Group 1: Gaming Revenue - In the first ten months of 2025, Macau's gaming gross revenue reached MOP 205.43 billion, reflecting an 8.0% year-on-year increase and recovering to 83.3% of the level seen in the same period of 2019 [1] - In October 2025, Macau's gaming gross revenue amounted to MOP 24.09 billion, showing a year-on-year growth of 15.9% and a month-on-month increase of 31.7%, recovering to 91.1% of the level in October 2019 [1] - The average daily gaming revenue in October 2025 was MOP 777 million, a 27.4% increase from September's MOP 610 million, marking the highest level since the pandemic [1] Group 2: Tourism and Visitor Statistics - In September 2025, the number of visitors entering Macau increased by 9.8% year-on-year, reaching 2.78 million, which is 100.4% of the level in September 2019 [2] - For the first nine months of 2025, the total number of visitors to Macau was 29.67 million, representing a 14.5% year-on-year increase and recovering to 98.2% of the level in the same period of 2019 [2] - In September 2025, the hotel occupancy rate in Macau was 84.6%, showing a slight year-on-year decline of 0.1 percentage points, while remaining stable compared to 2019 [2] Group 3: Future Outlook - The upcoming events in November, including concerts and the National Games, are expected to boost visitor numbers and gaming gross revenue in Macau [1] - The gaming revenue is projected to achieve high single-digit growth in 2025 [1]

Core Insights - UBS reports that Macau's total gaming revenue for October reached approximately 24.1 billion MOP, representing a year-on-year increase of 16% and a month-on-month increase of 32%, exceeding market expectations [1] - The average daily gaming revenue for October was about 777 million MOP, driven by strong performance following the Golden Week [1] - From October 6 to 31, the average daily gaming revenue was approximately 715 million MOP, which, despite a 35% decline from the peak during the Golden Week, was still higher than September's 610 million MOP and better than the historical average decline of 40% [1] Market Expectations - The market anticipates that November's total gaming revenue will normalize, with an expected average daily revenue of around 673 million MOP, reflecting a year-on-year growth of 10% but a month-on-month decline of 13%, aligning with the seasonal patterns observed from 2015 to 2019 [1] Stock Recommendations - UBS's preferred stocks in the sector include Wynn Macau (01128), MGM China (02282), and Galaxy Entertainment (00027), all rated as "Buy" with target prices set at 8.4 HKD, 19.8 HKD, and 46.9 HKD respectively [1]

Core Insights - The article outlines key events in the U.S. stock market for the week of November 2 to November 7, 2025, including significant earnings reports and economic indicators [2]. Group 1: Economic Indicators - On November 3, the U.S. will release the October ISM Manufacturing PMI [2]. - On November 5, the October ISM Non-Manufacturing PMI will be published [2]. Group 2: Earnings Reports - Pre-market earnings reports on November 3 include companies such as CIFR, ON, PFE, RACE, VITL, and NCLH [2]. - Post-market earnings reports on November 3 include PLTR, FN, BWXT, HIMS, AXON, PINS, UPST, SMCI, BYND, MARA, KGC, NVTS, and GRAB [2]. - Pre-market earnings reports on November 5 include CCJ, U, NVO, RXRX, MCD, and SRAD [2]. - Post-market earnings reports on November 5 include HOOD, APP, LEU, IONQ, and FIG [2]. - Pre-market earnings reports on November 6 include VST, QBTS, DDOG, AZN, WBD, DUOL, ARM, QCOM, SNAP, and ELF [2]. - Post-market earnings reports on November 6 include SNDK, IREN, SOUN, ACHR, SMR, MP, USAR, INOD, OPEN, TTD, DKNG, and ABNB [2]. Group 3: New Listings - On November 4, a new stock from the electric aircraft manufacturer $BETA will be listed [2]. - On November 6, two companies, 文远知行 and 小马智行, will be listed on the Hong Kong Stock Exchange [2]. - On November 7, new stocks from children's English education company MKTR and gaming company LBRJ will be listed [2]. Group 4: Significant Events - On November 7, Tesla's shareholder meeting will take place, where a $1 trillion compensation plan will be voted on, and a potential Gen 3 robot release is expected [2]. - The timing for the release of the October non-farm payroll data is pending due to the government shutdown [2].

