Group 1 - The core viewpoint of the article highlights that Wynn Macau's stock has increased nearly 5%, currently trading at 6.66 HKD with a transaction volume of 175 million HKD [1] - Wynn Macau announced a board meeting scheduled for August 20 to consider and approve the interim results for the six months ending June 30, 2025 [1] - Morgan Stanley has raised its target price for Wynn Macau from 7.1 HKD to 7.8 HKD, citing a reduction in estimated non-gaming capital expenditures for 2026 to 1.8 billion HKD [1] Group 2 - The rating for Wynn Macau has been upgraded to "Overweight" due to expected market share growth in the high-end mass gaming segment in the third quarter [1] - The recent decline in the company's stock price has made short-term valuations more attractive, with expectations that the stock will outperform the market in the next 60 days [1]

Market Overview - The Hong Kong stock market is experiencing a continued adjustment, with the Hang Seng Index at 24,898 points, down 0.89% [1] - The Hang Seng Tech Index is reported at 5,475 points, down 1.20% [1] Focus Stocks - Oriental Selection shows a strong rebound, rising over 10% after significant fluctuations the previous day [3] - Tech stocks are collectively declining, with Xiaomi down over 2%, and JD.com and Kuaishou down over 1% [3] - New consumption concept stocks are mixed, with Xpeng Motors up over 3% and Pop Mart down over 2% [3] - Gaming stocks are active, with Wynn Macau up nearly 1% [3] - Gold stocks are generally down, with China Silver Group falling over 4% [3] - Chinese brokerage stocks are weakening, with Huatai Securities down over 2% [3] Cross-Border ETFs - Cross-border ETFs are generally down, with only a few exceptions such as the France CAC40 ETF, S&P 500 ETF, Hong Kong Stock Connect Auto ETF, and Dow Jones ETF showing slight increases [3] - Nasdaq Tech ETF, Hong Kong Internet ETF, and Hang Seng Internet ETF are down over 2% [3] - Hong Kong Securities ETF, Nikkei ETF, and Hong Kong Tech ETF are down over 1% [3]

Core Viewpoint - Wynn Macau (01128.HK) announced the issuance of $1 billion 6.750% senior notes maturing in 2034, with the offering expected to close on August 19, 2025 [1] Group 1: Issuance Details - The senior notes will be listed on the Hong Kong Stock Exchange on August 20, 2025 [1] - The estimated net proceeds from the offering are approximately $989 million [1] Group 2: Use of Proceeds - The company intends to use the net proceeds for general corporate purposes, including the repayment of outstanding debt such as WM Cayman II revolving credit and/or one or more series of existing notes [1]

永利澳门(01128)发布公告，优先票据(于2034年到期的10亿美元6.750厘优先票据)发行于2025年8月19日 结束。优先票据将于2025年8月20日在香港联合交易所有限公司上市。 本公司估计，提呈发售优先票据的所得款项净额(经扣除初步买家的折扣以及由本公司支付的估计提呈 发售费用后)将约为9.890亿美元。本公司拟将提呈发售的所得款项净额用于一般企业用途，包括偿还未 偿还债务，例如WM Cayman II循环信贷及/或一个或多个系列的现有票据。 ...

Core Viewpoint - Wynn Macau (01128) announced the issuance of priority notes amounting to $1 billion with a coupon rate of 6.750%, maturing in 2034, which will be listed on the Hong Kong Stock Exchange on August 20, 2025 [1] Group 1 - The estimated net proceeds from the offering of the priority notes, after deducting initial purchaser discounts and estimated offering expenses, will be approximately $989 million [1] - The company intends to use the net proceeds from the offering for general corporate purposes, including the repayment of outstanding debt such as WM Cayman II revolving credit and/or one or more series of existing notes [1]

Group 1 - Morgan Stanley raised the target price for Wynn Macau from HKD 7.1 to HKD 7.8 and upgraded the rating to "Overweight" [1] - The company reported an adjusted daily EBITDA of USD 3.3 million for June and July, translating to approximately USD 300 million for the quarter [1] - The forecast for the 2025 dividend per share was increased to HKD 0.37, which is 50% higher than market expectations, resulting in a dividend yield of 6%, the highest in the industry [1] Group 2 - The recent decline in the company's stock price has made short-term valuations more attractive, with expectations that the stock will outperform the market in the next 60 days [1] - In the industry upcycle, there is a preference for high-leverage companies, and Wynn Macau's net debt to EBITDA ratio is between 4 to 5 times, indicating greater potential for stock price appreciation compared to peers [1] - Wynn Macau is the first company in the coverage area to issue bonds maturing in 2034, reflecting increased confidence in its business sustainability [1]

