Investment Rating - The report maintains a "Buy" rating for the overseas education sector, particularly highlighting New Oriental's revenue growth acceleration driven by its strong reputation [4]. Core Insights - The overseas education business has reached a bottom in growth, with New Oriental's revenue for Q1 FY26 at $1.523 billion, a year-on-year increase of 6.1%. The education segment (including cultural tourism) generated $1.366 billion, up 8.5% year-on-year [9][10]. - New Oriental's Non-GAAP operating profit was $336 million, reflecting an 11.3% increase, with an operating margin of 22%, expanding by 1.1 percentage points year-on-year [9][11]. - The report anticipates a recovery in the overseas examination training and consulting business, projecting growth to resume in the remaining quarters of FY26 [10]. Summary by Sections Overseas Education - The overseas education sector is showing signs of recovery, with New Oriental's Q1 FY26 revenue growth driven by adjustments in service offerings and a focus on high-quality education [9][10]. - The company has adapted its one-on-one tutoring model to a group format to lower costs and has expanded its youth examination training services, which has contributed to resilience in growth [10]. - New business segments, including K9 non-academic training and learning devices, have maintained high growth, with Q1 revenue increasing by 15% to $403 million [10]. Financial Performance - Despite a slowdown in high-margin study abroad services, improvements in the profitability of other segments have offset this decline. Sales and administrative expenses grew at a slower rate than revenue, indicating effective cost control [11]. - The report highlights a shareholder return plan, including a cash dividend of $190 million and a stock buyback of up to $300 million [9]. Market Trends - The education index has underperformed compared to the Hang Seng Index, with a year-to-date increase of 19.3%, lagging behind the index by 8.9 percentage points [8]. - The report suggests a positive outlook for the sector, particularly for companies with strong brand recognition and quality offerings, such as New Oriental and others in the Chinese education sector [14].

Core Viewpoint - MGM China reported a total revenue of approximately HKD 8.51 billion for Q3 2025, representing a year-on-year increase of 17.39% [1] - Adjusted EBITDA was approximately HKD 2.373 billion, up 19.6% year-on-year, primarily driven by increased table game betting amounts [1] - The company continued to optimize its mass market business layout, significantly enhancing average daily betting amounts at tables, leading to overall revenue growth exceeding market expectations [1] Financial Performance - Total revenue for Q3 2025 was approximately HKD 8.51 billion, a 17.39% increase compared to the previous year [1] - Adjusted EBITDA reached approximately HKD 2.373 billion, reflecting a year-on-year growth of 19.6% [1] Business Strategy - The company focused on optimizing its mass market business layout during the reporting period [1] - There was a significant increase in average daily betting amounts at tables, contributing to the overall revenue growth [1]

Group 1 - The core viewpoint of the article is that MGM China Holdings Limited reported a significant increase in total revenue and adjusted EBITDA for the third quarter of 2025, driven by higher table game bets [1] Group 2 - Total revenue for MGM China reached approximately HKD 8.51 billion, representing a year-on-year growth of 17.39% [1] - The adjusted EBITDA was approximately HKD 2.373 billion, showing a year-on-year increase of 19.6% [1]

Core Insights - MGM China (02282) reported Q3 2025 earnings with total revenue of approximately HKD 8.51 billion, representing a year-on-year increase of 17.39%, primarily driven by increased table game betting volume [1] - Adjusted EBITDA for the quarter was approximately HKD 2.373 billion, reflecting a year-on-year growth of 19.6% [1] Financial Performance - Total revenue reached approximately HKD 8.51 billion, up 17.39% compared to the previous year [1] - Adjusted EBITDA was around HKD 2.373 billion, showing a 19.6% increase year-on-year [1]

