Core Viewpoint - SJM Holdings Limited (新濠国际发展) reported a significant increase in net revenue and a return to profitability for the six months ending June 30, 2025, driven by improved performance in its gaming and hotel operations [1] Financial Performance - The company achieved a net revenue of HKD 19.965 billion, representing a year-on-year increase of 12.38% [1] - The profit attributable to shareholders was HKD 351 million, marking a turnaround from a loss to profitability [1] - Basic earnings per share were HKD 0.18 [1] Operational Insights - The improvement in profitability was primarily attributed to enhanced performance in gaming and non-gaming operations, although increased business activity led to higher operating costs, partially offsetting gains [1] - The company recognized an impairment of HKD 27.3 million related to the Mocha casinos, which are set to cease operations by the end of 2025 [1] - An additional impairment of HKD 5 million was recorded for certain properties, plants, and equipment due to the lack of improvement in the performance of the new SJM casino [1]

Core Viewpoint - The company, SJM Holdings Limited, reported a significant increase in net revenue and a return to profitability for the six months ending June 30, 2025, driven by improved performance in its gaming and non-gaming operations [1] Financial Performance - For the six months ending June 30, 2025, the company achieved net revenue of HKD 19.965 billion, representing a year-on-year increase of 12.38% [1] - The profit attributable to shareholders was HKD 351 million, marking a return to profitability compared to the previous period [1] - Basic earnings per share were HKD 0.18 [1] Operational Insights - The improvement in profitability was primarily attributed to enhanced performance in the gaming and hotel operations, although increased business activity led to a rise in operating costs, partially offsetting the gains [1] - The company recognized an impairment of HKD 27.3 million related to the Mocha Clubs, which are set to cease operations by the end of 2025 [1] - Additionally, an impairment of HKD 5 million was recorded for certain properties, plants, and equipment due to the lack of improvement in the performance of the new SJM property [1]

Core Viewpoint - Macau Legend Development Limited (1680.HK) reported a mid-year loss of HKD 1.421 billion, with a loss per share of HKD 2.2912, and did not declare an interim dividend; this compares to a loss of approximately HKD 110 million in the same period last year [1] Financial Performance - The company's revenue from continuing operations was HKD 168 million, representing a year-on-year decrease of 7.57% [1] Asset Disposal - Macau Legend indirectly holds a 21.5% stake in Zhuhai Legend, which plans to sell a shopping mall located on the west side of the Hengqin Guangdong-Macao Deep Cooperation Zone through a public tender [1] - The public tender will commence on September 1 at 10 AM and conclude on October 30 at 6 PM; the property includes 109 commercial shops and 862 parking spaces, and will be sold in "as-is" condition [1]

亏损大幅增加主要由于澳娱综合因于新服务协议于2025年12月31日届满后不续签服务协议，导致确认澳 门渔人码头投资营运的澳门渔人码头价值大幅减值亏损约12.72亿港元。 格隆汇8月31日丨澳门励骏(01680.HK)公布中期业绩，2025年上半年，公司收益为人民币1.68亿港元， 同比减少7.57%；期内亏损14.21亿港元，上年同期亏损1.10亿港元，基本每股亏损229.12港仙。 ...

澳门励骏(01680)发布2025年中期业绩，持续经营业务收益1.68亿港元，同比减少7.57%;期内亏损14.21 亿港元，同比扩大1192.54%;每股基本亏损229.12港仙。 ...

Core Viewpoint - Macau Legend Development Limited (01680) reported a significant decline in its financial performance for the first half of 2025, with a notable increase in losses compared to the previous year [1] Financial Performance - The revenue from continuing operations was HKD 168 million, representing a year-on-year decrease of 7.57% [1] - The company incurred a loss of HKD 14.21 billion, which is an increase of 1192.54% compared to the same period last year [1] - The basic loss per share was HKD 2.2912 [1]

来源：市场资讯 （来源：澳门江湖） 澳博控股(880)公佈2025年中期业绩，期内集团总淨收益146.39亿元（港元、下同），按年升6.07%。 其中博彩淨收益136.28亿元，增长5.66%。 经调整EBITDA为16.46亿元，减少5.1%。市佔率由去年同期12.5%，增加至12.9%；公司拥有人应佔亏 损扩至1.82亿元(去年同期亏损1.62亿元)。 同时，集团宣佈计划以5.29亿元，向控股股东澳门旅游娱乐股份有限公司收购位于葡京酒店内约7,504平 方米(约80,772平方呎)的前博彩区域。 收购后，相关楼面将併入葡京娱乐场的现有营运，并获配置年底前结束营运的衞星场部分赌枱及角子机 资源。 澳博控股主席兼执行董事及澳娱综合常务董事何超凤表示： "是次策略性收购、连同两间标志性葡京品 牌物业的同步升级，将有助巩固本集团的竞争优势，拓展贵宾及中场客层，并有效维繫属于前衞星娱乐 场原有的地区忠实顾客群。 餐饮方面，上葡京已完成7间全新餐饮项目，涵盖国际知名品牌及自营休閒餐饮，提供澳葡、意大利、 中国及东南亚等多元菜式，更包括一个现代化美食广场，荟萃地道特色小食。新葡京酒店亦将新增约3 间餐饮场馆，在其高端餐 ...

