公告称，该收购事项符合澳娱综合整合资源并将其用于提供长期价值及协同效应的位置的战略目标。凯 旋门酒店位于澳门半岛，与市中心紧密相连，距离澳门外港码头五分鐘车程，交通便利。通过该收购事 项，该集团将受益于运营涵盖酒店住宿及餐饮业务的整个凯旋门酒店的协同效应。鉴于凯旋门酒店与本 集团现有娱乐场(如葡京娱乐场)位置邻近，该收购事项预期亦将与集团现有业务产生协同效应，这将进 一步增强集团的可持续增长基础，强化澳娱综合于澳门半岛的市场定位。凯旋门酒店的中心位置与良好 经营使其成为一项具有吸引力的资产，预期将提升营运效率。因此，董事会认为，该收购事项将对集团 的长期发展具有重要战略意义。 智通财经APP讯，澳博控股(00880)公布，于2025年11月20日，公司附属SJM–投资有限公司和澳娱综合 度假股份有限公司拟向梁安琪女士间接全资拥有的Goldarch Holdings Limited及Solar King Investments Limited收购凯旋门发展有限公司全部已发行股本。订约方已同意：(i)收购协议项下目标公司全部已发 行股份的购买价将为其面值，即18万澳门元;及(ii)买方须于完成时安排偿还工商银行贷 ...

Core Viewpoint - UBS reports that Macau's average daily gaming revenue for the past week was approximately 671 million MOP, down from about 711 million MOP in the previous nine days, likely influenced by the Macau Grand Prix held from November 13 to 16 [1] Industry Summary - The average daily gaming revenue from the beginning of the month until now is approximately 694 million MOP, reflecting a month-on-month decline of about 11%, consistent with seasonal performance from 2015 to 2019 [1] - In terms of market segments, the average daily gaming revenue from the mass market has decreased by about 8% to 10% this month, while the VIP room turnover has dropped by about 6% to 8% [1] - The win rate for VIP rooms is reported to be around 3.3% to 3.5% [1] Company Summary - UBS forecasts that the average daily gaming revenue for November will be around 673 million MOP, with expectations that the remaining days of the month will see an average daily revenue of approximately 649 million MOP [1] - Preferred stocks include Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128), all rated as "Buy" with target prices of HKD 46.9, HKD 19.8, and HKD 8.4 respectively [1]

Core Viewpoint - UBS reports that Macau's average daily gaming revenue for the past week was approximately 671 million MOP, down from about 711 million MOP in the previous nine days, likely influenced by the Macau Grand Prix held from November 13 to 16 [1] Industry Summary - Average daily gaming revenue from the beginning of the month until now is around 694 million MOP, representing a month-on-month decline of approximately 11%, consistent with seasonal performance from 2015 to 2019 [1] - The market generally predicts that the average daily gaming revenue for November will be about 673 million MOP, with expectations that the remaining days of the month will see an average daily revenue of approximately 649 million MOP [1] Company Summary - UBS's preferred stocks include Galaxy Entertainment, MGM China, and Wynn Macau, all rated as "Buy" with target prices set at 46.9 HKD, 19.8 HKD, and 8.4 HKD respectively [1]

Economic Overview - The preliminary GDP for Macau in Q3 2025 is reported at 103.86 billion MOP, reflecting a year-on-year real growth of 8.0%, with the overall economic scale recovering to 92.6% of the same period in 2019 [1] - For the first three quarters of this year, Macau's GDP stands at 301.33 billion MOP, showing a year-on-year real growth of 4.2%, with the economic total recovering to 88.4% of the same period in 2019 [2] Tourism and Service Sector - The increase in visitor arrivals to Macau during the summer tourism peak contributed to a significant rise in service exports, which grew by 10.5% year-on-year, driven by a 13.6% increase in visitor numbers [1] - Specific service exports such as other tourism services and gaming services increased by 7.4% and 14.3% respectively [1] Domestic Consumption - Local private consumption remained robust, with government final consumption expenditure and private consumption expenditure rising by 2.7% and 0.8% year-on-year respectively [1] - In contrast, fixed capital formation saw a decline of 26.1% due to a reduction in private and public construction projects [1] Trade Performance - Merchandise exports in Q3 increased by 4.5% year-on-year, while merchandise imports experienced a decline of 6.5% [1] - The overall price change measured by the GDP implicit price index decreased by 1.1% [2]

