Core Viewpoint - The report from CICC indicates that SJM Holdings (00027) experienced a 14% year-on-year increase in revenue for Q3, reaching HKD 12.163 billion, which is 96% of the same period in 2019 [1] - Adjusted EBITDA also rose by 14% year-on-year to HKD 3.341 billion, equating to 81% of the same period in 2019, aligning with market expectations of HKD 3.321 billion [1] - The firm notes that SJM's performance is impacted by increased operating expenses due to intensified market competition and the normalization of VIP room win rates [1] Financial Performance - Q3 revenue increased by 14% year-on-year to HKD 12.163 billion [1] - Adjusted EBITDA for Q3 also rose by 14% year-on-year to HKD 3.341 billion [1] - The performance metrics are 96% and 81% of the figures from the same quarter in 2019, respectively [1] Forecast Adjustments - CICC has revised down its adjusted EBITDA forecasts for SJM by 1% and 3% for this year and next year, now projecting HKD 14.031 billion and HKD 14.923 billion, respectively [1] Rating and Target Price - CICC maintains a "Outperform" rating for SJM Holdings with a target price set at HKD 44.8 [1]

Core Viewpoint - The report from Industrial Securities maintains a "Buy" rating for Sands China (01928), projecting revenue growth for 2025E/2026E/2027E at $7.4 billion, $7.9 billion, and $8.3 billion, respectively, with year-on-year growth rates of 4.4%, 6.8%, and 4.9% [1] Group 1 - The company's Q3 2025 performance met expectations, achieving a total net income of $1.9 billion, reflecting a year-on-year increase of 7.5% and a quarter-on-quarter increase of 6.1% [2] - Adjusted EBITDA for Q3 2025 was $601 million, showing a year-on-year growth of 2.7% and a quarter-on-quarter growth of 6.2% [2] - Revenue composition by business segment includes 76.3% from gaming, 11.7% from rooms, 3.7% from dining, 6.9% from shopping centers, and 1.3% from other retail [2] Group 2 - The strong performance of the Londoner property is highlighted, with revenue growth of 6.9% quarter-on-quarter and 49.1% year-on-year, while EBITDA increased by 6.8% quarter-on-quarter and 76.6% year-on-year [2] - The report indicates that the Londoner still has potential for EBITDA margin improvement compared to other properties [2] - The company is actively adjusting its strategy to capture new market share, particularly in the London property segment [1]

Core Viewpoint - The report from Industrial Securities maintains a "Buy" rating for MGM China (02282), highlighting the company's strong market share and performance despite challenges in Q3 2025 due to high base effects and typhoon impacts [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of HKD 8.51 billion, representing a year-on-year increase of 17.4% but a quarter-on-quarter decrease of 1.8% [2] - The adjusted EBITDA for Q3 2025 was HKD 2.37 billion, showing a year-on-year growth of 19.6% but a quarter-on-quarter decline of 5.5% [2] - For the first three quarters of 2025, total revenue reached HKD 25.17 billion, with a year-on-year growth of 7.3%, and adjusted EBITDA was HKD 7.25 billion, reflecting a year-on-year increase of 4.6% [2] Group 2: Market Share and Strategy - The company's market share reached a high level in Q2, and there was a notable recovery in market share during October, particularly during the Golden Week [1] - The company is expected to continue benefiting from its mid-to-high-end customer acquisition strategy and operational capabilities [1] - Revenue projections for 2025, 2026, and 2027 are estimated at HKD 34.2 billion, HKD 35.2 billion, and HKD 36.2 billion, respectively, with year-on-year growth rates of 9.0%, 2.9%, and 2.9% [1]

Group 1 - FSM Holdings announced the resignation of its auditor, PwC, effective November 7, 2025, due to the involvement of its controlling shareholder, Li Thet, in a multinational money laundering case [3][6] - The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned Li Thet on October 14, 2025, for his alleged participation in a transnational criminal organization [3][6] - The company paid approximately 343,000 SGD (about 1.87 million RMB) in audit fees to PwC for the fiscal year 2024 [5] Group 2 - Li Thet resigned from his positions as executive director, chairman, and nomination committee chairman of FSM Holdings effective October 21, 2025, to focus on other business commitments [6][12] - Despite his resignation, Li Thet remains the controlling shareholder of FSM Holdings [16] - FSM Holdings is headquartered in Singapore and primarily engages in precision engineering, sheet metal manufacturing, and mobile game development [16] Group 3 - The OFAC identified Li Thet as a key financial assistant to Chen Zhi, the chairman of the Prince Group, responsible for managing illicit funds and cross-border financial flows [16][22] - The Prince Group is accused of using coercive methods to force individuals into cryptocurrency investment scams and money laundering activities [22][26] - The U.S. Department of Justice filed a lawsuit against the Prince Group, targeting 146 entities, including Li Thet and several companies registered in Taiwan [22][26]

