Core Viewpoint - The report from Credit Lyonnais indicates that Macau experienced a 7.4% year-on-year increase in visitor numbers during the first five days of the Lunar New Year holiday period, with a total of 779,300 visitors [1] Group 1: Visitor Statistics - Macau welcomed 779,300 visitors from February 15 to 19, representing a 7.4% increase compared to the same period last year [1] - Even if the remaining period of the holiday sees no increase in visitor numbers, the total is projected to reach 1.486 million, exceeding government forecasts by 6% [1] Group 2: Casino Performance - On-site observations on February 20 revealed a strong crowd in casino halls and stable minimum betting amounts [1] - The forecast for February's gaming revenue is a 7.4% year-on-year increase, with a median market expectation of 10.5%, suggesting an average daily gaming revenue of 954 million Macau Patacas from February 16 to 28 [1] Group 3: Preferred Companies - Galaxy Entertainment (00027) and MGM China (02282) are identified as the preferred companies by Credit Lyonnais [1]

银河娱乐回复查询时指出，假期旗下渡假村整体需求旺盛，酒店客房预订近乎爆满，餐饮预订需求亦非 常大。受惠于长假期及访澳旅客数量上升，预计今年的酒店房价及顾客整体消费额将较去年同期稳健增 长。同时，预计假期的旅客量会持续畅旺。集团乐观预期，春节长假及旅客上升将有力推动博彩收益稳 健增长，亦有信心将为整体业务表现带来正面贡献。 智通财经APP获悉，银河娱乐(00027)涨超3%，截至发稿，涨2.92%，报43.7港元，成交额2.06亿港元。 消息面上，据市场媒体报道，近日，澳门旅游业议会理事长胡景光预期，农历新年9天长假期，澳门日 均访客人次约16万至17万。胡景光还留意到，目前澳门酒店预订率已逾90%，旅客仍可以每晚约1,000 元澳门元(下同)至2,000元预订房间，至于在路凼的国际星级酒店房价更高见3,000至4,000元。 ...

Core Viewpoint - The Dutch gambling regulator Kansspelautoriteit has determined that Polymarket is providing gambling services to Dutch users without the necessary local license, violating the Gambling Act, and has ordered the company to cease such operations [1] Regulatory Actions - The regulator stated that Dutch users can register, deposit, and place bets on the platform, which constitutes a "game of chance" that requires a license [1] - If Polymarket fails to comply with the requirements, it may face fines of €420,000 per week, with a maximum potential fine of €840,000 [1] Company Position - Polymarket claims to operate as a prediction market rather than traditional gambling, but this argument has been rejected by the regulatory authority [1]

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for the first fifteen days of February reached 8.8 billion MOP, indicating an average daily revenue of approximately 587 million MOP, with a recent decline to 543 million MOP in the past week compared to 625 million MOP in the first week of February and 730 million MOP in January [1][2] Group 1: Revenue Analysis - The slowdown in gaming revenue is attributed to seasonal factors related to the Lunar New Year and lower win rates in VIP rooms, suggesting that the pre-New Year performance does not accurately reflect true demand [1][2] - Future gaming revenue is expected to remain volatile, with average daily revenue projected to range between 850 million to 1 billion MOP and 750 million to 800 million MOP in the third and fourth weeks of February, respectively [1][2] - Total gaming revenue for February is forecasted to grow by 2% to 5% year-on-year, reaching between 20.1 billion to 20.7 billion MOP, translating to an average daily revenue of 720 million to 740 million MOP, with a combined growth of 13% to 14% for the first two months [1][2] Group 2: Stock Recommendations - The company advises investors to focus on individual stocks rather than waiting for an overall industry valuation reassessment, naming Galaxy Entertainment (00027) as the top pick with an 'overweight' rating [1][2] - Other preferred stocks include MGM China (02282), Sands China (01928), Wynn Macau (01128), Melco Resorts (MLCO.US), Melco International (00200), and SJM Holdings (00880) [1][2]

Group 1 - UBS reports that Sands China (01928) declared a final dividend of HKD 0.5 per share for the fiscal year 2025, which is in line with expectations, following an interim dividend of HKD 0.25 per share [1] - The final dividend declaration provides visibility for the fiscal year 2026, with a minimum expected dividend of HKD 1 per share (i.e., HKD 0.5 per half year), indicating potential for an increase if operating cash flow improves [1] - UBS estimates that at this level, the implied dividend yield for fiscal year 2026 is approximately 5.4%, which is attractive and should provide downside support for the stock price, with expectations of a positive market reaction [1]