中金发布研报称，美高梅中国25Q3业绩好于市场一致预期；受到高端需求驱动，公司业务表现强劲， 美狮美高梅和澳门美高梅总博彩收入分别恢复至3Q19的170%和104%。该行指出，鉴于2025年10月博彩 收入市场份额的强劲表现，管理层预计美高梅中国将实现超1亿美元的EBITDA，有望创下单月收入和 EBITDA数据的历史新高。 消息面上，近日，美高梅中国公布2025年第三季度业绩，总收益约85.1亿港元，同比增长17.39%，主要 由于主场地赌枱投注额增加所致。总经调整EBITDA为约23.73亿港元，同比增长19.6%。 美高梅中国(02282)涨超4%，截至发稿，涨3.83%，报15.45港元，成交额1990.68万港元。 ...

Core Viewpoint - MGM China reported strong Q3 2025 results, driven by increased gaming table bets, with total revenue reaching approximately HKD 8.51 billion, a year-on-year increase of 17.39% [1] Financial Performance - Total revenue for Q3 2025 was approximately HKD 8.51 billion, reflecting a year-on-year growth of 17.39% [1] - Adjusted EBITDA was around HKD 2.373 billion, showing a year-on-year increase of 19.6% [1] Market Position and Outlook - CICC's report indicates that MGM China's Q3 2025 performance exceeded market consensus expectations, driven by high-end demand [1] - The total gaming revenue for MGM Cotai and MGM Macau has recovered to 170% and 104% of Q3 2019 levels, respectively [1] - Management anticipates that MGM China will achieve over USD 100 million in EBITDA by October 2025, potentially setting historical highs for monthly revenue and EBITDA figures [1]

Group 1 - Berkshire Hathaway sold $61 billion in stock in Q3, marking five consecutive quarters without buybacks, totaling $184 billion over three years, leaving $382 billion in cash [1] - The European Union is reportedly considering implementing physical tariffs on key raw material supplies from China [1] - OPEC has decided to increase production by 137,000 barrels per day in December, with a pause in production increases planned for Q1 next year [1] Group 2 - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft guidelines for performance benchmarks for publicly raised securities investment funds [2] - The CSRC stated that fund managers whose performance significantly lags behind benchmarks will see a substantial reduction in performance-based compensation [2] - The Ministry of Finance announced that taxpayers selling standard gold outside exchanges must pay value-added tax according to current regulations [2] Group 3 - The new energy vehicle sector saw significant deliveries in October, with Zeekr surpassing 60,000 units, and both Xpeng and Xiaomi exceeding 40,000 units [2] - BYD achieved a record high in October sales, delivering 441,706 vehicles [2] - Macau's gaming revenue in October rose by 15.9%, exceeding expectations [2]

Core Viewpoint - The company reported a net revenue of $1.9 billion for Q3 2025, representing a year-on-year increase of 7.5%, and a net profit of $272 million, up 1.5% year-on-year, marking the first quarter of positive growth in net profit for the year [1][2] Financial Performance - The adjusted EBITDA for Q3 2025 was $601 million, reflecting a year-on-year increase of approximately 2.7% [1] - The total revenue for the Londoner property reached $686 million, a significant year-on-year increase of 49.1%, driven by the completion of its Phase II renovation [2] - The overall gaming win for the company in Q3 2025 was approximately $1.837 billion, recovering to 90.2% of the 2019 level, with a quarter-on-quarter increase of 9.0 percentage points [2] Market Position and Growth Potential - The company’s market share in Macau's gross gaming revenue (GGR) is expected to improve, supported by the high-end supply structure enhancement [2][3] - The high-end gaming tables are projected to contribute significantly to revenue and EBITDA, with the potential for increased income elasticity if high-end demand remains stable [3] - The company is expected to benefit from upcoming major events, such as the NBA China Games and various concerts, which are likely to support customer traffic in Q4 [3] Capital Expenditure and Dividend Policy - Capital expenditure in Macau for Q3 2025 was $99 million, showing a notable decrease from previous quarters during the renovation peak [2] - The company maintains a high dividend payout ratio, with expectations for continued improvement in dividend yield [3]

