Core Viewpoint - CICC has raised its adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 3% to HKD 14.524 billion and HKD 15.330 billion respectively, due to better-than-expected performance from the Capella hotel [1] Group 1: Financial Performance - Galaxy Entertainment reported 2Q25 net revenue of HKD 12.044 billion, a year-on-year increase of 10% and a quarter-on-quarter increase of 8%, recovering to 91% of the 2Q19 level [2] - Adjusted EBITDA for 2Q25 was HKD 3.569 billion, up 12% year-on-year and 8% quarter-on-quarter, reaching 82% of the 2Q19 level, aligning closely with market expectations of HKD 3.540 billion [2] Group 2: Management Insights - The company declared an interim dividend of HKD 0.70 per share, corresponding to a payout ratio of approximately 60%, and plans to maintain this payout ratio [3] - The high-end mass gaming segment continues to outperform the standard mass segment, driven by the opening of the Capella hotel, which has increased customer daily theoretical win and spending levels [3] - Management anticipates capital expenditures of HKD 7 billion for 2025, with HKD 3 billion spent in the first half of 2025, while maintaining daily operating costs at the same level as in 1Q25 despite the opening of the Capella hotel [3] - The company is focusing on transitioning the StarWorld Hotel towards mass gaming, emphasizing electronic gaming machines, with 100 out of 250 gaming tables relocated to the Galaxy Macau property [3] - Management expects the StarWorld Hotel to benefit from the retention demand of satellite casinos, which are set to close by the end of 2025 [3] - The company is interested in investing in a resort in Bangkok, Thailand, and will monitor potential changes in the external environment [3]

Core Viewpoint - CICC has raised the adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 3% to HKD 14.524 billion and HKD 15.330 billion respectively, due to better-than-expected performance from the Capella hotel [1] Group 1: Financial Performance - Galaxy Entertainment reported 2Q25 net revenue of HKD 12.044 billion, a year-on-year increase of 10% and a quarter-on-quarter increase of 8%, recovering to 91% of the 2Q19 level [2] - Adjusted EBITDA for 2Q25 was HKD 3.569 billion, up 12% year-on-year and 8% quarter-on-quarter, reaching 82% of the 2Q19 level, aligning closely with market expectations of HKD 3.540 billion [2] Group 2: Management Insights - The company declared an interim dividend of HKD 0.70 per share, corresponding to a payout ratio of approximately 60%, and plans to maintain this payout ratio [3] - The high-end mass gaming segment continues to outperform the standard mass segment, driven by the opening of the Capella hotel, which has led to strong growth in customer daily theoretical win and spending levels [3] - Management anticipates capital expenditures of HKD 7 billion for 2025, with HKD 3 billion spent in the first half of 2025, while maintaining daily operating costs at the same level as in Q1 2025 [3] - The company is focused on hosting large concerts and entertainment events in Macau, recognizing the sustainability and return potential of integrated resorts [3]

Market Overview - The Hang Seng Index (HSI) faces short-term resistance at 25,735 points, with limited corporate profit improvement and a lack of strong economic stimulus from mainland China [2] - The market remains active with a positive risk appetite, as capital rotates among different sectors [2] - The U.S. and China have agreed to extend the 90-day tariff truce, easing trade tensions [2] Sector Focus - Key market focus includes the U.S. MBA mortgage application index, Germany's July CPI, and earnings reports from Tencent, JD.com, Lenovo, and Cheung Kong [3] - The People's Bank of China has introduced a loan interest subsidy scheme for the service industry, with a maximum loan amount of 1 million yuan [7] - The Hong Kong Monetary Authority has intervened in the currency market, buying over 7 billion HKD to defend the currency peg [7] Corporate News - Galaxy Entertainment reported a mid-term dividend that exceeded expectations, but adjusted EBITDA fell short [4] - Tencent Music's adjusted profit increased by 37% in Q2, surpassing expectations, with total revenue rising by 17.91% [9] - Meituan is expanding its overseas delivery platform Keeta to Middle Eastern cities [9] - China Unicom's half-year profit rose by 5%, meeting expectations, with total revenue increasing by 1.45% [9] Economic Indicators - The U.S. July CPI rose by 2.7%, lower than expected, while core CPI increased by 3.1%, higher than anticipated [7] - The U.S. budget deficit for July increased to 291 billion USD, with customs tariff revenue reaching a record high [8] - OPEC has raised its global oil demand forecast for next year, indicating a tightening market outlook [8]