花旗认为，若澳博未能于2025年底前就收购澳门凯旋门及澳门十六浦取得进展，将对股价构成下行压 力，因交易完成后其负债比率将增加多少的不确定性持续存在。该股目前以2026财年预期EV/EBITDA 9.8倍交易，相较业界龙头在风险调整后估值显得偏高。 花旗发表报告指，维持澳博"沽售"评级，目标价为2.85港元，以反映2025年第三季市占率按季下跌50个 基点至11.8%。该行认为市占率下滑趋势延续至2025年10月，因银河娱乐与金沙中国分别在其场馆举办 多场明星云集的活动。 ...

Investment Rating - The report does not explicitly state an investment rating for SJM Holdings Core Insights - SJM Holdings reported a net revenue of HKD 7.03 billion for 25Q3, a decrease of 6.2% year-on-year and 1.7% quarter-on-quarter, with adjusted EBITDA of HKD 0.88 billion, down 15.0% year-on-year but up 28.1% quarter-on-quarter, resulting in an adjusted EBITDA margin of 12.5%, down 1.3 percentage points year-on-year [1][9][13] - The company's market share in 25Q3 was 11.8%, down from 12.3% in 25Q2 and 13.9% in 24Q3, indicating a slight decline in competitive positioning [6][14] Summary by Sections Financial Performance - In 25Q3, SJM Holdings achieved a net revenue of HKD 7.03 billion, with gaming and non-gaming contributions of HKD 6.54 billion and HKD 0.5 billion respectively, reflecting year-on-year changes of -6.5% and -1.4% [2][10] - The total betting amount, excluding satellite casinos, reached HKD 55.41 billion, up 21.1% year-on-year and 3.5% quarter-on-quarter, with VIP, mass, and slot machine betting amounts showing significant increases [3][11] - The gross gaming revenue (GGR) was HKD 7.14 billion, down 4.7% year-on-year and lower than the industry growth rate of +12.5%, with a quarter-on-quarter decline of 1.8% [4][12] Property Performance - The adjusted EBITDA for Grand Lisboa Palace was HKD 0.11 billion, with an adjusted EBITDA margin of 5.8%, while Grand Lisboa's adjusted EBITDA was HKD 0.47 billion with a margin of 23.5% [5][13] - The total revenue from Grand Lisboa Palace and Grand Lisboa was HKD 1.91 billion and HKD 2.0 billion respectively, with year-on-year changes of +7.4% and -0.7% [2][10] Market Dynamics - The company's market share has declined, attributed to the closure of satellite casinos, which may impact overall market positioning but could enhance profitability [7][14] - Capital expenditures in 25Q3 were HKD 0.412 billion, primarily for property renovations and equipment [7]

Core Viewpoint - Morgan Stanley's report indicates that the acquisition of the Parisian Macao and the Studio City satellite casino by Suncity Group Holdings (00880) in Q4 is expected to further increase the company's debt ratio, leading to a target price of HKD 2.8 and a "Reduce" rating [1] Financial Performance - Suncity Group's Q3 EBITDA was HKD 881 million, representing a 28% quarter-on-quarter increase but a 15% year-on-year decline, aligning with both Morgan Stanley's and market expectations [1] - The market share in the mass gaming segment decreased by 110 basis points, primarily due to the underperformance of satellite casino operations [1] - The full-year EBITDA forecast for the group is HKD 3.529 billion, implying a required quarter-on-quarter growth of 14% to reach HKD 1.002 billion in Q4, which Morgan Stanley considers overly optimistic [1] Debt and Expenses - The group's net debt reached HKD 21.8 billion in Q3, with a net debt to EBITDA ratio of 6.2 times, the highest in the Macau industry over the past 12 months [1] - Daily operating expenses for Q3 were HKD 21.5 million, remaining stable quarter-on-quarter; however, the closure of satellite casinos is expected to increase daily costs by HKD 3.5 million to HKD 3.7 million [1] Management Expectations - Management anticipates that the transfer of 100 new gaming tables and a strong marketing team from the satellite casinos will enhance the performance of the high-end business at the Grand Lisboa next year [1]

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]