Group 1 - Citigroup has lowered the profit forecast for Kamboj Holdings (03918) for 2025 to 2027 by 3% to 8% and reduced the target price from HKD 7 to HKD 6.5 while maintaining a "Buy" rating [1] - The bank expects Kamboj Holdings to benefit from the newly opened Dechong International Airport and a four-month visa-free entry trial for Chinese tourists in Cambodia from June to October this year, which may enhance the traffic to Naga World [1] - Due to recent weak visitor numbers in Cambodia, Citigroup has adjusted the gaming volume forecast for the second half of 2025 down by approximately 4% to USD 6.5 billion and the EBITDA forecast down by about 11% to USD 206 million [1] Group 2 - The negative sentiment surrounding the Prince Group, following the extradition of Chairman Chen Zhi to China in early January, is believed to have largely dissipated, although concerns regarding tensions at the Thailand-Cambodia border may persist into the first quarter [1]

Core Viewpoint - Citigroup has downgraded the earnings forecast for Kamboat Holdings (03918) for 2025 to 2027 by 3% to 8%, and reduced the target price from HKD 7 to HKD 6.5 while maintaining a "Buy" rating [1] Group 1: Earnings Forecast and Target Price - The earnings forecast for Kamboat Holdings has been adjusted downwards by 3% to 8% for the years 2025 to 2027 [1] - The target price for Kamboat Holdings has been lowered from HKD 7 to HKD 6.5 [1] Group 2: Future Outlook - Citigroup expects Kamboat Holdings to benefit from the newly opened Dechong International Airport and a four-month visa-free entry trial for Chinese tourists in Cambodia from June to October this year, which may increase foot traffic to Naga World [1] - The casino volume forecast for the second half of 2025 has been reduced by approximately 4% to USD 6.5 billion, and the EBITDA forecast for the same period has been lowered by about 11% to USD 206 million [1] Group 3: Market Sentiment and Risks - The negative sentiment surrounding the Prince Group has largely passed following the extradition of its chairman, Chen Zhi, to China in early January [1] - Concerns regarding tensions at the Thailand-Cambodia border may persist into the first quarter [1]

Core Viewpoint - Goldman Sachs reports that several Macau gaming stocks are set to announce their Q4 2025 earnings, with investors expected to focus on profit trends amid concerns over additional spending for the November National Games and intense competition [1] Industry Summary - The firm anticipates that industry EBITDA will increase by 4% quarter-on-quarter and 13% year-on-year during this period, compared to total gaming revenue growth of 6% quarter-on-quarter and 14% year-on-year [1] - This growth is attributed to rising operating expenses and a shift in gaming revenue towards the lower-margin VIP segment [1] - Looking ahead to 2026, the overall gaming revenue is expected to rise by 8% year-on-year, with EBITDA increasing by 10%, bringing industry EBITDA and recurring free cash flow to $9.1 billion and $6.4 billion, respectively, nearing pre-COVID levels [1] Company Ratings - The firm believes that the current industry valuations remain attractive and reiterates "buy" ratings for SJM Holdings, MGM China, and Sands China [1]

Core Viewpoint - The Macau gaming industry is expected to see a total gaming revenue growth of 6% year-on-year in 2026, recovering to 90% of 2019 levels, driven primarily by the robust growth of the mass market segment, while the VIP segment is anticipated to remain under pressure with a projected decline of 6% year-on-year [1][2][4]. Revenue Projections - Total gaming revenue in Macau is projected to grow by 6% year-on-year in 2026, reaching 90% of 2019 levels, mainly due to the steady growth of the mass market segment [2][4]. - Mass market gaming revenue, including slot machines, is expected to increase by 7% year-on-year, recovering to 117% of 2019 levels [2][5]. - VIP gaming revenue is forecasted to decline by 6% year-on-year, only recovering to 30% of 2019 levels, influenced by high win rates in 2025 and conservative credit policies from operators [5][21]. EBITDA and Profitability - The EBITDA margin for the gaming sector is expected to improve by 6% to 24.9% in 2026, primarily due to the closure of satellite casinos, which will enhance profitability, although competition in the Macau Peninsula may slightly impact margins [1][24]. - The closure of satellite casinos is anticipated to lead to a marginal improvement in the overall industry EBITDA margin, with a projected increase from 23.6% in 2025 to 24.9% in 2026 [24][36]. Market Dynamics - The closure of satellite casinos is expected to reshape the competitive landscape in the Macau Peninsula, as the demand from former satellite casino customers will still exist, potentially benefiting nearby casinos [10][21]. - The mass market segment is likely to continue driving the industry, supported by diversified entertainment activities, favorable exchange rates, and a strong global capital market enhancing overseas demand [1][24]. Visitor Trends and Demand - Macau has transformed into an "activity city," hosting various large-scale entertainment events, which is expected to attract more visitors and enhance gaming demand [24][25]. - The number of overseas visitors to Macau is projected to continue increasing, driven by the wealth effect from rising capital markets in neighboring regions [26]. Regulatory Environment - The increase in royalty fees by operators, such as MGM China, may lead to concerns among investors regarding potential similar adjustments across the industry, which could pressure valuations [28][29]. - The Macau government may intervene in the industry, potentially affecting dividend distributions and operational efficiency, although these proposals have not been finalized in the latest gaming law [31][39]. Valuation Adjustments - The valuation basis for the gaming sector has been adjusted from EV/Adjusted EBITDA to EV/EBITDA to more accurately reflect operational performance amid changing royalty rates [39][34]. - The current valuation corresponds to a multiple of 9 times the expected EV/EBITDA for 2026, which is below the pre-pandemic average of 14 times [39].

