Group 1 - The acquisition involves the purchase of all issued shares of Kai Tak Development Limited for a total consideration of HKD 1.75 billion, with a face value of MOP 180,000 [1][2] - The buyer will repay a loan from Industrial and Commercial Bank of China, capped at HKD 1,749,825,243, which corresponds to the valuation of the Kai Tak hotel property [1] - The acquisition aligns with the strategic goal of integrating resources to provide long-term value and synergies for the company [2] Group 2 - The Kai Tak hotel is strategically located near the city center of Macau, enhancing its attractiveness as an asset [2] - The acquisition is expected to create operational synergies across hotel accommodation and dining services, benefiting the overall group [2] - The board believes that this acquisition will significantly contribute to the long-term development and market positioning of the company in the Macau Peninsula [2]

格隆汇11月20日丨澳博控股(00880.HK)宣布，于2025年11月20日，(i)买方(各自均为公司附属公司)；(ii) 梁安琪(作为担保人)；及(iii)卖方(各自均由梁安琪间接全资拥有)订立收购协议，据此，卖方已同意出售 且买方已同意收购目标公司凯旋门发展的全部已发行股本。 订约方已同意：(i)收购协议项下目标公司全部已发行股份之购买价将为其面值，即18万澳门元(或约 174,757港元)；及(ii)买方须于完成时安排偿还工商银行贷款，金额上限为1,749,825,243港元，该金额相 当于17.50亿港元(即凯旋门酒店物业之估值)减去股份购买价。买方于完成时应付的总金额为17.50亿港 元。 根据收购协议，于完成后至取得博监局批准期间，凯旋门娱乐不得收取任何服务费。订约方协定，凯旋 门娱乐将有权就有关服务费的到期应付金额向澳娱综合开具发票或以其他方式收取费用，惟有关权利仅 具效力至完成日期晚上23时59分止。 澳门旅游娱乐股份有限公司与其间接全资附属公司Konrad Investments Limited均已作出承诺，将就于成 员特别大会提呈有关本公告所载建议交易的决议案投赞成票。根据公司于公告日期 ...

Core Insights - UBS report indicates new customer segments emerging in Macau's high-end gaming market, including high-income professionals from various industries such as hardware technology and pharmaceuticals [1] - Gamblers report improved financial conditions over the past 12 months, with expectations for further improvement in the next 12 months, supporting resilient gaming demand [1] - The report forecasts a 5% growth in total gaming revenue (GGR) and an 11% increase in EBITDA by 2026 [1] Industry Trends - High-end gamblers prioritize factors such as rebates, membership programs, hotel room quality, and fine dining options [1] - High-end gaming companies are better positioned to capture the demand from this customer segment [1] - Strategies focusing on high-end marketing, customer incentives, and product positioning will enhance the ability of high-end gaming companies to stand out and increase market share [1] Stock Recommendations - UBS's top stock picks include Galaxy Entertainment (00027), Wynn Macau (01128), and MGM China (02282) with target prices of HKD 46.9, HKD 8.4, and HKD 19.8 respectively, all rated as "Buy" [1]

瑞银一项针对澳门博彩高端中场赌客的调查发现，业内正有新的客源出现，包括高收入的专业人士；赌 客亦来自更多不同行业，例如硬件科技及制药行业。虽然宏观经济不利，但有更多赌客表示过去12个月 财务状况有所改善，并预期未来12个月将进一步好转，有助支持博彩需求维持韧性。该行现料2026年博 彩行业总收入(GGR)及EBITDA将分别增长5%及11%。 选股方面，该行首选为银河娱乐、永利澳门及美高梅中国，目标价分别为46.9港元、8.4港元及19.8港 元，均获"买入"评级。 ...

港股上午盘三大指数呈现高开低走行情，市场情绪持续疲弱，并且录得4连跌行情。截止午盘，恒生指 数跌0.45%，国企指数跌0.35%，恒生科技指数跌0.98%。权重科技股多数继续走低，尤其是小米跌超 4%再创阶段新低，昨日逆势走高的半导体再度弱势，汽车股、内房股、濠赌股普遍下跌。另外，三桶 油活跃，中国石油化工创阶段新高，机构称继续看好金价上行，连续下跌的黄金股集体反弹。(格隆汇) ...

