智通财经APP获悉，里昂发布研报称，银河娱乐(00027)第三季经调整EBITDA同比增14%至33亿元，高 于预期4%。该行认为，银娱仍有获得收入市场占有率的优势，其第三季净现金达45亿美元，亦进一步 强化财力。该行仍然相信，未来12个月公司或会提高其股息支付比率，维持"跑赢大市"评级及目标价 50.5港元，续列为澳门两大首选股之一。 ...

Core Viewpoint - Emperor Entertainment Hotel (00296.HK) announced the termination of its gaming operations at the Emperor Palace Casino, effective October 30, 2023, following an agreement with SJM Holdings [1][6][8]. Group 1: Termination of Operations - The Emperor Palace Casino ceased operations at 23:59 on October 30, 2023, as part of a mutual agreement between Emperor Entertainment's subsidiary, Tianhao, and SJM Holdings [6][8]. - This decision follows SJM Holdings' earlier announcement on June 9, 2023, regarding the discontinuation of gaming operations at several satellite casinos, including the Emperor Palace Casino [5][6]. Group 2: Financial Performance and Debt Issues - Emperor Entertainment Hotel reported a revenue of approximately HKD 1.2 billion for the fiscal year ending March 31, 2007, indicating strong initial performance [8]. - The company is currently facing significant financial challenges, with HKD 16.6 billion in overdue loans, raising concerns about its ongoing viability [15]. - Emperor International (00163.HK) reported total revenue of HKD 1.376 billion for the fiscal year 2024-2025, a 41.5% increase year-on-year, but also saw losses increase from HKD 20.28 billion to HKD 48.4 billion, a 138% rise [12][14]. Group 3: Future Business Direction - Despite the termination of gaming operations, Emperor Entertainment Hotel will continue its hotel business, including properties like the Emperor Scenic Hotel in Hong Kong [8]. - The company aims to maintain stable income from hotel and rental apartment operations for the fiscal years ending March 31, 2024, and 2025 [8].

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points due to a hawkish stance from the Federal Reserve and ongoing uncertainties in the US-China trade relations [2] - The third quarter economic data from mainland China indicates further cooling, with a focus on expanding domestic demand and promoting technological self-reliance [2] Macro Focus - The Federal Reserve's direction for December rate cuts remains uncertain, with concerns about inflation among next year's voting members [4] - The Bank of England maintained its interest rate at 4%, with expectations for a potential rate cut in December [10] - Japan's major labor union is pushing for a 6% wage increase in the upcoming negotiations [10] Company News - Hua Hong Semiconductor (1347) reported a 43% decline in profit for the last quarter, but its fourth-quarter gross margin guidance exceeded expectations [11] - Uni-President China (0220) achieved a net profit of 2.01 billion RMB in the first three quarters, a year-on-year increase of 23.1% [11] - Da Jia Le (0341) anticipates a 65-70% drop in half-year profit due to a challenging market environment [11] - Great Wall Entertainment (1060) expects its mid-term net profit to exceed 500 million RMB, driven by strong performance in its Aliyu business [11] - Xiaomi (1810) has seen a 53% increase in short positions from institutional clients, indicating a bearish sentiment towards the stock [11] - Nissan (7201.JP) is selling its Yokohama headquarters for over $600 million as part of a 20-year leaseback agreement [11] - Xpeng Motors (2026) aims to achieve positive free cash flow by 2028, contingent on fleet expansion [11] - New World Development (0200) reported a 1.7 times increase in net income for the last quarter, attributed to improved performance in both gaming and non-gaming operations [11] Sector Insights - The insurance sector is benefiting from strong investment returns in the third quarter due to robust A-share performance [7] - AI concept stocks are gaining traction as mainland China accelerates the application of "Artificial Intelligence+" [7] - Coal stocks are expected to see upward price momentum for thermal coal [7]

