Core Viewpoint - The company reported a net income of HKD 19.965 billion for the six months ending June 30, 2025, representing a year-on-year increase of 12.38% [1] - The profit attributable to shareholders turned positive at HKD 351 million, compared to a loss in the previous period [1] - Basic earnings per share were HKD 0.18 [1] Financial Performance - The increase in net income was primarily driven by improved performance in both gaming and non-gaming operations [1] - The company experienced a rise in operating costs due to increased business activities, which partially offset the gains from improved performance [1] Impairment and Valuation - The company recognized an impairment of HKD 27.3 million related to the Mocha casinos, which are set to cease operations by the end of 2025 [1] - Additionally, an impairment of HKD 5 million was recorded for certain properties, plants, and equipment due to the lack of improvement in the performance of the new casino [1]

Group 1 - MGM China (02282) announced a share buyback plan, intending to repurchase 1 million shares at a total cost of HKD 16.0602 million [1] - The buyback price range is set between HKD 15.92 and HKD 16.27 per share [1]

Core Viewpoint - 澳博控股 reported a mixed performance in its interim results, with revenue growth but increased losses, leading to a significant drop in stock price [1] Financial Performance - Total revenue from gaming, hotel, dining, retail, leasing, and related services reached HKD 14.639 billion, representing a year-on-year increase of 6.07% [1] - The company reported a shareholder loss of HKD 1.82 billion, which is a year-on-year increase of 12.19% [1] - Basic loss per share was HKD 0.026 [1] - Adjusted EBITDA decreased by 5.1% to HKD 1.646 billion, with the adjusted EBITDA margin declining by 1.4 percentage points to 11.2% [1] Strategic Developments - 澳博控股 announced the acquisition of part of the Lisboa Hotel property from its controlling shareholder for HKD 529 million [1] - The company anticipates that this property will allow for the expansion of existing business at the Lisboa Casino, including the addition of new facilities and gaming areas [1] - 澳博控股 plans to support the gaming operations at this property with several gaming tables and slot machines from a satellite casino expected to cease operations by the end of 2025 [1]

Core Viewpoint - The acquisition of a property by 澳博控股 (00880) through its subsidiary 澳娱综合 is aimed at expanding its operations and enhancing its competitive position in the Macau gaming market, with a purchase price of HKD 5.29 billion [1] Group 1: Acquisition Details - 澳博控股 announced an agreement to acquire a property that is part of the葡京酒店, with the transaction set to be completed by August 28, 2025 [1] - The agreed purchase price for the property is HKD 5.29 billion [1] - The acquisition will allow 澳娱综合 to expand its existing operations by an additional 7,504 square meters, including former gaming areas and new facilities [1] Group 2: Strategic Implications - The property acquisition is expected to support the relocation of several gaming tables and slot machines from a satellite casino that is set to cease operations by the end of 2025 [1] - The integration of the property with the new葡京酒店 will create the largest integrated resort on the Macau Peninsula [1] - The board believes that this acquisition will strengthen 澳娱综合's footprint and competitive position in the Macau market, aligning with its long-term strategy to optimize operational synergies and capitalize on growth opportunities in the Macau gaming sector [1]

Core Viewpoint - 澳博控股 announced the acquisition of a property from its controlling shareholder, 澳娱, for 529 million HKD, aimed at expanding its gaming operations and enhancing its competitive position in the Macau market [1] Group 1: Acquisition Details - The property, part of the葡京酒店, has a total usable area of approximately 7,504 square meters, representing 100/1,617 of the total area of the hotel [1] - The acquisition price is set at 529 million HKD, with plans to utilize the property to expand existing gaming operations [1] Group 2: Strategic Implications - The acquisition will allow 澳娱综合 to further scale and integrate its operations in the Macau Peninsula, enhancing its brand presence and service offerings to VIP and mass market customers [1] - The board believes this acquisition will strengthen 澳娱综合's footprint and competitive position in the Macau market, aligning with its long-term strategy to optimize operational synergies and capitalize on growth opportunities in the gaming sector [1]

Core Viewpoint - Macau Legend Development Limited (01680) reported a significant decline in total revenue for the six months ending June 30, 2025, with an approximate decrease of 12% compared to the same period in 2024, primarily due to reduced revenue from gaming operations [1] Financial Performance - The company anticipates a loss of approximately HKD 1.421 billion for the reporting period, a substantial increase from a loss of about HKD 110 million in the same period last year [1] - The major increase in loss is attributed to a significant impairment loss of approximately HKD 1.288 billion related to the value of the Macau Fisherman's Wharf, due to the non-renewal of the service agreement with Melco Resorts & Entertainment Limited, which expires on December 31, 2025 [1] - Excluding the impact of the impairment loss and related deferred tax effects, the expected loss for the reporting period is projected to increase by approximately HKD 23 million (around 21%) compared to the previous year, mainly due to a decrease of about HKD 30 million in adjusted EBITDA from gaming operations [1]

Core Viewpoint - Macau Legend Development Limited (01680.HK) reported a significant decrease in revenue for the six months ending June 30, 2025, primarily due to a decline in gaming-related operations [1] Financial Performance - The total reported revenue for the period is expected to decrease by approximately 12% compared to the same period in 2024 [1] - The company anticipates a loss of about HKD 1.421 billion for the reporting period, a substantial increase from a loss of approximately HKD 110 million in the same period last year [1] - The increase in loss is largely attributed to a significant impairment loss of approximately HKD 1.288 billion related to the value of the Macau Fisherman's Wharf, due to the non-renewal of a service agreement with Melco Resorts & Entertainment Limited after December 31, 2025 [1] Operational Insights - Excluding the impact of the impairment loss and related deferred tax effects, the expected loss for the reporting period is projected to increase by approximately HKD 23 million (around 21%) compared to the previous year [1] - The adjusted EBITDA from gaming-related operations is expected to decrease by approximately HKD 30 million [1]

