Financial Data and Key Metrics Changes - Adjusted revenue reached HKD 4.9 billion, with cash profits of HKD 203 million, despite a net loss attributable to shareholders of HKD 988 million due to non-cash adjustments [3][5][11] - The adjusted gross profit margin increased by 3.6 percentage points to 34.8%, driven mainly by property sales [11][12] - The net gearing ratio improved to 64.9%, down 2.7 percentage points compared to the end of March [6][13] Business Line Data and Key Metrics Changes - Property development revenue was HKD 3.2 billion, with a profit margin increase from 31.3% to 36.8% [25][26] - Hotel revenue increased by 10% to nearly HKD 1 billion, with significant contributions from the newly opened Dorset Kai Tak [4][35] - Car park revenue decreased by 10% to HKD 343 million, while gaming revenue increased by 11% to HKD 2,018 million [43][45] Market Data and Key Metrics Changes - The company reported strong sales momentum in Manchester, with prices increasing from GBP 380 to over GBP 580 per sq ft, reflecting over 50% growth [27] - In Hong Kong, the Pavilion Forest project has seen strong sales, with over 700 units sold out of 1,300 [32] - The hotel market in Hong Kong is showing improvement, with occupancy rates trending upwards [35] Company Strategy and Development Direction - The company aims to accelerate project completions to optimize cash flow and reduce debt levels, maintaining a robust development pipeline of approximately HKD 62 billion [25][28] - There is a focus on divesting non-core assets and transitioning towards an asset-light business model [8][50] - The company is also looking to enhance its hotel portfolio and expand its presence in key markets [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stabilization of the Hong Kong property market and the potential for further sales growth [53][54] - The company is focused on reducing bank loans and improving financial health before addressing perpetual bond issues [60][61] - Future cash flow visibility is strong, with HKD 9.3 billion in pre-sales and contracted sales expected to contribute significantly [49] Other Important Information - The company has entered into agreements to dispose of certain non-core assets, including car parks and hotel interests, to unlock capital for future investments [8][21] - The company is actively involved in community support initiatives following a recent tragedy, demonstrating its commitment to social responsibility [24][56] Q&A Session Summary Question: Any further impairment expected for the Sai Ying Pun project? - Management does not foresee further material impairment, citing recent sales performance and market stabilization [53][54] Question: What is the company's strategy regarding sustainability? - The company is converting more loans to sustainability-focused financing and emphasizes its commitment to social impact through various initiatives [55][56] Question: What are the plans for the perpetual bonds? - The priority remains on reducing bank loans, with no immediate plans for land replenishment unless attractive opportunities arise [60][61]

Market Overview - The US stock market experienced significant volatility, leading to a decline in the Hong Kong stock market, with the Hang Seng Index falling by 2.38% to 25,220.02 points and a total trading volume of HKD 285.7 billion [1] - The Hang Seng China Enterprises Index and the Hang Seng Tech Index also saw declines of 2.45% and 3.21%, respectively, with weekly losses of 5.09% and 7.18% [1] - Current market conditions are characterized by a critical digestion phase, with increased short-term volatility due to asset allocation shifts between growth and value stocks, as well as risk and safe-haven assets [1] Blue Chip Performance - Xiaomi Group (01810) rose by 1.01% to HKD 38.08, contributing 10.85 points to the Hang Seng Index, following a record buyback of 13.5 million shares at an average price of HKD 37.61 [2] - Among blue-chip stocks, only four saw gains, with Longfor Group (00960) up 1.43% and China Telecom (00728) up 0.69%, while Xinyi Solar (00968) and Link REIT (00823) faced significant declines [2] Sector Performance - Major technology stocks faced pressure, with Alibaba down 4.65% and Tencent down 1.77%, while AI-related stocks also declined significantly [3] - Lithium stocks experienced sharp declines, with Ganfeng Lithium (01772) down 12.47% and Tianqi Lithium (09696) down 11.93%, following a drop in lithium futures [4] - Cryptocurrency-related stocks fell sharply, with major cryptocurrencies like Bitcoin and Ethereum also experiencing significant price drops [5] Gambling Sector - The gambling sector saw collective declines, with Sands China (01928) down 5.97% and MGM China (02282) down 5.73%, amid expectations of a decline in Macau's gaming revenue for the upcoming year [6] - The Macau government projected a total gaming revenue of MOP 236 billion for the next year, reflecting cautious optimism amid external uncertainties [6] Notable Stock Movements - Shide Global (00487) experienced a dramatic drop of 48.25% due to the termination of a service agreement affecting its operations [7] - Link REIT (00823) continued to face pressure, with a decline of 7.47% following a downgrade in earnings forecasts by Bank of America [8]