Core Viewpoint - 澳博控股's 3Q25 performance slightly missed market expectations, with net income of HKD 7.034 billion, a year-on-year decline of 6% and a quarter-on-quarter decline of 2%, recovering to 85% of 3Q19 levels [1] Financial Performance - Adjusted EBITDA for 3Q25 was HKD 0.881 billion, down 15% year-on-year but up 28% quarter-on-quarter, recovering to 93% of 3Q19 levels, slightly below Bloomberg consensus estimate of HKD 0.896 billion [1] - Daily operating costs decreased to HKD 21.5 million, a year-on-year increase of 2.9% and a quarter-on-quarter decrease of 1.5% [1] Development Trends - Management expects all satellite casinos to close by December 31, 2025, with potential acquisitions of 十六浦 and 凯旋门 casinos by 澳博控股, anticipated to be completed by the end of 2025 [1] - To regain market share from satellite casinos, 澳博 plans to increase the number of sales and marketing personnel and integrate clients from existing satellite casino contracts [1] - 澳博 intends to enhance marketing rebate expenditures to convert target customers from satellite casinos to 上葡京 [1] - Capital expenditures are projected at HKD 2 billion for 2025 for gaming area upgrades, HKD 1.5-1.8 billion for 2026 for 横琴 hotel renovations, and HKD 1 billion for 2027 [1] Earnings Forecast and Valuation - 2025 adjusted EBITDA forecast has been lowered by 14% to HKD 3.827 billion, primarily due to the closure of satellite casinos, while the 2026 adjusted EBITDA forecast remains unchanged [2] - Current trading is at 9 times 2026 adjusted EV/EBITDA, with a target price reduced by 12% to HKD 2.20, corresponding to 8 times 2026 adjusted EV/EBITDA, indicating a 20% downside from the current stock price [2]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and others [1]. Core Insights - The report highlights a recovery in mid-to-high-end consumption and increased focus on high-dividend A/H stocks, which has driven attention to sub-sectors within discretionary consumption [1][4]. - Various sub-sectors have shown different performance trends, with overseas sportswear leading the gains, followed by luxury goods and domestic sportswear [4][12]. Performance Review by Sub-Sector - **Weekly Performance**: Overseas sportswear increased by 6.8%, luxury goods by 5.2%, and domestic sportswear by 3.8%. In contrast, the pet sector saw a decline of 5.8% [4][12]. - **Monthly Performance**: The gambling sector led with an 8.4% increase, while domestic cosmetics experienced a significant decline of 14.3% [12]. - **Year-to-Date Performance**: The gold and jewelry sector outperformed with a 137.2% increase, while overseas sportswear saw a decline of 21.5% [12]. Sub-Sector Analysis - **Overseas Sportswear**: Notable gains driven by strong Q3 FY25 earnings, particularly in EMEA and Asia-Pacific regions, alleviating market concerns [6][15]. - **Luxury Goods**: Companies like Samsonite and Burberry reported better-than-expected earnings, boosting market confidence [6][15]. - **Domestic Sportswear**: OEM companies confirmed growth expectations for 2026 orders, contributing to positive stock performance [6][15]. - **Gold and Jewelry**: The sector benefited from rising international gold prices and favorable tax regulations in Hong Kong and Macau [8][15]. - **Pet Sector**: Experienced a decline post Double Eleven sales, with increased competition among brands [15]. Valuation Analysis - The report indicates that most sub-sectors are trading below their historical five-year average P/E ratios, suggesting potential undervaluation [9][16]. - **Projected P/E Ratios for 2025**: - Overseas sportswear: 29.1x (55% of historical average) - Domestic sportswear: 14.8x (78% of historical average) - Gold and jewelry: 23.8x (45% of historical average) - Luxury goods: 27.0x (49% of historical average) [9][16].