Core Viewpoint - MGM China reported better-than-expected performance for Q3 2025, with net revenue of HKD 8.51 billion, a year-on-year increase of 17% and a quarter-on-quarter decrease of 2%, recovering to 147% of Q3 2019 levels [1] Financial Performance - Adjusted EBITDA for Q3 2025 was HKD 2.373 billion, up 20% year-on-year and down 6% quarter-on-quarter, recovering to 153% of Q3 2019 levels, exceeding Bloomberg consensus estimate of HKD 2.304 billion [1] - Total gaming revenue for MGM Cotai and MGM Macau reached 170% and 104% of Q3 2019 levels, respectively, driven by high-end demand [1] Development Trends - Management noted strong performance during the Golden Week, with total gaming revenue achieving year-on-year growth and a market share of 16.5% in October, outperforming the industry [1] - Management expects MGM China to achieve over USD 100 million in EBITDA by October 2025, potentially setting historical highs for monthly revenue and EBITDA [1] - Despite increasing industry competition, management remains confident in maintaining market share through high-quality products and services [1] - The Alpha gaming area opened at MGM Macau at the end of Q3 2025, featuring 30 gaming tables, Alpha villas, and a cigar bar [1] - MGM Cotai has begun renovation projects to convert 160 standard rooms into 60 suites, primarily two-bedroom suites, expected to be completed in the first half of 2026 to meet evolving customer preferences [1] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 6 times the 2026 projected EV/EBITDA [2] - The company maintains an "outperform" rating and a target price of HKD 19.80, corresponding to 8 times the 2026 projected EV/EBITDA, indicating a 31% upside from the current stock price [2]

Revenue Performance - In Q3 2025, MGM China achieved total revenue of HKD 8.51 billion, a year-on-year increase of 17.4%[1] - Adjusted EBITDA for Q3 2025 reached HKD 2.37 billion, up 19.6% year-on-year, with an adjusted EBITDA margin of 27.9%, an increase of 0.52 percentage points year-on-year[1][5] - Total revenue for the year-to-date reached HKD 25.17 billion, a 7.3% year-on-year increase[1] Business Segmentation - Gaming and non-gaming segments contributed HKD 7.41 billion and HKD 1.1 billion respectively, with year-on-year changes of +18.8% and +8.9%[2] - By property, MGM Macau and MGM Cotai generated total revenues of HKD 3.39 billion and HKD 5.12 billion, reflecting year-on-year increases of 11.6% and 21.5% respectively[2] Betting and Revenue Growth - Total betting amount reached HKD 77.45 billion, a 20.7% year-on-year increase, although it declined 10.1% quarter-on-quarter[3] - The company's gross gaming revenue (GGR) was HKD 9.5 billion, up 20.0% year-on-year, surpassing the industry growth rate of 12.5%[4][12] Market Share and Future Outlook - MGM China's market share in Q3 2025 was 15.5%, down 1.1 percentage points from Q2 2025 but up 0.7 percentage points from Q3 2024[6][14] - The company anticipates a visitor increase of 11% during the Golden Week holiday, with a projected 20% rise in gross gaming revenue[6][15] Risks - Potential risks include lower-than-expected macroeconomic growth, stricter gaming regulations in Macau, and increased competition in overseas gaming markets[7][16]

Investment Rating - The report maintains a "Buy" rating for the education sector, particularly highlighting New Oriental's performance and potential recovery in overseas education [4]. Core Insights - New Oriental's revenue for Q1 FY26 reached $1.523 billion, a year-on-year increase of 6.1%, with the education segment (including cultural tourism) generating $1.366 billion, up 8.5% year-on-year [9][10]. - The report indicates that the growth rate of overseas education services has bottomed out, with expectations for recovery in the remaining quarters of FY26 [10]. - The company has announced a shareholder return plan, distributing $190 million in cash dividends and repurchasing up to $300 million in stock [9]. Summary by Sections 1. Overseas Education - The overseas education business has shown signs of recovery, with Q1 FY26 revenue from overseas exam training and consulting at $328 million, a 1% increase year-on-year, although the growth rate has slowed by 19 percentage points compared to the previous year [10]. - New business segments, including K9 non-academic training and learning machines, have maintained high growth, with Q1 revenue increasing by 15% to $403 million [10][11]. - The number of teaching locations increased to 1,347, representing a 24% year-on-year growth [10]. 2. Profitability Improvement - Despite a slowdown in high-margin study abroad services, the profitability of the literacy business has improved, offsetting the decline [11]. - Q1 FY26 Non-GAAP operating profit was $336 million, up 11.3% year-on-year, with an operating profit margin of 22%, expanding by 1 percentage point [11]. 3. Market Performance - The education index fell by 3.7% during the week, underperforming the Hang Seng Index by 4.3 percentage points, with a year-to-date increase of 19.3% [8]. - The report suggests a focus on Chinese education companies, particularly New Oriental, TAL Education, and others, as they show strong enrollment data for the fall semester [14]. 4. Key Company Updates - MGM China reported a record EBITDA of HKD 2.37 billion for Q3 2025, with net revenue of HKD 8.5 billion, a 17% year-on-year increase [16]. - The company continues to focus on high-end gaming and has seen significant growth in its market share [16].