Macro Insights - Core inflation in China rebounded in October 2025, with CPI rising 0.2% year-on-year compared to a previous decline of 0.3%, exceeding Bloomberg's consensus expectation of -0.1% [2] - The global manufacturing PMI showed a slight recovery in October, remaining above the threshold for the third consecutive month, indicating resilience in the global manufacturing cycle despite a marginal decline in new export orders [2][3] - The U.S. employment data showed mixed results, with ADP employment figures exceeding expectations, while uncertainty around tariff policies increased due to potential legal challenges [3] Industrial Production and Exports - High-frequency indicators from ports showed a slight year-on-year recovery, suggesting a marginal improvement in export sentiment for November, while industrial production remained resilient [4] - October exports experienced a short-term disturbance, declining to -1.1% year-on-year from a previous 8.3% [4] Investment Strategy - The A-share market showed a rebound, led by manufacturing and cyclical sectors, while technology stocks continued to adjust [5] - The report suggests a shift in focus towards profit-driven investment strategies, with an emphasis on advanced manufacturing and consumer sectors as signs of economic recovery emerge [5] - A "barbell" strategy is recommended, focusing on dividend stocks and small-cap stocks, while maintaining a balanced sector allocation [7] Commodity Market - Commodity strategies showed a slight increase of 0.57% over the past two weeks, with a year-to-date increase of 3.17% [8] - The report highlights a strong performance in the commodity term structure simulation, particularly in agricultural products and industrial metals, while energy and chemical sectors faced declines [8] Fixed Income Market - The fixed income market is experiencing a tug-of-war at key levels, with expectations of a narrow trading range in the short term due to concerns over AI bubbles and year-end profit-taking [13] - The report notes a seasonal effect in the bond market, with expectations for a year-end rally despite pressures from rising interest rates and market dynamics [14] Transportation Sector - The transportation sector showed strong profitability in Q3 2025, with airports, oil transportation, and railways performing well, while logistics and express delivery exhibited mixed results [17] - The report recommends specific stocks in the transportation sector that are expected to benefit from ongoing profitability improvements [17] Energy and New Power - The recent white paper on carbon neutrality emphasizes the importance of new energy storage and grid upgrades, indicating a favorable outlook for related sectors [18] - The report identifies three key areas for investment: new energy and storage, grid upgrades, and traditional power sources [18] Consumer Sector - The consumer sector is undergoing transformation, with opportunities arising from supply innovations and changing consumer preferences [19] - The report highlights trends in various consumer segments, including beauty and lifestyle products, indicating potential for growth in these areas [19] Chemical Industry - The chemical industry is expected to see a recovery in product demand due to supply-side reforms and improved pricing dynamics [27] - Specific companies within the chemical sector are recommended based on their potential to benefit from these trends [27][30]

Core Viewpoint - The closure of the Emperor Palace Casino in Macau, owned by entertainment tycoon Yang Shoucheng, highlights the challenges faced by satellite casinos amid regulatory changes and financial difficulties within the Emperor Group [4][7][22]. Summary by Sections Casino Closure - The Emperor Palace Casino has ceased operations, with its signage changed from "casino" to hotel promotions, reflecting its transition [6][10]. - The closure is part of a broader trend where many satellite casinos in Macau are set to stop operations by the end of the year due to regulatory changes [7][19]. Financial Impact - The casino's closure is significant for the Emperor Group, which is currently facing a debt crisis. The casino was a stable source of cash flow, contributing significantly to the group's finances [7][14]. - Prior to its closure, the casino had already reduced operations, with only slot machines remaining active, generating limited revenue compared to table games [9][12]. Historical Context - The Emperor Palace Casino opened in 2006 and quickly gained popularity, generating approximately 1.2 billion HKD in revenue in its first fiscal year [11]. - Despite its initial success, the casino's performance declined, especially during the pandemic, leading to consecutive years of losses [14][15]. Regulatory Environment - The Macau government has mandated that all satellite casinos must either cease operations or be acquired by licensed operators by the end of 2025, impacting the future of many such establishments [19][22]. - Other satellite casinos, including those owned by major operators, have also begun to close, indicating a significant shift in the Macau gaming landscape [20][21]. Market Trends - Despite the closures, reports indicate that Macau's gaming industry is experiencing a resurgence, with potential revenue growth expected in the coming months [22]. - Analysts predict that October's gaming revenue could reach between 23.3 billion to 24.1 billion HKD, marking a six-year high [22].

