Group 1 - MGM China Holdings Limited (02282) experienced a significant decline of 12% post-earnings announcement, with a current drop of 7.22% to HKD 16.07, and a trading volume of HKD 61.27 million [1] - The company reported interim results with operating revenue of approximately HKD 16.66 billion, reflecting a year-on-year growth of 2.73%. However, profit attributable to shareholders decreased by 11.25% to HKD 2.38 billion [1] - Basic earnings per share were HKD 0.628, and the interim dividend declared was HKD 0.313 per share. The decline in net profit was attributed to rising operating costs and increased net exchange losses from USD-denominated senior notes [1] Group 2 - East Wu Securities International noted that the competition in the gaming industry is intensifying, with new properties from major gaming companies like Galaxy Entertainment and Sands China coming online [1] - The rebate ratio for Sands China in Q2 2025 increased by 0.4 percentage points to 21.5%, while MGM China's rebate ratio rose by 1.8 percentage points to 22.4% in the same period [1]

8月7日，港股震荡收涨。截至收盘，恒生指数上涨0.69%，报收于25081.63点；恒生科技指数上涨0.26%，报收于5546.73点；恒生国企指数上涨0.55%，报 收于8981.73点。 盘面上，苹果概念股受提振，博彩、房地产板块继续上涨，医药板块继续承压。 曹操出行今日大涨，与其签署虚拟资产战略合作有关。 苹果概念股受利好提振 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 1415 | 高伟电子 | 29.860c | 2.620 | 9.62% | | 2382 | 舜宇光学科技 | 76.750c | 2.450 | 3.30% | | 1478 | 丘钛科技 | 12.680c | 0.280 | 2.26% | | 2018 | 瑞声科技 | 43.920c | 0.920 | 2.14% | | 2038 | 富智康集团 | 14.900c | 0.280 | 1.92% | | 2078 | 荣阳实业 | 0.132c | 0.002 | 1.54% | | 0856 | 伟仕佳杰 | 9.470c | 0.1 ...

Core Viewpoint - The company is expected to report strong growth in EBITDA and total gaming revenue for 1H25, driven by an increase in visitor numbers and foreign direct investment [1][2]. Group 1: Financial Performance - The company anticipates a 240% year-on-year increase in EBITDA for 1H25, reaching $188 million, with a 28% quarter-on-quarter growth [1]. - Total gaming revenue is projected to grow by 20% year-on-year and 31% quarter-on-quarter in 1H25 [1]. - EBITDA forecasts for 2025 and 2026 have been raised by 16% to $382 million and $455 million, respectively [2]. Group 2: Visitor Trends and Investment - The number of Chinese visitors to Cambodia increased by 51% year-on-year and 28% quarter-on-quarter in 1H25, with business travelers up by 46% year-on-year and 31% quarter-on-quarter [1]. - Cambodia attracted $6.9 billion in foreign direct investment in 2024, a 40% increase from the previous year, with over 50% of this investment coming from China [1]. Group 3: Operational Developments - The number of direct flights from China to Cambodia has increased to 170 per week, a 55% rise compared to the previous year [2]. - The company is expected to resume cash dividend payments in 1H25 after achieving a net cash position post-debt repayment [2]. Group 4: Valuation and Market Position - The company is currently trading at 6 times the 2025 EV/EBITDA, with a target price raised by 32% to HKD 5.80, indicating a 33% upside potential from the current stock price [2].

Core Viewpoint - Morgan Stanley reports that Macau's gaming revenue has exceeded expectations for two consecutive months, with a year-on-year growth of 19%, prompting an upward revision of the annual growth forecast for gaming revenue from 5% to 10% and EBITDA growth from 2% to 6% [1] Group 1: Industry Performance - The significant positive operating leverage, reduced competition, and improved profit estimates are highlighted as key factors contributing to the industry's strong performance [1] - Despite the recent strong performance, the industry is still considered undervalued if growth can be sustained [1] Group 2: Future Projections - Macau's gaming revenue forecasts for 2025, 2026, and 2027 are projected at MOP 248.963 billion, MOP 263.9 billion, and MOP 279.7 billion, representing year-on-year increases of 9.8%, 6%, and 6% respectively [1] Group 3: Company Target Price Adjustments - Morgan Stanley has raised the target prices for all six companies under coverage, maintaining a positive outlook on Melco Resorts, MGM China, and Sands China, all rated as "Overweight" [1] - Specific target price adjustments include MGM China from HKD 14.5 to HKD 18, Sands China from HKD 17.5 to HKD 21, and Silver Heritage from HKD 35 to HKD 40, maintaining a "Market Perform" rating [1]

展望未来，该行预期受惠于珠澳一签多行、香港跨境支付通等政策，以及全运会及格兰披治大赛等盛 事，澳门博彩业的复苏有望延续，看好濠赌股下半年上行趋势受惠于政策利好、财富效应和非博彩协 同。该行重申对美高梅中国的"买入"评级，目标价由18港元上调至19.3港元。 华泰证券发表研究报告指，美高梅中国次季业绩跑赢同业，博彩毛收入按年增长12%至12.6亿美元，恢 复至2019年同期的154%，对比行业平均复苏水平为83%。经调整EBITDA利润率为29%，较去年同期及 上季的30.7%及29.6%有所下滑，反映市场竞争加剧下市场推广开支增加，获客成本上升所致。 ...