Core Viewpoint - The performance of Kingsoft Holdings in 1H25 exceeded expectations, with significant growth in both total revenue and EBITDA, driven by a recovery in business volume and the introduction of new products [1][2]. Financial Performance - Total revenue reached $342 million, a year-on-year increase of 17% and a quarter-on-quarter increase of 27%, recovering to 38% of the level in 1H19 [1]. - Total gaming revenue was $332 million, also reflecting a 17% year-on-year increase and a 28% quarter-on-quarter increase, recovering to 38% of the level in 1H19 [1]. - EBITDA amounted to $200 million, showing a year-on-year growth of 261% and a quarter-on-quarter growth of 36%, recovering to 61% of the level in 1H19, surpassing the forecast of $188 million [1]. Development Trends - Infrastructure improvements and increased flight frequency have boosted visitor numbers, driving growth in the mid-market segment [1]. - The number of Chinese tourists visiting Cambodia increased by 51% year-on-year and 28% quarter-on-quarter in 1H25, with business travelers increasing by 46% year-on-year and 31% quarter-on-quarter [1]. - The new Decho International Airport is set to open in September 2025, with a passenger capacity of 13 million, while the existing Phnom Penh International Airport will cease operations [1]. VIP Business Growth - The direct VIP business turnover increased by 88% year-on-year and 87% quarter-on-quarter in 1H25, driven by the rise in business travelers and expatriates [2]. - The acceleration in foreign direct investment in Cambodia, particularly following Chinese President Xi Jinping's visit in April, has contributed to this growth [2]. Future Plans and Dividend - The Naga 3 project is expected to announce more details in 1H26, with management anticipating more iconic tourist attractions and amenities [2]. - The company declared an interim dividend of $0.0101 per share, corresponding to a 30% payout ratio, compared to a historical level of 60% [2]. Earnings Forecast and Valuation - The EBITDA forecasts for 2025 and 2026 have been raised by 6%, reaching $406 million and $481 million, respectively [2]. - The current stock price corresponds to 7 times the 2025 EV/EBITDA, with a target price raised by 12% to HKD 6.50, indicating a 12% upside potential from the current price [2].

Core Viewpoint - The performance of 澳博控股 in 2Q25 fell short of market expectations, with a net income of HKD 7.16 billion, reflecting a 4% year-on-year growth but a 4% quarter-on-quarter decline, returning to 85% of the level seen in 2Q19 [1] Financial Performance - The adjusted EBITDA for the company was HKD 688 million, down 21% year-on-year and 28% quarter-on-quarter, recovering to 69% of the level in 2Q19, and was below Bloomberg's consensus estimate of HKD 939 million [1] - Daily operating costs increased by HKD 900,000, representing a 9.9% year-on-year growth and a 4.4% quarter-on-quarter growth, with management expecting future daily operating costs to continue rising by HKD 100,000 to HKD 200,000 [1] Development Trends - 澳博 signed an agreement with 澳娱综合 to acquire 7,504 square meters of space in the 澳门葡京酒店 for HKD 539 million, which is expected to allow the allocation of 25-35% of the satellite gaming tables (458 tables) in the newly acquired area, potentially doubling the number of gaming tables at the 澳门葡京酒店 [1] - Management plans to increase marketing rebate expenditures to compete with peers in Macau [1] - The company is seeking to raise funds through mortgage loans for the acquisition of 澳门凯旋门 and 十六浦 properties by the end of 2025, and will refinance a USD 500 million bond maturing in January 2026 through bank loans [1] Earnings Forecast and Valuation - The adjusted EBITDA forecasts for 2025 and 2026 remain unchanged, with the company's stock price corresponding to a 10x adjusted EV/EBITDA for 2025 [2] - The target price has been raised by 19% to HKD 2.50, corresponding to an 8x adjusted EV/EBITDA for 2H25e+1H26e, indicating a 25% downside potential from the current stock price [2]

Core Viewpoint - Suncity Group International Development (00200.HK) reported a net revenue of HKD 19.96 billion for the six months ending June 30, 2025, representing an increase of HKD 2.2 billion or 12.4% year-on-year, primarily driven by improved performance in both gaming and non-gaming operations [1] Financial Performance - The adjusted EBITDA for the period was HKD 5.37 billion, compared to HKD 4.49 billion in the same period last year [1] - The profit attributable to the company's owners was HKD 350.8 million, a significant turnaround from a loss of HKD 253.2 million recorded in the previous year [1]