Core Viewpoint - CICC has adjusted Galaxy Entertainment's EBITDA forecasts for 2025 and 2026 down by 1% and 3% to HKD 14.031 billion and HKD 14.923 billion respectively, due to increased operating expenses [1] Group 1: Financial Performance - Galaxy Entertainment reported Q3 2025 revenue of HKD 12.163 billion, a year-on-year increase of 14% and a quarter-on-quarter increase of 1%, recovering to 96% of Q3 2019 levels [2] - The company's adjusted EBITDA for Q3 2025 was HKD 3.341 billion, reflecting a year-on-year increase of 14% but a quarter-on-quarter decrease of 6%, recovering to 81% of Q3 2019 levels [2] - The performance was in line with market expectations, with the adjusted EBITDA closely matching the consensus estimate of HKD 3.321 billion [2] Group 2: Market Position and Strategy - Galaxy aims to achieve a total gaming revenue market share of 20-22% [3] - The company experienced strong market performance in October 2025, benefiting from higher VIP win rates, with improving demand noted in the last weeks of October, expected to continue into November [3] - Despite a 300 basis point decline in profit margins due to one-time marketing expenses during the summer, daily fixed operating costs remained stable compared to Q2 2025 [3] Group 3: Future Plans and Developments - Galaxy plans to relocate some gaming tables from Galaxy Macau to the StarWorld Hotel, anticipating demand from existing satellite gaming customers after the satellite casino closes at the end of 2025 [4] - The company expects Phase 4 to be completed by 2027, with Broadway potentially serving as future land reserves for expansion projects [4] - Galaxy remains interested in investing in Thailand despite delays in legalizing gambling [4]

Core Viewpoint - CICC has revised down the adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 1% and 3% to HKD 14.031 billion and HKD 14.923 billion respectively, due to increased operating expenses [1] Group 1: Financial Performance - Galaxy Entertainment reported Q3 2025 revenue of HKD 12.163 billion, a year-on-year increase of 14% and a quarter-on-quarter increase of 1%, recovering to 96% of Q3 2019 levels [2] - The adjusted EBITDA for the same period was HKD 3.341 billion, reflecting a year-on-year increase of 14% but a quarter-on-quarter decrease of 6%, recovering to 81% of Q3 2019 levels [2] - The performance was in line with market expectations, with the adjusted EBITDA closely matching the consensus estimate of HKD 3.321 billion [2] Group 2: Market Strategy and Operations - Galaxy aims to achieve a total gaming revenue market share of 20-22% and has seen strong market performance in October 2025, aided by higher VIP win rates [3] - The company noted an improvement in demand in the last weeks of October 2025, with expectations for a strong finish in Q4 2025 [3] - Despite a 300 basis point decline in profit margins due to one-time marketing expenses during the summer, daily fixed operating costs remained stable compared to Q2 2025 [3] Group 3: Future Plans and Developments - The company plans to relocate some gaming tables from Galaxy Macau to the StarWorld Hotel, anticipating demand from existing satellite gaming customers after the satellite casino closes at the end of 2025 [4] - Galaxy's Phase 4 is expected to be completed by 2027, with Broadway potentially serving as future land reserves for expansion projects [4] - Despite delays in the legalization of gaming in Thailand, Galaxy remains interested in investment opportunities in the region [4]

Group 1: Market Overview - The Hang Seng Index opened high and closed up by 550 points, reaching 26,485, an increase of 2.12% [3] - The total market turnover for the day was 234.65 billion, with a net inflow of 5.48 billion from northbound trading [3] Group 2: Stock Performance - Among 88 blue-chip stocks, 83 rose while only 4 declined, with China Hongqiao (01378) being the best performer, up 9.9% to 32.42 [4] - Notable tech stocks rebounded, including Alibaba (09988) up 4.1% to 165, Tencent (00700) up 2.4% to 644, and JD Group (09618) up 3.3% to 126.9 [4] Group 3: Macro & Industry Dynamics - The Hong Kong Stock Exchange reported that the total fundraising amount for new listings in the first ten months reached 216 billion, an increase of over 2 times year-on-year [7] - The average daily trading amount for the first ten months was 258.2 billion, up 102% year-on-year [7] - The Hong Kong Monetary Authority reaffirmed its commitment to the updated Global Foreign Exchange Market Code, aimed at enhancing the integrity and efficiency of the wholesale foreign exchange market [8] Group 4: Company-Specific News - Melco Resorts and Entertainment reported a 1.7 times increase in net income for the third quarter, reaching 74.686 million USD, attributed to improved performance in both gaming and non-gaming operations [10] - Greentown China reported a 7.6% year-on-year decline in contract sales for the first ten months, totaling approximately 120.4 billion RMB [11] - Dongfeng Motor Group's cumulative vehicle sales for the first ten months fell by 1.6%, while new energy vehicle sales increased by 37.1% [12] - China Overseas Land & Investment reported a 55.1% year-on-year decrease in property sales for October, with total sales for the first ten months down 21.3% [13]

