Core Viewpoint - UBS reports that Melco Resorts & Entertainment (00880) experienced a 15% year-on-year decline in EBITDA for Q3, amounting to HKD 881 million, while showing a 28% quarter-on-quarter increase, aligning with market expectations of HKD 856 million to HKD 898 million [1] Group 1 - The company has received a "Sell" rating from UBS, with a target price set at HKD 2.8 [1] - Management plans to close the remaining four satellite casinos by the end of the year [1] - The company aims to integrate its customer and marketing teams [1] Group 2 - Expected capital expenditure for the next year is projected to be HKD 1.5 billion [1]

Group 1 - The core viewpoint of the report is that the market share and profits of Melco Resorts & Entertainment (00880) are under pressure, leading to a 15% year-on-year decline in adjusted EBITDA to HKD 881 million for the third quarter [1] - The continued suspension of satellite casinos is expected to drag down the company's market share in the short term [1] - The company has not established a clear timeline for the resumption of dividend payments, indicating a lack of short-term catalysts [1] Group 2 - The report maintains a "Hold" rating for Melco Resorts & Entertainment with a target price of HKD 3.2 [1]

Core Viewpoint - UBS reported that the EBITDA for 澳博控股 (Sands China) in Q3 was HKD 881 million, representing a year-on-year decline of approximately 15% but a quarter-on-quarter increase of about 28%, aligning with the bank's and market's forecast of HKD 856 million to HKD 898 million [1] Financial Performance - 澳博控股's Q3 gaming net revenue was HKD 6.537 billion, with a net profit of HKD 9 million [1] Management Strategy - The management plans to close the remaining four satellite casinos by the end of the year and integrate its customer and marketing teams [1] - The expected capital expenditure for the next year is HKD 1.5 billion [1] Analyst Rating - UBS has assigned a "Sell" rating to the company with a target price of HKD 2.8 [1]

里昂发表研究报告指，澳博的市场份额及利润受压，导致第三季经调整Ebitda按年跌15%至8.81亿元， 卫星赌场持续停运或在短期内拖累其市场份额，而公司亦未就恢复派息订立明确的时间表。该行认为， 澳博短期内缺乏催化因素，续予其"持有"评级及目标价3.2港元。 ...

2025 年 11 月 13 日 星期四 昨晚美股整体轻微上升。道琼斯工业指数收报 48,255 点，上升 0.7%。恒指夜期收报 26,899 点，低水 24 点。料周四港股 投资情绪良好，但大市或渐整固。 宏观动态： 美国 30 年期固定房贷利率上周为 6.34%，高于前周的 6.31%。 德国 10 月批发物价指数按月上升 0.3%，增幅高于 9 月的 0.2%，以及市场预测的 0.1%。 行业动态： ➢ 每日大市点评 周三港股高开，恒生指数一度突破 27,000 点。虽然大市涨幅一度收窄，但是午后再次扩大。恒生指数及国企指数分别收 报 26,923 点及 9,539 点，分别上升 0.9%及 0.8%。港股成交合共 2,364 亿港元，相比周二的 2,102 亿港元，上升 12.5%。 这可反映市场情绪乐观。分类指数方面，医疗保健、综合企业、地产建筑、能源业指数分别上升 2.7%、2.6%、2.6%、 2.1%，非必需性消费则下跌 0.9%。蓝筹个股方面，华润万象生活(1209 HK)及新鸿基地产(16 HK)领涨，分别上升 6.3%及 5.4%；信义光能(968 HK)及信义玻璃(868 HK)领跌 ...

消息面上，澳博控股公布前三季度业绩，总净收益为216.74亿港元，同比增长1.8%；博彩净收益201.65 亿港元，同比增长1.4%；公司拥有人应占亏损1.73亿港元，同比扩大183.6%；经调整EBITDA为25.27亿 港元。单看第三季度，博彩净收益65.37亿港元，纯利达900万港元。 智通财经APP获悉，澳博控股(00880)绩后跌超8%，截至发稿，跌8.72%，报2.72港元，成交额5305.44万 港元。 ...

