10% year-on-year and 8% quarter-on-quarter, with gaming revenue rising by 16% year-on-year and 10% quarter-on-quarter, slightly below the firm's forecast by 1% [1] Financial Performance - Adjusted EBITDA increased by 12% year-on-year and 8% quarter-on-quarter, exceeding the firm's forecast by 2% [1] - The company declared an interim dividend of HKD 0.7, with a payout ratio of 58%, up from 50% in the same period last year, surpassing market expectations [1] Cash Flow and Dividend Outlook - The firm believes that Galaxy Entertainment has strong free cash flow and net cash accumulation capabilities, allowing it to maintain the current dividend payout ratio [1] - The expected payout ratio for the company in 2023 is 60%, translating to a cash dividend yield of 3.5% [1] Future Earnings Projections - Due to lower expectations for non-gaming revenue, the firm has slightly reduced its adjusted EBITDA forecasts for 2025 and 2026 by 0.1% and 0.5%, respectively, while increasing the 2027 forecast by 0.6% [1] - The target price for Galaxy Entertainment has been raised from HKD 53.6 to HKD 55.6, maintaining an "outperform" rating [1]

Core Viewpoint - MGM China Holdings Limited (02282) announced a share buyback plan, intending to repurchase 1 million shares at a cost of HKD 15.9846 million, scheduled for August 13, 2025 [1] Group 1 - The company plans to execute a buyback of 1 million shares [1] - The total expenditure for the buyback is set at HKD 15.9846 million [1]

Investment Rating - The investment rating for the company is upgraded to "Buy" with a target price of HKD 49.50 [1][9][12] Core Views - The report highlights the positive impact of the concert economy on the company's performance, with expectations for continued growth in the second half of 2025 [6][8][12] - The company is benefiting from a diverse non-gaming portfolio and is expected to attract high-end clientele with the opening of the Capella hotel in September [6][12] - The overall gaming revenue (GGR) is projected to increase, with adjustments made to the EBITDA forecasts for 2025-2027 [9][12] Summary by Sections Financial Data - The closing price as of August 12 was HKD 40.18, with a market capitalization of HKD 175,783 million [2] - The average daily trading volume over the past six months was HKD 462.68 million [2] Revenue and Profit Forecasts - Revenue projections for 2024, 2025E, 2026E, and 2027E are HKD 43,432 million, HKD 47,205 million, HKD 53,662 million, and HKD 57,896 million respectively, reflecting growth rates of 21.71%, 8.69%, 13.68%, and 7.89% [5] - Net profit attributable to the parent company is forecasted to be HKD 8,759 million, HKD 10,110 million, HKD 10,504 million, and HKD 11,628 million for the same years, with growth rates of 28.29%, 15.42%, 3.90%, and 10.70% [5] Gaming Performance - The company's gaming revenue for Q2 2025 was HKD 12 billion, showing a year-on-year increase of 16% and a quarter-on-quarter increase of 10% [6] - The breakdown of gaming revenue includes VIP at HKD 2.4 billion (up 73% YoY), mass market at HKD 8.8 billion (up 6% YoY), and slots at HKD 800 million (up 19% YoY) [6] Entertainment and Customer Traffic - The company hosted 190 entertainment and sports events in the first half of 2025, resulting in a 65% increase in customer traffic [7] - Upcoming concerts and events are expected to further boost visitor numbers and spending in the second half of 2025 [8][12] Valuation and Market Position - The report suggests that the company deserves a valuation premium due to its strong market position and diverse offerings compared to competitors [9][12] - The target price of HKD 49.50 corresponds to a 10.6x EV/EBITDA multiple for 2026E, reflecting an upward adjustment from the previous target of HKD 39.50 [9][12]

Core Insights - The report from CICC highlights that Galaxy Entertainment's net revenue for Q2 reached HKD 12.044 billion, representing a year-on-year growth of 10% [1] - Adjusted EBITDA was HKD 3.569 billion, up 12% year-on-year, recovering to 82% of the Q2 2019 level, aligning closely with market expectations of HKD 3.54 billion [1] - The company's performance exceeded expectations primarily due to the opening of the Capella Hotel, which boosted market share, increased visitor numbers driven by entertainment activities, and stable daily operating costs due to effective cost control [1] - The interim dividend is set at HKD 0.7 per share, corresponding to a payout ratio of approximately 60% [1] - CICC has raised Galaxy Entertainment's adjusted EBITDA forecasts for the next two years by 5% and 3%, to HKD 14.524 billion and HKD 15.33 billion respectively [1] - The target price has been increased by 6% to HKD 44.8, while maintaining an "outperform" rating [1]