Core Viewpoint - Macau Legend Development Limited (01680) reported a significant decrease in total revenue for the six months ending June 30, 2025, with an expected decline of approximately 12% compared to the same period in 2024, primarily due to reduced revenue from gaming operations [1] Financial Performance - The company anticipates a loss of approximately HKD 1.421 billion for the reporting period, a substantial increase from a loss of about HKD 110 million in the same period last year [1] - The major increase in losses is attributed to a significant impairment loss of approximately HKD 1.288 billion related to the value of the Macau Fisherman's Wharf, due to the expiration of the service agreement with SJM Holdings Limited on December 31, 2025 [1] - Excluding the impact of the impairment loss and related deferred tax effects, the expected loss for the reporting period is projected to increase by about HKD 23 million (approximately 21%) compared to the previous year, mainly due to a decrease of approximately HKD 30 million in adjusted EBITDA from gaming operations [1]

Group 1 - UBS raised the forecast for Macau's 2025 second half gaming gross revenue (GGR) growth from 7% to 12%, compared to a 4% growth in the first half of this year [1] - The gaming market dynamics in Macau are shifting, with hotel room growth no longer being the main driver of market share growth; instead, table distribution and high-end products and services are becoming key factors [1] - Mid to low-end gaming operations are expected to face challenges from domestic tourism competition and the macroeconomic environment in China [1] Group 2 - UBS anticipates that high-end gaming companies like Wynn Macau (01128) and MGM China (02282) will maintain or expand their market share, with their valuation discounts compared to larger gaming companies expected to narrow [1] - For the third quarter, UBS estimates Wynn Macau's market share at 12.2% (up 0.5 percentage points from previous forecasts) and MGM China's market share at 16.4% (up 0.7 percentage points) [1] - Sands China (01928) and Galaxy Entertainment (00027) are projected to have market shares of 24.5% (down 0.2 percentage points) and 19.5% (down 0.1 percentage points) respectively for the third quarter [1] Group 3 - UBS upgraded Wynn Macau's rating from "Neutral" to "Buy," raising the target price from HKD 6.1 to HKD 8.4, reflecting a projected enterprise value to EBITDA multiple of 9.5 times for next year [1] - UBS maintained a "Buy" rating for MGM China, increasing the target price from HKD 15.9 to HKD 19.8, also reflecting a projected enterprise value to EBITDA multiple of 9.5 times for next year [1] - UBS maintained a "Neutral" rating for Sands China, raising the target price from HKD 17.8 to HKD 21.6, corresponding to a projected enterprise value to EBITDA multiple of 11.5 times for next year [2] - UBS maintained a "Buy" rating for Galaxy Entertainment, increasing the target price from HKD 43.9 to HKD 46.9, reflecting a projected enterprise value to EBITDA multiple of 11.7 times for next year [2]

Market Overview - The Hong Kong stock market failed to maintain its strong performance from the previous day, with all three major indices experiencing declines. The Hang Seng Index fell by 1.18% or 304.99 points, closing at 25,524.92 points, with a total trading volume of 317.87 billion HKD [1] - The Hang Seng China Enterprises Index decreased by 1.07%, closing at 9,148.66 points, while the Hang Seng Tech Index dropped by 0.74%, ending at 5,782.24 points [1] - According to Founder Securities, the recent performance of the Hong Kong stock market has been slightly weaker than that of the A-share market, with both the Hang Seng Index and Hang Seng Tech Index showing lower gains compared to the overall A-share market [1] Blue Chip Performance - CSPC Pharmaceutical Group (01093) led the decline among blue-chip stocks, falling by 4.33% to 10.38 HKD, contributing to a 6.04-point drop in the Hang Seng Index. Bank of America Securities reported a 14.3% year-on-year decline in total revenue for CSPC in Q2, with net profit down 24% to 1.1 billion RMB [2] - Other notable blue-chip movements included Tingyi (Cayman Islands) Holding Corp (00322) rising by 3.41% to 11.53 HKD, and Zhongsheng Group Holdings (00881) increasing by 2.21% to 14.81 HKD [2] Sector Highlights - Large technology stocks mostly declined, with Alibaba down 2.57% and Tencent down 0.81%. However, gold stocks surged, with China Gold International rising over 10% [3] - The gaming sector continued its upward trend, with New Macau International Development increasing by over 9% [5] - The pharmaceutical sector faced pressure, with several stocks declining significantly, including CStone Pharmaceuticals (09966) down 6.74% [7] Gaming Revenue Insights - According to Morgan Stanley, Macau's gaming revenue for the first 24 days of August reached 17.65 billion MOP, with a daily average of 735 million MOP, marking a 9% increase from the previous week [6] - The forecast for total gaming revenue in August is expected to grow by 11% to 14%, potentially reaching between 21.9 billion to 22.5 billion MOP, which would set a new post-pandemic record [6] Notable Stock Movements - Shuangdeng Co., Ltd. (06960) debuted with a significant increase of 31.29%, closing at 19.05 HKD, following its initial public offering [8] - Jincheng Holdings (03918) reached a new high, rising 17.94% to 5.72 HKD, reporting a 16.76% year-on-year increase in revenue [9] - Angelalign Technology (06699) saw a strong performance post-earnings, with a 10.28% increase to 75.1 HKD, reporting a 33.1% year-on-year revenue growth [10] - Meitu Inc. (01357) rose 7.9% to 11.47 HKD after being included in the MSCI China Index [11] - Xintai Medical (02291) experienced a significant drop of 12.75% to 23.96 HKD due to a major shareholder's sale of shares [12]