Group 1 - The gaming stocks collectively rose, with Sands China increasing by 5.04% to HKD 18.98, Wynn Macau up by 4.6% to HKD 6.59, Melco International Development rising by 4.45% to HKD 4.69, and Galaxy Entertainment gaining 3.94% to HKD 38.48 [1] - CICC maintains its forecast for total gaming revenue in Macau for 2025 while raising the forecast for 2026, expecting total gaming revenue to grow by 9% and 5% year-on-year for the next two years, recovering to 84% and 88% of 2019 levels [1] - The firm anticipates mass gaming revenue to grow by 7% and 6% year-on-year for the next two years, recovering to 119% and 126% of 2019 levels, while VIP gaming revenue is expected to grow by 19% in 2025 and decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] Group 2 - Huatai Securities estimates that the number of visitors to Macau, after excluding weather impacts, aligns with government expectations and exceeds levels from the same period in 2019, with daily gaming revenue during the National Day holiday showing a slight year-on-year increase [1] - The core drivers for the gaming sector post-holiday include policy benefits from the "one permit, multiple entries" scheme, the wealth effect from "gold stocks," and the synergistic effects of non-gaming events such as the NBA China Games and the National Games [1]

Core Viewpoint - Citigroup has issued a "Buy" rating for Wynn Macau, setting a target price of HKD 7.2, which corresponds to an estimated enterprise value to EBITDA (EV/EBITDA) multiple of approximately 7.3 times for 2026 [1] Group 1: Company Performance - Wynn Macau's stock has increased nearly 4%, currently trading at HKD 6.54 with a transaction volume of HKD 30.22 million [1] - Despite a continuous decline in market share since 2025, Citigroup believes that the completion of the "Chairman's Club" VIP gaming area expansion in the first quarter of next year will positively impact the company's performance [1] Group 2: Market Expectations - The market generally anticipates a year-on-year EBITDA growth of about 7% for Macau gaming operators in the third quarter of this year [1] - Citigroup projects that Wynn's EBITDA may increase by 17% year-on-year during the same period, indicating a potential outperformance compared to the market [1] - Wynn Macau has been placed on Citigroup's 30-day upward catalyst watchlist, suggesting that positive stock price momentum may occur around the time of the company's earnings announcement next month [1]

Core Viewpoint - Wynn Macau's stock has seen an increase of nearly 4%, currently trading at HKD 6.54, with a trading volume of HKD 30.22 million. Citigroup has issued a "Buy" rating with a target price of HKD 7.2, reflecting a projected enterprise value to EBITDA (EV/EBITDA) of approximately 7.3 times for 2026 [1]. Group 1: Company Performance - Citigroup is optimistic about Wynn Macau's increasing investment in the high-end mass gaming segment, despite a continuous decline in market share since 2025 [1]. - The completion of the "Chairman's Club" VIP gaming area expansion in the first quarter of next year is expected to positively impact Wynn's market position [1]. Group 2: Market Expectations - The market generally anticipates a year-on-year EBITDA growth of about 7% for Macau gaming operators in the third quarter of this year, while Citigroup forecasts a 17% year-on-year increase for Wynn during the same period [1]. - Wynn Macau has been placed on Citigroup's 30-day upward catalyst watchlist, suggesting potential positive stock price momentum ahead of the company's earnings announcement next month [1].

Group 1 - The core viewpoint of the article indicates that total gaming revenue for the first 12 days of October decreased by 5% year-on-year, which is lower than expected, while the revenue for the first 5 days of the month increased by 3% year-on-year [1] - Goldman Sachs believes that the recent positive trend in gaming revenue has reversed, but it is too early to make definitive statements due to factors such as typhoons and overseas travel [1] - The firm slightly lowered its gaming revenue forecast for the year to an 8% year-on-year increase, while maintaining a positive outlook on Sands China (01928) and Galaxy Entertainment (00027), both rated as "Buy" [1] Group 2 - Expectations for Wynn Macau (01128) indicate that its third-quarter performance will exceed expectations, potentially providing positive momentum for its stock price in the short term [1]