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index up by 0.19% to 25,224.97 points, the Hang Seng Tech Index up by 0.10%, and the National Enterprises Index up by 0.13% [2][3] Gaming and Gambling Sector - Casino and gambling stocks led the gains, with Wynn Macau rising over 3%. Multiple institutions have released reports optimistic about the gaming industry's outlook, with Morgan Stanley predicting a continuous increase in Macau's gaming revenue from 2025 to 2027 [3][4] Real Estate Sector - The real estate sector showed strength, with China Fortune Land Development rising over 5%. The Chinese government is taking strong measures to stabilize the real estate market, emphasizing urban renewal and the renovation of old housing [5][6] AI Sector - AI concept stocks saw significant increases, with Fenbi rising over 18% and Zhihu over 17%. Analysts believe the AI industry is entering a phase of substantial development, transitioning from speculation to real growth, driven by favorable policies, technology, and capital [6][7] Internet Healthcare Sector - Internet healthcare stocks experienced some gains, with Ping An Good Doctor rising over 3%. The sector is benefiting from multiple favorable developments, including policy support and technological innovation [7][8] New Consumption Sector - The new consumption sector experienced a pullback, with Blukoo falling over 8%. Analysts suggest that the structural benefits of new consumption will continue, but the market has adjusted its earnings expectations for high-growth stocks [8][9]

Group 1 - Morgan Stanley raised the target price for Wynn Macau from HKD 7.1 to HKD 7.8, upgrading the rating to "Overweight" [1] - The recent decline in stock price has made the valuation more attractive, with expectations that the stock will outperform the market in the next 60 days [1] - The forecast for the company's 2025 earnings per share dividend has been increased to HKD 0.37, which is 50% higher than market expectations, with an anticipated dividend yield of 6%, the highest in the industry [1] Group 2 - During the industry's upward cycle, Morgan Stanley is optimistic about high-leverage companies, noting that Wynn Macau's net debt to EBITDA ratio (4-5 times) is expected to provide greater upside potential for the stock price [1]

智通财经APP获悉，摩根士丹利发布研报称，上调永利澳门(01128)目标价，由7.1港元升至7.8港元，因 2026年非博彩资本支出预估下调，现料年度非博彩资本支出为18亿港元，评级升至"增持"，在高端中场 业务推动下，预计集团第三季市场份额将提高。基于近期公司股价回落，令短期估值更具吸引力，该行 料公司股价将于未来60日内跑赢大市。 该行又指，在行业上升周期中，更看好高杠杆企业，而永利澳门净负债与EBITDA比率达4至5倍，其股 价上升空间应较同业更大。另外，永利澳门是其覆盖范围内首间发行2034年到期债券的企业，反映对业 务持续的信心增强。 公司公布6月及7月的经运气调整日均EBITDA达330万美元，相当于一季约3亿美元。该行将2025年每股 股息预测上调至0.37港元(料中期派息0.185港元)，较市场预期高50%，意味股息率达6%，将会是行内最 高。 ...

Group 1 - The Hong Kong gaming stocks have seen a rise, with notable increases in shares such as Melco Resorts up 5%, Galaxy Entertainment up 1.37%, and Wynn Macau up 3.57% [1] - Multiple institutions have released reports expressing optimism about the gaming industry, with Morgan Stanley predicting a continuous increase in Macau's gaming revenue from 2025 to 2027 [1] - Since the last upgrade of Macau's gaming industry forecast, Morgan Stanley has revised its predictions for the third time within three months [1] Group 2 - Wynn Macau is set to release its financial report on August 20, with expectations of revenue reaching HKD 7.246 billion for Q2 2025 and an estimated earnings per share of HKD 0.09 [1] - Golden Entertainment plans to hold a board meeting on August 25 to approve its interim results [1] - Amax Holdings is scheduled to hold a board meeting on August 28 to approve its interim results [1]