Market Overview - The Hong Kong stock market is experiencing a shift in capital flow, moving from growth to a more defensive positioning amid a collective decline in the three major indices [1] - On October 28, the market failed to maintain the previous day's gains, with a trading volume of 242.7 billion HKD, indicating a cautious investor sentiment [1] Sector Performance - The gold sector faced significant declines, with multiple stocks experiencing steep drops: China Silver Group fell over 10%, Lingbao Gold down 5.74%, and Zijin Mining down 5.59% [3] - The drop in gold stocks is closely linked to the international gold price, which fell 3.05% on October 27, dropping below 3990 USD per ounce [3] - The new consumption sector, once favored, is now seeing substantial outflows, with leading stocks like Pop Mart down over 32% from their historical highs [6] - The technology sector also showed weakness, with major stocks like NetEase and Meituan declining by 2.35% and 1.96% respectively [8] Capital Flow - There has been a notable shift in capital flow, with southbound funds moving from net inflows to significant outflows in the consumer sector, redirecting towards technology and healthcare [8] - Despite the overall market downturn, local bank and insurance stocks performed well, with HSBC rising 4.41% due to better-than-expected quarterly results [10] Investment Sentiment - The market is witnessing a rotation from high-growth, high-valuation sectors to defensive assets, reflecting a change in investor risk appetite [10] - Continuous inflows from southbound funds, totaling 2.258 billion HKD on October 28, indicate mainland investors' recognition of the long-term value in Hong Kong stocks [12] Economic Outlook - Analysts suggest that potential interest rate cuts by the Federal Reserve and a depreciating USD alongside an appreciating RMB could support the valuation of Chinese assets, benefiting the Hong Kong market [14] - The significant pullback in gold stocks and the weakness in consumer stocks illustrate a clear picture of declining risk appetite in the current market environment [14]

Core Viewpoint - Goldman Sachs reports that Sands China’s Q3 performance is robust, indicating a reversal of the declining trend in EBITDA and market share observed earlier this year [1] Financial Performance - EBITDA for the period reached $601 million, aligning with market expectations [1] - Total revenue increased by 7% quarter-on-quarter [1] Management Outlook - Management has become more confident compared to previous quarters, revealing that the total gaming revenue share has been increasing for several consecutive months since mid-year [1] - The expectation for Macau's total gaming revenue next year is projected to reach between $33 billion to $34 billion, slightly above Goldman Sachs' forecast [1] Investment Recommendation - Goldman Sachs has slightly adjusted its EBITDA forecasts for Sands China for 2025 to 2027 by 0% to 2% and raised the target price from HKD 23.6 to HKD 24.2, maintaining a "Buy" rating [1] - The recent stock price correction is viewed as a good buying opportunity, with attractive valuations expected to drive potential dividend growth and re-rating of the shares [1]

Core Viewpoint - UBS reported that Sands China’s adjusted property EBITDA for Q3 was $601 million, representing a year-on-year increase of approximately 3% and a quarter-on-quarter increase of about 6% [1] Financial Performance - The EBITDA, excluding the impact of VIP room commissions, would reach $599 million, aligning with UBS and market expectations of $596 million [1] - The management of Sands China anticipates that the momentum for market share growth will continue into Q4, primarily benefiting from the product mix provided by the reinvestment plan [1] Strategic Initiatives - The positive performance is attributed to the restructuring of the market distribution team, which includes adjustments to personnel structure and staffing [1] Analyst Rating - UBS maintains a "Neutral" rating on Sands China with a target price of HKD 21.6 [1]

Core Viewpoint - Electronic Arts (EA) reported quarterly earnings of $1.21 per share, missing the Zacks Consensus Estimate of $1.27 per share, and down from $2.15 per share a year ago, indicating a -4.72% earnings surprise [1] - The company posted revenues of $1.82 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 2.45%, and down from $2.08 billion year-over-year [2] Financial Performance - EA's earnings surprise was -4.72%, while a quarter ago, the company had a positive surprise of +150% [1][2] - Over the last four quarters, EA has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - EA shares have increased by approximately 37.1% since the beginning of the year, outperforming the S&P 500's gain of 16.9% [3] - The current Zacks Rank for EA is 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $4.49 on revenues of $2.8 billion, and for the current fiscal year, it is $8.27 on revenues of $7.89 billion [7] - The outlook for the gaming industry is positive, with the Zacks Industry Rank placing Gaming in the top 17% of over 250 Zacks industries [8]