Core Viewpoint - MGM China has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance [2][3]. Share Buyback Summary - On November 6, MGM China repurchased 400,000 shares at prices ranging from HKD 15.860 to HKD 15.990, totaling HKD 6.3701 million. The stock closed at HKD 15.930, up 0.57% on that day, with a total trading volume of HKD 87.8459 million [2]. - Since November 5, the company has conducted buybacks for two consecutive days, acquiring a total of 466,400 shares for a cumulative amount of HKD 7.3974 million, during which the stock price increased by 3.58% [2]. - Year-to-date, MGM China has executed 31 buybacks, acquiring a total of 27.683 million shares for a total expenditure of HKD 432 million [3]. Detailed Buyback Data - The buyback details include various dates, share quantities, highest and lowest prices, and total amounts spent. For instance, on September 26, 2025, 1 million shares were repurchased at a maximum price of HKD 16.120, costing HKD 15.9649 million [3][4]. - The buyback activity reflects a consistent approach to managing share capital, with multiple transactions occurring throughout the year, demonstrating the company's commitment to returning value to shareholders [3][4].

Investment Rating - The report does not explicitly state an investment rating for Galaxy Entertainment, but it provides detailed financial performance metrics that suggest a positive outlook for the company [1][7]. Core Insights - Galaxy Entertainment reported a net revenue of HKD 12.16 billion for Q3 2025, representing a year-on-year increase of 14.0% and a quarter-on-quarter increase of 1.0% [2][8]. - The adjusted EBITDA for the same period reached HKD 3.34 billion, up 13.6% year-on-year, with an adjusted EBITDA margin of 27.5%, slightly down by 0.1 percentage points year-on-year [4][11]. - The company's total betting amount increased significantly, reaching HKD 127.84 billion, a 24.5% year-on-year increase, driven by a substantial rise in VIP betting [3][9]. - The gaming revenue specifically saw an 18.4% year-on-year growth, with contributions from both gaming and non-gaming sectors [2][8]. - The market share of Galaxy Entertainment stood at 20.2% in Q3 2025, stable compared to the previous quarter and up from 18.8% in Q3 2024 [5][12]. Financial Performance Summary - For Q3 2025, the net revenue was HKD 12.16 billion, with gaming revenue contributing HKD 9.71 billion and non-gaming revenue contributing HKD 1.73 billion [2][8]. - The adjusted EBITDA margin for the quarter was 27.5%, with a total adjusted EBITDA of HKD 3.34 billion [4][11]. - The total revenue for the company reached HKD 35.41 billion year-to-date, reflecting a 10.2% year-on-year increase [1][7]. Betting and Revenue Breakdown - The total betting amount for the company was HKD 127.84 billion, with VIP, mass market, and slot machine betting amounts at HKD 65.0 billion, HKD 35.41 billion, and HKD 27.42 billion respectively [3][9]. - The win rates for VIP, mass market, and slot machines were 3.1%, 26.7%, and 2.7% respectively, indicating a relatively high overall win rate [3][9]. Strategic Developments - The company has engaged in several strategic partnerships and events to enhance its competitive position, including collaborations with UFC and Tencent Music [5][12]. - Major entertainment events hosted by the company contributed positively to its performance, including concerts by popular artists [2][8].

Core Insights - PENN Entertainment reported a quarterly loss of $0.22 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.10, representing an earnings surprise of -120.00% [1] - The company's revenues for the quarter ended September 2025 were $1.72 billion, missing the Zacks Consensus Estimate by 0.51%, but showing an increase from $1.64 billion year-over-year [2] - PENN Entertainment shares have declined approximately 17.5% year-to-date, contrasting with the S&P 500's gain of 15.6% [3] Earnings Outlook - The future performance of PENN Entertainment's stock will largely depend on management's commentary during the earnings call and the earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is $0.19 on revenues of $1.81 billion, and for the current fiscal year, it is $0.65 on revenues of $6.97 billion [7] Industry Context - The Gaming industry, to which PENN Entertainment belongs, is currently ranked in the top 33% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Another company in the same industry, Flutter Entertainment, is expected to report quarterly earnings of $0.38 per share, reflecting a year-over-year decline of 11.6%, with revenues projected at $3.86 billion, an 18.8% increase from the previous year [9][10]

Core Viewpoint - MGM China Holdings Limited 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 6.3701 million [1] - The buyback price is set between HKD 15.86 and HKD 15.99 per share [1] Financial Implications - The total expenditure for the buyback represents a strategic investment in the company's own equity, potentially enhancing shareholder value [1]