Group 1: Financial Performance - Wynn Macau's operating revenue for Q3 2025 reached USD 1.0 billion, an increase of 14.8% year-on-year[1] - Adjusted EBITDA for Q3 2025 was USD 0.308 billion, up 17.3% year-on-year, with an adjusted EBITDA margin of 30.8%, an increase of 0.64 percentage points year-on-year[1][9] - Total revenue for the company as of Q3 2025 was USD 2.75 billion, a slight decline of 0.2% year-on-year[1][9] Group 2: Gaming Revenue Breakdown - Gaming revenue increased by nearly 20% year-on-year, contributing USD 0.86 billion, while non-gaming revenue decreased by 8.2% to USD 0.14 billion[2][10] - The contribution from gaming and non-gaming segments was 85.6% and 14.4%, respectively[2][10] - The total betting amount reached USD 9.54 billion, up 5.9% year-on-year, with VIP, mass market, and slot machine bets at USD 4.28 billion, USD 3.69 billion, and USD 1.57 billion, respectively[3][11] Group 3: Market Share and Competitive Position - Wynn Macau's market share in Q3 2025 was 13.06%, an increase of 1.14 percentage points from Q2 2025[5][14] - The company plans to enhance competitiveness through two key capital projects, including the expansion of the Chairman's Club VIP gaming area[6][14] - The VIP win rate for Wynn Palace was 4.68%, exceeding the expected range of 3.1% to 3.4%[3][11] Group 4: Risks and Future Outlook - Risks include lower-than-expected macroeconomic growth, stricter gaming regulations in Macau, and increased competition in overseas gaming markets[7][14] - Management remains confident in the long-term development of Macau, with capital expenditures projected between USD 200 million to USD 250 million for 2025[6][14]

Investment Rating - The report does not explicitly state an investment rating for Melco International Development Core Insights - Melco International Development's subsidiary, Melco Resorts & Entertainment, reported a net revenue of USD 1.31 billion for Q3 2025, representing an 11.4% year-over-year increase. The adjusted EBITDA reached USD 0.352 billion, up 16.3% year-over-year, with an adjusted EBITDA margin of 26.9%, an increase of 1.13 percentage points year-over-year [1][9] - The company's total betting amount in Macau reached USD 10.9 billion, a 24.3% year-over-year increase, with VIP betting amounting to USD 5.58 billion, reflecting a 47.0% year-over-year growth [3][11] - The company's market share in Q3 2025 was 14.6%, down from 15.8% in Q2 2025, indicating a decline in market position [6][14] Summary by Sections Financial Performance - In Q3 2025, Melco International Development achieved operating revenue of USD 1.31 billion, a year-over-year increase of 11.4%. The adjusted EBITDA was USD 0.352 billion, up 16.3%, with an adjusted EBITDA margin of 26.9%, an increase of 1.13 percentage points year-over-year. For the year-to-date, the operating revenue reached USD 3.87 billion, up 12.3%, and adjusted EBITDA was USD 1.017 billion, up 16.9% [1][9] - The company's gaming gross revenue (GGR) in Macau was USD 1.13 billion, up 11.8% year-over-year, but this growth rate was lower than the industry average of 12.5% [4][12] Business Segments - In Macau, the company's operating revenue was USD 1.1 billion, with gaming and non-gaming segments contributing USD 0.92 billion and USD 0.19 billion, respectively. The gaming segment grew by 12.3% year-over-year, while the non-gaming segment grew by 7.2% [2][10] - The adjusted property EBITDA for the company in Macau was USD 0.317 billion, reflecting a year-over-year increase of 21.1% and an adjusted EBITDA margin of 28.7%, up 2.3 percentage points year-over-year [5][13] Market Dynamics - The total betting amount in Macau increased significantly, with VIP betting showing the highest growth at 47.0% year-over-year. The VIP win rate for the City of Dreams was reported at 3.68%, exceeding the expected range [3][11] - The company's market share has declined, with a noted decrease from 15.8% in Q2 2025 to 14.6% in Q3 2025, indicating competitive pressures in the market [6][14]

Core Viewpoint - MGM China (02282) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Category Company Actions - The company plans to repurchase 400,000 shares at a total cost of HKD 6.3276 million [1] - The buyback price is set between HKD 15.75 and HKD 15.92 per share [1] Financial Implications - The total expenditure for the buyback reflects the company's strategy to enhance shareholder value [1]

Core Viewpoint - UBS reports that Galaxy Entertainment (00027) achieved an EBITDA of approximately HKD 3.3 billion in Q3, representing a year-on-year increase of 14% but a quarter-on-quarter decline of 6% [1] Financial Performance - EBITDA of HKD 3.3 billion aligns with UBS and market expectations, even when adjusting for VIP room win rate impacts [1] - Mass gaming revenue increased by 6% quarter-on-quarter, driven by the normalization of mass table win rates, outperforming the industry’s quarter-on-quarter growth of approximately 2-3% [1] - VIP gaming revenue grew by about 17% quarter-on-quarter; however, due to a win rate of only 3.1%, VIP revenue experienced a quarter-on-quarter decline of 15% from a high base [1] Operational Insights - The operation of the Capella Hotel is gradually stabilizing, leading to increased costs, with average daily operating expenses and reinvestment rates rising by 9% and 110 basis points quarter-on-quarter, respectively [1] - The luck-adjusted EBITDA margin (excluding construction business) remains around 27.5% [1] Investment Rating - UBS maintains a "Buy" rating for Galaxy Entertainment with a target price of HKD 46.9 [1]