Core Viewpoint - Goldman Sachs reports a 5% year-on-year decrease in total gaming revenue for the first 12 days of October, which is lower than expected, while the first 5 days of the month showed a 3% year-on-year increase [1] Group 1: Gaming Revenue Trends - The recent positive trend in gaming revenue is considered premature to declare as reversed, influenced by factors such as typhoons and overseas travel [1] - The year-on-year comparison basis for November, December, and February next year remains favorable [1] Group 2: Revenue Forecasts and Company Ratings - The gaming revenue forecast for this year has been slightly adjusted to an 8% year-on-year growth, with a positive outlook for Sands China (01928) and Galaxy Entertainment (00027), both rated as "Buy" [1] - Wynn Macau (01128) is expected to exceed third-quarter performance expectations, potentially providing positive momentum for its stock price in the short term [1]

Group 1 - The Hong Kong gaming stocks have rebounded after a continuous decline, with Galaxy Entertainment and Wynn Macau rising approximately 3%, while Sands China and Melco International Development increased nearly 2%, and MGM China rose about 1% [1] - Goldman Sachs reported that total gaming revenue for the first 12 days of October decreased by 5% year-on-year, which was lower than expected, but there was a 3% year-on-year increase compared to the first 5 days of the month [1] - The firm believes that the recent reversal of the positive trend is premature, considering factors such as typhoons and overseas travel, and maintains a favorable year-on-year comparison basis for November through February of the following year [1] Group 2 - Goldman Sachs slightly lowered its gaming revenue forecast for the year to an 8% year-on-year growth, while remaining optimistic about Sands China and Galaxy Entertainment, both receiving "buy" ratings [1] - Wynn Macau's third-quarter performance is expected to exceed expectations, potentially providing positive momentum for its stock price in the short term [1]

Core Viewpoint - Goldman Sachs reported that total gaming revenue for the first 12 days of October decreased by 5% year-on-year, which was lower than expected, while revenue for the first 5 days of the month increased by 3% year-on-year [1] Group 1: Revenue Trends - The recent trend reversal is considered premature by Goldman Sachs, attributing it to factors such as typhoons and overseas travel [1] - The year-on-year comparison basis for November and December through February next year remains favorable [1] Group 2: Revenue Forecasts - The firm slightly lowered its annual gaming revenue growth forecast to 8% year-on-year [1] - Goldman Sachs maintains a positive outlook on Sands China and Galaxy Entertainment, both receiving "buy" ratings [1] Group 3: Company Performance Expectations - Wynn Macau's third-quarter performance is expected to exceed forecasts, potentially providing positive momentum for its stock price in the short term [1]

Core Viewpoint - Morgan Stanley forecasts a 9% year-on-year increase in Macau's gaming industry EBITDA for Q3, with gaming revenue expected to rise by 12.5%. However, the overall EBITDA margin is anticipated to decline both year-on-year and quarter-on-quarter [1] Industry Summary - The gaming industry in Macau is projected to see a year-on-year EBITDA increase of 9% for Q3 [1] - Gaming revenue is expected to grow by 12.5% in the same period [1] - The overall EBITDA margin is expected to decline compared to both the previous year and the previous quarter [1] - For Q4, gaming revenue is anticipated to grow by over 10% year-on-year [1] - The industry's EV/EBITDA forecast for this year is 10 times, which is lower than the 15-year average of 12.8 times, potentially allowing Macau gaming stocks to outperform the market [1] Company Summary - Morgan Stanley is optimistic about Wynn Macau (01128) due to its increasing market share, high yield, and attractive valuation [1]

Core Viewpoint - Morgan Stanley forecasts a 9% year-on-year increase in Macau's gaming industry EBITDA for Q3, with gaming revenue expected to rise by 12.5%. However, it anticipates a decline in overall EBITDA margin both year-on-year and quarter-on-quarter [1] Group 1: Industry Outlook - The gaming revenue in Macau is projected to grow by over 10% year-on-year in Q4 [1] - The industry's EV/EBITDA forecast for this year is 10 times, which is lower than the 15-year average of 12.8 times, potentially aiding Macau gaming stocks to outperform the market [1] Group 2: Company Focus - Morgan Stanley is optimistic about Wynn Macau (01128) due to its increasing market share, high yield, and attractive valuation [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]