Core Insights - The company reported a decline in gaming net revenue for Q3 2025, amounting to HKD 6.537 billion, compared to HKD 6.995 billion in Q3 2024 [1] - Adjusted EBITDA also decreased to HKD 0.881 billion in Q3 2025 from HKD 1.037 billion in Q3 2024 [1] - The profit attributable to owners was HKD 9 million in Q3 2025, down from HKD 101 million in Q3 2024 [1] Financial Performance - For the nine months ending September 30, 2025, gaming net revenue reached HKD 20.165 billion, slightly up from HKD 19.892 billion in the same period of 2024 [1] - Adjusted EBITDA for the first nine months of 2025 was HKD 2.527 billion, compared to HKD 2.771 billion in the first nine months of 2024 [1] - The company reported a loss attributable to owners of HKD 173 million for the first nine months of 2025, compared to a loss of HKD 61 million in the same period of 2024 [1] Balance Sheet - As of September 30, 2025, the company had cash, bank balances, short-term bank deposits, and pledged bank deposits totaling HKD 34.448 billion [1] - Total debt stood at HKD 273.12 billion, which includes HKD 9 billion in term loans and HKD 10 billion in revolving credit, with HKD 2.7 billion of the latter undrawn as of September 30, 2025 [1]

Core Viewpoint - From 2023, Galaxy Entertainment's dividend payout ratio is expected to increase from 32% to 58% by the first half of 2025, while maintaining a prudent approach to asset-liability management [1] Group 1: Dividend Policy - The assumption is that the dividend payout ratio will stabilize at around 60%, but if the company returns all recurring free cash flow to shareholders, the payout ratio could rise to at least 69% between 2025 and 2027 [1] - The company's cash position is robust enough to meet new investment demands and potential business shocks [1] Group 2: Capital Management - Capital utilization flexibility remains ample, allowing for strategic investments and shareholder returns [1] - The company is rated as "outperform" with a target price of HKD 50, positioning it as a preferred choice in the Macau gaming sector [1] Group 3: Market Position - Hosting major events is expected to help the company secure a stable market share revenue, indicating growth potential in the competitive landscape [1]

Core Viewpoint - From 2023, Galaxy Entertainment's dividend payout ratio is expected to increase from 32% to 58% by mid-2025, while maintaining a prudent asset-liability management approach [1] Group 1: Dividend Policy - The bank assumes that the dividend payout ratio will stabilize at 60%, but if the company returns all recurring free cash flow to shareholders, the payout ratio could rise to at least 69% between 2025 and 2027 [1] Group 2: Financial Health - The company's cash position is robust enough to meet new investment demands and potential business shocks, with ample capital flexibility remaining [1] Group 3: Market Position - The bank maintains an "outperform" rating and a target price of HKD 50, listing the company as one of the top picks in the Macau gaming sector, as hosting major events helps the company secure stable market share revenue, with room for dividend increases [1]

消息面上，澳门本月迎多项盛事，据报道，第72届澳门格兰披治大赛车将于明日起一连四天(11月13至 16日)举行，第十五届全国运动会及第二十五届澳门美食节同期举行，预计将吸引大量旅客。此外，瑞 银研报指出，根据其渠道查询，澳门11月首9天日均博彩毛收入(GGR)约7.11亿澳门元，与国庆黄金周后 日均博彩毛收入约7.15亿澳门元大致持平。这与11月初季节性较国庆黄金周后日均博彩毛收入增长约 1%的情况相符，反映出强劲的需求环境。 博彩股集体走高，截至发稿，新濠国际发展(00200)涨6.2%，报5.31港元；银河娱乐(00027)涨3.86%，报 42.48港元；美高梅中国(02282)涨3.16%，报16.64港元；永利澳门(01128)涨2.06%，报6.95港元。 ...