Core Viewpoint - 澳博控股 has decided not to proceed with the acquisition of the property housing 十六浦娱乐场 after thorough business evaluation and consideration of long-term strategic planning [1] Group 1: Acquisition Decision - 澳博控股 will not acquire the property of 十六浦娱乐场, reflecting the company's prudent capital planning and focus on strengthening core business [1] - The decision aligns with the company's strategy to adapt to market developments and long-term growth [1] Group 2: Termination Agreement - A termination agreement was mutually agreed upon between 澳博控股 and 十六浦娱乐集团有限公司, effective November 20, 2025 [1] - The service agreement established on December 30, 2022, will be terminated early on November 29, 2025, resulting in 十六浦 not providing services to 澳博控股 anymore [1] - Following the termination, 十六浦娱乐场 will cease operations, but the board believes this will not significantly impact the overall business, operations, liquidity, or financial condition of the group [1]

Core Viewpoint - OKURA HOLDINGS has seen a significant stock price increase of over 90% following the announcement of a share placement agreement, indicating strong market interest and potential for capital raising [1][2]. Group 1: Share Placement Details - The company has entered into a placement agreement with a placement agent to issue up to 120 million shares at a price of HKD 0.18 per share, which represents a premium of approximately 14.65% over the closing price of HKD 0.157 on the date of the agreement [1]. - If the share placement is fully subscribed, the total proceeds from the placement are expected to be HKD 21.6 million, with net proceeds estimated at around HKD 19 million after deducting commissions and other costs [2]. Group 2: Use of Proceeds - The company plans to allocate approximately 50% of the net proceeds for the purchase of Japanese pachinko machines and 30% for the renovation or enhancement of existing Japanese pachinko game halls and marketing expenses [2]. - The remaining 20% of the net proceeds will be used for general operational funding [2].

Core Viewpoint - Galaxy Entertainment's Q3 2025 performance aligns with market expectations, showing a revenue of HKD 12.163 billion, a 14% year-on-year increase and a 1% quarter-on-quarter increase, recovering to 96% of Q3 2019 levels [1] Financial Performance - Adjusted EBITDA for the company was HKD 3.341 billion, reflecting a 14% year-on-year increase but a 6% quarter-on-quarter decline, recovering to 81% of Q3 2019 levels, closely matching Bloomberg's expectation of HKD 3.321 billion [1] - The increase in operational expenditure and normalization of VIP business win rates are identified as key factors affecting performance [1] Development Trends - Galaxy aims for a total gaming revenue market share of 20-22%, with strong performance noted in October 2025 due to higher VIP business win rates [1] - Management observed an improvement in demand in the last weeks of October 2025, with expectations for a strong finish in Q4 2025 [1] - One-time marketing expenses during the summer led to a 300 basis point decline in profit margins, while average fixed operating costs remained stable compared to Q2 2025 [1] - The company plans to host large concerts and sports events in Macau, having signed partnerships with UFC, Tencent, and Damai for various events and services [1] - Galaxy intends to relocate some gaming tables from Galaxy Macau to the StarWorld Hotel, anticipating demand from existing satellite casino customers after the satellite casino's closure at the end of 2025 [1] - Phase 4 of Galaxy is expected to be completed by 2027, with Broadway potentially serving as future land reserves for redesign or reconstruction for Phase 5 expansion [1] - Despite delays in the legalization of Thai gambling, Galaxy remains interested in investment opportunities in Thailand [1] Earnings Forecast and Valuation - Due to increased operational expenditures, the adjusted EBITDA forecasts for 2025 and 2026 have been revised down by 1% and 3% to HKD 14.031 billion and HKD 14.923 billion, respectively [2] - The current stock price corresponds to 9 times the 2026 EV/Adjusted EBITDA, with a maintained "outperform" rating and a target price of HKD 44.80, indicating a 16% upside potential based on an 11 times 2026 EV/Adjusted EBITDA valuation [2]

Core Viewpoint - OKURA HOLDINGS (01655) has announced a conditional placement agreement to issue up to 120 million shares at a price of HKD 0.18 per share, representing a premium of approximately 14.65% over the closing price of HKD 0.157 on the date of the agreement [1] Group 1: Placement Details - The placement will involve at least six subscribers and is expected to increase the company's total issued share capital by approximately 16.7% if all shares are successfully placed [1] - The total expected proceeds from the placement are HKD 21.6 million, with a net amount of approximately HKD 19 million after deducting placement agent commissions and other costs [1] Group 2: Use of Proceeds - The company plans to allocate approximately 50% of the net proceeds for the purchase of Japanese pachinko machines and Japanese slot machines [1] - About 30% of the net proceeds will be used for renovating or upgrading existing Japanese pachinko game halls and for marketing expenses [1] - The remaining approximately 20% will be utilized for general working capital of the group [1]