Group 1 - The core viewpoint of the article highlights the significant increase in Macau's gaming revenue, with July's gross gaming revenue (GGR) reaching 22.125 billion MOP, representing a year-on-year growth of 19% [1] - The average daily GGR for July was approximately 714 million MOP, recovering to 90% of the levels seen in the same period of 2019, exceeding both Citigroup's and market expectations of 21 billion MOP by 5% [1] - This marks the fourth consecutive month that Macau's gaming revenue has surpassed expectations, with the industry showing strong resilience as revenue has achieved nearly 20% year-on-year growth for two consecutive months [1] Group 2 - Looking ahead to August, Citigroup has raised its forecast for Macau's gaming revenue from 20 billion MOP to 21.5 billion MOP, reflecting a year-on-year growth of 9% and an average daily revenue of 694 million MOP [1] - This adjustment takes into account the potential lower per capita spending by tourists during the traditional peak travel season, as well as the high base from the same period last year [1] - The article also notes the positive impact of concerts, such as Eason Chan's performance at the Galaxy Arena, which is expected to contribute to the gaming revenue similar to the effect of Jacky Cheung's concert in June and July [1]

大华继显发表研究报告指，澳门7月赌收为221亿澳门元，按年升19%，按月增5%，创下疫情后的新 高，并超出市场预期5%，恢复至2019年水平的90%。 该行考虑到澳门赌收持续回升，将澳门今年全年赌收预测上调4%至2420亿澳门元，意味着按年增长 7%，并恢复至2019年水平的83%。该行维持对澳门博彩行业的增持评级，继续首选银河娱乐，维持目 标价43港元及"买入"评级。另外，该行予金沙中国"买入"评级，目标价22港元。 ...

机构：申万宏源研究 研究员：贾梦迪 MGM China reported 2Q25 net revenue of HK$8.7bn (+9% YoY, +8% QoQ) and adjusted Ebitda of HK$2.5bn (+3% YoY, +6% QoQ), setting a new single-quarter record, which was 72% higher than that in 2019. The results exceeded expectations, mainly due to the better-than-expected increase in market share. We raise 2025E EPS forecast from HK$1.19 to HK$1.25, 2026E forecast from HK$1.28 to HK$1.38, and introduce 2027E forecast of HK$1.43. We raise target price from HK$15.5 to HK$19, with 22% upside pot ...

Core Viewpoint - The successful transition of the family business and wealth from the first generation to the second generation of the "Gambling King" Lui Che Woo's family serves as a model for family business succession, emphasizing the principle of "division of labor without separation of family" [2][6]. Group 1: Family Business Succession - The Lui family has effectively managed the succession of their complex business empire, which includes listed companies like K Wah International Holdings and Galaxy Entertainment Group, by clearly defining roles and responsibilities among family members [2][3]. - The family holds a significant majority of shares in their businesses, ensuring control and management remain within the family [4][5]. - The family’s approach to succession is characterized by a clear division of responsibilities based on each member's expertise and interests, which has facilitated smooth operations and governance [6][7]. Group 2: Ownership and Control Structure - Prior to Lui Che Woo's passing, the family held 66.80% ownership in K Wah International, with specific shares allocated to each child, ensuring a balanced distribution of ownership and control [4]. - Following his death, the family’s ownership in K Wah International decreased to 61.47%, but the shares held by the children increased, indicating a successful transition of ownership [4]. - In Galaxy Entertainment, the family maintained 57.36% ownership before Lui Che Woo's death, which has since adjusted to 56.85%, with significant shares held by the children [5]. Group 3: Role Allocation Among Heirs - The eldest son, Lui Yiu Tung, oversees the Macau operations, while the second son, Lui Yiu Nam, manages the U.S. hotel business, and the youngest son, Lui Yiu Wah, is responsible for the Hong Kong construction business [3][8]. - The daughters, Lui Hui Yu and Lui Hui Ling, are tasked with hotel operations and administrative roles, respectively, reflecting a thoughtful allocation of responsibilities based on their backgrounds [10][11]. - This structured approach to role allocation has been crucial in maintaining family unity and business continuity [11]. Group 4: Family Cohesion and Values - The Lui family emphasizes strong family cohesion, which is essential for the "division of labor without separation of family" model to succeed [11][12]. - Lui Che Woo's commitment to social responsibility and philanthropy has fostered a sense of family pride and recognition, enhancing the family's value system [12]. - The family has engaged in various charitable activities, which have contributed to a lasting legacy and strengthened family bonds [12]. Group 5: Lessons for Other Family Businesses - The Lui family's experience offers valuable insights for other multi-child family businesses, particularly in establishing clear ownership structures and responsibilities [6][18]. - The principle of "division of labor" can also be adapted for single-child families by involving non-family stakeholders and professionals in the management process [18][19]. - Ensuring a collaborative environment among family members and external partners is crucial for long-term business success and stability [19].

麦格理发布研报称，上调美高梅中国(02282)2025至27年各年经调整EBITDA预测分别升2.2%、降0.5%及 升0.4%，将公司目标价由22.2港元略微下调至22.1港元，评级为"跑赢大市"。 报告称，美高梅中国次季博彩收入同比及按季计各升12%，超出该行预期2%;总收入同比升9%，按季增 8%，符合该行预期;经调整EBITDA创新高，达25.1亿港元，胜于该行预期3%。此外，期内公司的市场 份额同比增长0.6个百分点至16.6%，为六间营运商中最高的连续增长，管理层对其市场份额能够保持在 中双位数水平充满信心。 ...