Core Viewpoint - On August 12, seven Hong Kong-listed companies conducted share buybacks, totaling 21,003,100 shares and an aggregate amount of HKD 47,204,900 [1][2]. Group 1: Buyback Details - Hang Seng Bank repurchased 200,000 shares for HKD 23,000,200, with a highest price of HKD 115.400 and a lowest price of HKD 114.100, bringing its total buyback amount for the year to HKD 183,328,000 [1][2]. - MGM China repurchased 1,000,000 shares for HKD 16,220,500, with a highest price of HKD 16.340 and a lowest price of HKD 15.840, totaling HKD 70,662,000 in buybacks for the year [1][2]. - Yuan Zheng Technology repurchased 256,500 shares for HKD 3,324,900, with a highest price of HKD 13.040 and a lowest price of HKD 12.810, accumulating HKD 49,358,100 in buybacks for the year [1][2]. - Youzan had the highest number of shares repurchased on August 12, totaling 18,380,000 shares, with a buyback amount of HKD 2,622,800 [1][2]. - Other companies involved in buybacks include Beisen Holdings and HYPEBEAST, with respective repurchases of 229,400 shares and 93,520 shares [1][2]. Group 2: Summary of Buyback Statistics - The total buyback amount on August 12 was led by Hang Seng Bank at HKD 23,000,200, followed by MGM China at HKD 16,220,500, and Yuan Zheng Technology among others [1][2]. - The total number of shares repurchased on that day was highest for Youzan, followed by MGM China and HYPEBEAST [1][2].

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，8月12日，共7只港股获公司回购，2只个股回购金额超千万港元。其中， 恒生银行、美高梅中国、元征科技回购金额最大，分别获公司回购2300.02万港元、1622.05万港元、 332.49万港元。截至8月12日，今年已有217只港股获公司回购，42只个股年内累计回购金额超亿港元。 其中，腾讯控股、汇丰控股、友邦保险年内累计回购金额最大，分别获公司回购400.43亿港元、219.06 亿港元、176.93亿港元。 ...

Core Viewpoint - Wynn Macau (01128) has entered into a purchase agreement for the issuance of senior notes, with estimated net proceeds of approximately $989 million, intended for general corporate purposes, including debt repayment [1] Group 1 - The company has signed a purchase agreement with Deutsche Bank's Singapore branch as the representative of initial buyers [1] - The estimated net proceeds from the offering of senior notes will be approximately $989 million [1] - The proceeds are planned to be used for general corporate purposes, including the repayment of outstanding debts such as WM Cayman II revolving credit and/or one or more series of existing notes [1]

Core Viewpoint - Wynn Macau (01128) has entered into a purchase agreement for the issuance of senior notes with Deutsche Bank's Singapore branch, representing the initial buyer [1] Group 1: Financial Details - The estimated net proceeds from the proposed issuance of senior notes are approximately $989 million [1] - The company intends to use the net proceeds for general corporate purposes, including the repayment of outstanding debts such as WM Cayman II revolving credit and/or one or more series of existing notes [1]

今年以来该股累计进行6次回购，合计回购500.22万股，累计回购金额7066.20万港元。（数据宝） 美高梅中国回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.08.12 | 100.00 | 16.340 | 15.840 | 1622.05 | | 2025.08.11 | 100.00 | 16.000 | 15.790 | 1590.19 | | 2025.08.08 | 100.00 | 16.580 | 16.110 | 1636.21 | | 2025.06.18 | 100.00 | 11.300 | 11.140 | 1123.80 | | 2025.06.16 | 62.75 | 10.900 | 10.660 | 674.70 | | 2025.03.21 | 37.47 | 11.280 | 11.120 | 419.24 | 证券时报·数据宝统计，美高梅中国在港交所公告显示，8月12日以每股15.840港元至16.340港元的价格 回购1 ...

格隆汇8月12日丨美高梅中国(02282.HK)公告，8月12日耗资1622万港元回购100万股。 相关事件 美高梅中国(02282.HK)8月12日耗资1622万港元回购100万股 港股异动丨濠赌股普涨 美高梅中国、金沙 中国上涨2% ...

Group 1 - UBS report indicates that Galaxy Entertainment (00027) declared an interim dividend of HKD 0.7 per share, exceeding market expectations with a payout ratio of approximately 58%, compared to the expected 50%, which is viewed as a positive surprise [1] - The report states that Galaxy Entertainment's adjusted EBITDA for Q2 increased by 12% year-on-year to HKD 3.6 billion, and if adjusted for VIP room win rate factors, EBITDA grew approximately 7% quarter-on-quarter to HKD 3.2 billion [1] - Despite an increase in market share, the EBITDA margin (excluding construction business) declined by 10 basis points quarter-on-quarter to 29.6% due to rising reinvestment rates [1] Group 2 - Mass gaming revenue grew approximately 7% quarter-on-quarter, outperforming the industry average growth of 4% [1] - VIP room betting volume increased by approximately 20% quarter-on-quarter, primarily driven by the soft opening of the Capella Hotel in early May [1] - Operating expenses for the period rose by 2% quarter-on-quarter, with reinvestment rates increasing by 120 basis points, reflecting increased promotional activities related to concerts and hotel openings in Q2 [1]