Core Viewpoint - OKURA HOLDINGS has entered into a placement agreement to issue up to 120 million shares at a price of HKD 0.18 per share, representing a premium of approximately 14.65% over the closing price on the date of the agreement [1] Group 1: Placement Details - The company has appointed a placement agent to facilitate the placement to at least six subscribers [1] - The total expected proceeds from the placement, if fully subscribed, will amount to HKD 21.6 million, with a net amount of approximately HKD 19 million after expenses [1] Group 2: Use of Proceeds - Approximately 50% of the net proceeds will be allocated for the purchase of Japanese pachinko machines and Japanese slot machines [1] - About 30% of the net proceeds will be used for the renovation or enhancement of existing Japanese pachinko game halls and for marketing expenses [1] - The remaining approximately 20% will be utilized for general working capital of the group [1]

Core Viewpoint - OKURA HOLDINGS has announced a placement agreement to issue up to 120 million shares at a price of HKD 0.18 per share, representing a 14.65% premium over the closing price on the agreement date [1] Group 1: Placement Details - The placement will involve at least six subscribers and is expected to raise approximately HKD 21.6 million, with a net amount of around HKD 19 million after deducting commissions and expenses [1] - The maximum number of shares to be placed represents about 16.7% of the company's enlarged issued share capital post-placement [1] Group 2: Use of Proceeds - Approximately 50% of the net proceeds will be allocated for the purchase of Japanese pachinko machines, while 30% will be used for refurbishing existing game halls and marketing expenses [1] - The remaining 20% of the net proceeds will be utilized for general working capital of the group [1]

Group 1 - The core point of the article is that Macau Legend Development Limited (01680.HK) has decided to terminate its service agreement with Australia Leisure Group Limited, which was originally set to expire on December 31, 2025, and will now end early on November 13, 2025 [1] - The termination of the service agreement will lead to the closure of the Legend Palace Casino located at Fisherman's Wharf in Macau [1] - The company will implement appropriate measures to ensure an orderly shutdown of the casino operations [1]

Core Insights - U.S. stocks experienced a decline, with the Dow Jones index dropping over 400 points on Thursday [1] - Datadog, Inc. reported strong third-quarter financial results, exceeding expectations, and raised its guidance for the fourth quarter and FY25 [1][2] Datadog, Inc. - Datadog's quarterly earnings were 55 cents per share, surpassing the analyst consensus estimate of 46 cents per share [2] - The company reported quarterly sales of $885.651 million, exceeding the analyst consensus estimate of $852.781 million [2] - Following the earnings report, Datadog shares surged 20% to $186.13 [2] Other Notable Stocks - Forge Global Holdings, Inc. shares increased by 67.6% to $43.80 after an acquisition agreement with Charles Schwab [4] - Golden Entertainment, Inc. gained 40% to $29.77 following an acquisition announcement at $30 per share [4] - Stagwell Inc. surged 38.2% to $6.65 after reporting better-than-expected third-quarter results and issuing FY25 sales guidance above estimates [4] - SiTime Corporation rose 37.5% to $383.00 after reporting strong quarterly results and receiving a price target increase from Needham [4] - Fastly, Inc. gained 28.3% to $10.35 after raising its full-year earnings and sales guidance [4] - Brighthouse Financial, Inc. increased by 27.3% to $65.94 following an acquisition agreement at $70 per share [4] - Hecla Mining Company rose 26.7% to $15.35 after reporting better-than-expected quarterly results [4] - Haemonetics Corporation gained 24% to $62.87 following positive quarterly results [4] - Forward Air Corporation jumped 23% to $21.75 after third-quarter results [4] - Warrior Met Coal, Inc. gained 21.3% to $80.10 after beating third-quarter earnings and revenue estimates, with a price target increase from BMO Capital [4] - Penumbra, Inc. jumped 20% to $270.56 after reporting strong quarterly results and raising FY25 sales guidance [4] - Coherent Corp. gained 14.3% to $153.84 after better-than-expected first-quarter results and issuing second-quarter sales guidance above estimates [4] - Planet Fitness, Inc. rose 11.4% to $102.16 after beating third-quarter earnings and revenue estimates [4] - Air Products and Chemicals, Inc. gained 10% to $261.19 after reporting better-than-expected quarterly adjusted EPS results and issuing FY26 adjusted EPS guidance above estimates [4] - Snap Inc. rose 10% to $8.03 after reporting better-than-expected third-quarter results [4] - WW International, Inc. gained 9% to $36.19 following third-quarter results [4]