Core Viewpoint - MGM China Holdings Limited (02282.HK) has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2][3]. Summary by Sections Share Buyback Activity - On November 14, 2025, MGM China repurchased 338,700 shares at prices ranging from HKD 15.970 to HKD 16.220, totaling HKD 5.4485 million [2]. - The stock closed at HKD 16.130 on the same day, reflecting a decrease of 2.54%, with a total trading volume of HKD 78.7277 million [2]. - Over the two days since November 13, the company has repurchased a total of 638,700 shares for a cumulative amount of HKD 10.4004 million, during which the stock price fell by 3.06% [2]. Year-to-Date Buyback Summary - Year-to-date, MGM China has conducted 36 buyback transactions, acquiring a total of 29.3784 million shares for a total expenditure of HKD 459 million [3]. - The detailed buyback activities include various dates, share quantities, and price ranges, showcasing a consistent effort to stabilize the stock price [3][4].

Group 1: Hong Kong Consumer Services Investment Strategy - The report emphasizes the importance of capturing certainty and focusing on marginal improvements in the Hong Kong consumer services sector for 2026 [2][8] - Macau gaming revenue shows resilience, with October gross gaming revenue increasing by 16% year-on-year, reaching the highest monthly record post-pandemic, driven by relaxed visa policies and events like concerts [2][8] - The report highlights the growth in VIP gaming revenue, which increased by 29% year-on-year, recovering to 54% of 2019 levels, while mass gaming revenue grew by 7% year-on-year, up 15% compared to 2019 [2][8] - The current EV/EBITDA valuation for the industry is at a low of 9 times, indicating potential for investment [2][8] - Recommended stocks include Galaxy Entertainment, MGM China, and Sands China [2][8] Group 2: Online Travel Sector - Online travel companies are experiencing revenue growth that outpaces the overall travel market, benefiting from increased online penetration and a focus on leisure travel rather than business travel [2][8] - Ctrip and Tongcheng Travel have not been adversely affected by new competitors, with improved marketing efficiency and higher growth rates in outbound and pure overseas travel segments [2][8] Group 3: Restaurant Sector - The restaurant sector faces fundamental pressures but continues to trend towards increased chain penetration, with significant elasticity expected if consumer sentiment improves [3][9] - The report recommends focusing on marginal changes in companies, highlighting ready-to-drink tea brands like Gu Ming and Mi Xue, as well as franchise models in lower-tier markets like Guo Quan [3][9] - Notable companies with strong shareholder returns include Yum China, which achieved record net openings for KFC and Pizza Hut in the third quarter [3][9] Group 4: Higher Education Sector - The report discusses the maturation of conditions for profit-oriented classification management in higher education, with expectations for a turnaround in the fortunes of higher education companies [4][13] - Recent policy developments in Guangdong province regarding private higher education classification management are anticipated to be followed by other provinces, enhancing the operational asset rights of listed private higher education companies [4][14] - The report predicts that after five years of quality improvement investments, the operational efficiency of higher education companies is expected to gradually recover, with a focus on quality enhancement as a regulatory goal [5][15] Group 5: Dividend Returns in Higher Education - The report anticipates a resumption of expansion for higher education companies once quality standards are met, leading to revenue growth and valuation increases [6][16] - With a current payout ratio of 30% and low valuation multiples, some higher education companies are expected to offer dividend yields exceeding 9%, providing a good margin of safety [6][16] - Recommended stocks include Yuhua Education, Zhongjiao Holdings, New Higher Education Group, and others [6][16] Group 6: Investment Analysis in Higher Education - The report suggests focusing on Hong Kong higher education companies, as the potential for profit-oriented classification is expected to revive expansion dynamics [20][31] - The report also highlights the positive performance of autumn enrollment data for K12 education companies, indicating strong brand appeal among students [20][31] - Recommendations include New Oriental, TAL Education, and others, with a particular emphasis on vocational education companies like China Oriental Education [20][31]

Group 1 - MGM China announced a share buyback plan, spending approximately HKD 5.4485 million to repurchase 338,700 shares on November 14, 2025 [1]