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing down 0.33% at 26,346.14 points, amid mixed performances across various sectors and stocks [1] Market Performance - The Hang Seng Index fell by 0.33% or 87.56 points, with a total trading volume of 242.7 billion HKD [1] - The Hang Seng China Enterprises Index decreased by 0.97%, closing at 9,375.79 points, while the Hang Seng Tech Index dropped by 1.26% to 6,093.44 points [1] Blue-Chip Stocks - HSBC Holdings (00005) led the blue-chip stocks, rising by 4.41% to 106.5 HKD, contributing 92 points to the Hang Seng Index [2] - HSBC reported a pre-tax profit of 7.3 billion USD for Q3 2025, a decrease of 1.2 billion USD year-on-year, but a 3% increase in fixed-rate pre-tax profit to 9.1 billion USD [2][6] - Other notable blue-chip performances included Xinyi Solar (00968) up 4.27% and AIA Group (01299) up 3.4% [2] Sector Movements - Large tech stocks generally declined, with Tencent and Alibaba both falling over 1% [3] - Gold stocks faced significant declines, with Chifeng Jilong Gold Mining (600988) down over 6% [3] - Hong Kong banking stocks rose against the trend, with HSBC's strong Q3 results boosting investor confidence [5][6] New Listings - Four new stocks debuted positively, with Dipo Technology (01384) surging 150.56% and Baima Tea (06980) rising 86.7% [4][5] - Dipo Technology's IPO was notably oversubscribed, with a subscription rate of 7,590 times, attracting approximately 239,000 investors [5] Gold Market - Gold prices saw a significant drop, with spot gold falling 3% to below 3,900 USD per ounce, attributed to reduced safe-haven demand following U.S.-China trade developments [4] - Analysts suggest that gold is no longer a wise short-term investment, although it retains long-term value [4] Notable Stock Movements - Fuyao Glass (06865) saw a strong performance, rising 12.29% after reporting a 21% year-on-year revenue increase [7] - Bilibili (09626) gained 5.31% following the successful launch of its new game, which sold over 200,000 copies shortly after release [8] - China Southern Airlines (01055) reported a revenue increase of 2.23% year-on-year for the first three quarters of 2025 [10] - China State Construction International (03311) experienced a significant drop of 8.6% after reporting a revenue decline [11]

Market Overview - The Hong Kong stock market failed to maintain its previous day's gains, with the Hang Seng Index closing down 0.33% at 26,346.14 points and a total turnover of HKD 242.7 billion [1] - The Hang Seng China Enterprises Index fell by 0.97% to 9,375.79 points, while the Hang Seng Tech Index dropped 1.26% to 6,093.44 points [1] Blue-Chip Performance - HSBC Holdings (00005) led the blue-chip stocks, rising 4.41% to HKD 106.5, contributing 92 points to the Hang Seng Index [2] - HSBC reported a pre-tax profit of USD 7.3 billion for Q3 2025, a decrease of USD 1.2 billion year-on-year, but a fixed-rate pre-tax profit of USD 9.1 billion, up 3% year-on-year [2][6] - Other notable blue-chip movements included Xinyi Solar (00968) up 4.27% and AIA Group (01299) up 3.4%, while Zijin Mining (02899) fell 5.59% [2] Sector Performance - Large tech stocks generally declined, with Tencent and Alibaba both dropping over 1% [3] - Gold stocks experienced significant declines, with Chifeng Jilong Gold Mining (06693) down over 6% [3] - Hong Kong banking stocks rose against the trend, with HSBC's strong Q3 performance boosting investor confidence [5][6] New Listings - Four new stocks debuted positively, with Dipo Technology (01384) surging 150.56% and Baima Tea (06980) rising 86.7% [4][5] - Dipo Technology's IPO was highly sought after, with a subscription rate of 7,590 times, attracting approximately 239,000 investors [5] Gaming and Gambling Sector - Macau's gaming revenue showed signs of recovery, with October's revenue potentially reaching MOP 23 billion, the highest in 71 months [6] - Notable gains were seen in gaming stocks, with Sands China (01928) up 2.46% and Melco International Development (00200) up 1.24% [6] Notable Stock Movements - Fuyao Glass (06865) saw a strong performance, rising 12.29% after reporting a 21% year-on-year revenue increase [7] - Bilibili (09626) gained 5.31% following the successful launch of its new game, which sold over 200,000 copies shortly after release [8] - China Southern Airlines (01055) rose 3.01% after reporting a 2.23% increase in revenue for the first three quarters of 2025 [10]