公司目前正就该事宜寻求法律意见。然而，集团已对该等资产的账面值全额减值，故此，于本公告日 期，该等资产的账面值为零。因此，董事会认为，投资项目的近期发展将不会对公司的营运或财务表现 产生重大不利影响。 澳门励骏(01680)发布公告，于2026年1月15日，公司获佛得角政府通知，其拟于2026年1月16日接管该 等资产。佛得角政府要求公司到场进行自愿移交。经确定该要求缺乏任何合法依据，公司未予同意。佛 得角政府不顾公司反对自愿移交，已通过进入位于佛得角Cidade da Praia Bay的投资项目场地而接管该 等资产。 ...

Group 1 - The core viewpoint of the article indicates that Macau's total gaming revenue for the first 18 days of January reached 12.95 billion MOP, with an average daily revenue of approximately 700 million MOP, reflecting a 1% increase compared to the week of January 5 and a 19% year-on-year growth [1] - The resilience of Macau's daily gaming revenue aligns with the results of on-site surveys conducted by the bank, showing that affluent consumers from mainland China continue to maintain their spending on both gaming and non-gaming projects in Macau [1] - VIP room betting volume increased by approximately 6% to 8% month-on-month, while mass gaming revenue grew by about 7% to 9% month-on-month, although the win rate in VIP rooms was lower than that of the week of January 5 [1] Group 2 - The bank maintains its forecast for total gaming revenue in January 2026 at 215 billion MOP, representing an 18% year-on-year increase [1] - The combined forecast for total gaming revenue from January to February is also maintained at 42 billion MOP, indicating a year-on-year growth of 10.5% [1]

Core Viewpoint - Morgan Stanley's research report indicates a slight decline in profit margins for the Macau gaming industry in Q4 2025 due to unfavorable business mix changes (higher proportion of VIP customers) and increased operating expenses [1] Industry Summary - The average adjusted property EBITDA for the industry is expected to increase by 4% quarter-on-quarter and 13% year-on-year in Q4, aligning with market expectations [1] Company Summary - Morgan Stanley is optimistic about Galaxy Entertainment and Sands China, both rated "Overweight" [1] - The rating for Melco Resorts China was downgraded to "In Line with the Market" in December due to high royalty expenses [1] - A "Underweight" rating was assigned to SJM Holdings [1]

Group 1 - The company, 澳博控股 (00880), announced the acceptance and repurchase of a total principal amount of $170 million of the 2026 notes, which have been cancelled [1] - After the cancellation of the accepted 2026 notes, a total principal amount of $330 million of the 2026 notes remains outstanding [1]

Group 1 - The company, 澳博控股 (00880), announced the issuance of $540 million 6.500% senior notes due in 2031 [1] - The issuance of the notes will conclude on January 15, 2026 [1] - The notes are set to be listed on the Hong Kong Stock Exchange on January 16, 2026 [1]

Group 1 - The core viewpoint of the article indicates that Macau's total gaming revenue for the first eleven days of January is estimated to be around 80.5 billion MOP, reflecting a daily average of approximately 6.93 billion MOP, which is about 13% lower than the daily average of 8 billion MOP observed in the first four days of the month [1] - The normalization of gaming revenue after the New Year long weekend is not surprising, and the current figures are still about 18% higher than the daily average of 5.89 billion MOP in January 2025 [1] - The VIP room turnover has reportedly increased by approximately 6% to 8% month-on-month, while the mass gaming revenue has seen a month-on-month growth of about 8% to 10% [1] Group 2 - Citigroup maintains its forecast for January 2026 gaming revenue at 21.5 billion MOP, representing an 18% year-on-year growth [1] - The combined gaming revenue forecast for January and February, accounting for the different timing of the Lunar New Year this year compared to last year, remains unchanged at 42 billion MOP, indicating a 10.5% year-on-year increase [1]