Core Viewpoint - UBS reports that Sands China (01928) declared a final dividend of HKD 0.5 per share for the fiscal year 2025, aligning with expectations, following an interim dividend of HKD 0.25 per share. This final dividend declaration provides visibility for the fiscal year 2026, indicating a minimum of HKD 1 per share (i.e., HKD 0.5 per half year), with potential for an increase if operating cash flow improves. The bank believes that at this level, the implied dividend yield for fiscal year 2026 is approximately 5.4%, which is attractive and should provide downside support for the stock price, with expectations of a positive market reaction [1]. Group 1 - Sands China declared a final dividend of HKD 0.5 per share for fiscal year 2025 [1] - The interim dividend of HKD 0.25 per share was previously distributed [1] - The final dividend provides visibility for a minimum of HKD 1 per share for fiscal year 2026 [1] Group 2 - Potential for dividend increase exists if operating cash flow improves [1] - Implied dividend yield for fiscal year 2026 is approximately 5.4% [1] - The attractive yield is expected to support the stock price and elicit a positive market response [1]

Core Viewpoint - Sands China (01928) experienced a low opening but saw a rise of nearly 3% during trading, closing at HKD 18.87 with a transaction volume of HKD 1.29 billion [1] Financial Performance - For the year 2025, Sands China reported total net revenue of USD 7.44 billion, an increase of 5.1% year-on-year [1] - The net profit for the company was USD 896 million, reflecting a decrease of 14.3% compared to the previous year [1] - Adjusted property EBITDA was USD 2.31 billion, showing a slight decline of 0.7% year-on-year [1] - Earnings per share stood at USD 0.1108, with a final dividend of HKD 0.50 per share, which is a 100% increase year-on-year [1] Market and Operational Insights - Despite an increase in revenue and market share in gaming gross revenue, the company faced higher sales and marketing costs to attract customers, as well as increased wage costs due to competitive pressures, leading to an overall decline in adjusted property EBITDA [1]

Core Viewpoint - Morgan Stanley views the earnings announcement of Wynn Macau (01128) as a non-material event due to its attractive valuation metrics, maintaining an "Overweight" rating with a target price of HKD 8 [1] Group 1: Financial Performance - Wynn Macau's Q4 2025 earnings met Morgan Stanley's expectations, with adjusted EBITDA of USD 287 million, remaining roughly flat quarter-on-quarter, compared to the forecast of USD 285 million [1] - Market share performance was also in line with expectations [1] Group 2: Valuation Metrics - The company is valued at an enterprise value multiple of 8 times, a price-to-earnings ratio of 9 times, a free cash flow yield exceeding 15%, and a dividend yield of 6% [1] Group 3: Market Sentiment - The earnings call provided limited incremental information, but the company expressed confidence regarding the upcoming Lunar New Year, consistent with industry peers [1]

Core Viewpoint - The Hong Kong stock market experienced a slight decline and volatility during the half-day trading session on February 16, influenced by tightened liquidity due to the closure of the Stock Connect and various favorable factors over the weekend [1]. Market Performance - The Hang Seng Index opened at 26,501.2 points and reached 26,573.67 points by 10:16 AM, showing a slight increase of 6.55 points or 0.02% [1]. - The Hang Seng Technology Index opened lower, down 0.19%, following the overall market trend [1]. - Over the past three months, the Hang Seng Index has accumulated a rise of 2.41%, but it has recently shown a trend of volatility and decline [1]. Sector Analysis - The technology sector, represented by the Hang Seng Technology Index, is a market focus, benefiting from multiple positive factors such as expectations of interest rate cuts by the Federal Reserve, advancements in AI commercialization, and supportive platform economy policies [3]. - Core stocks like Tencent, Xiaomi, and NetEase showed slight pullbacks, but their long-term investment value is recognized by institutions, with AI advertising, gaming, and cloud services being key highlights [3]. - The gold and precious metals sector opened strongly and remained stable, becoming a preferred choice for risk-averse investors, with companies like Zhaojin Mining and Zijin Mining benefiting from a weaker dollar and increased physical demand during the Spring Festival [3]. - The consumer sector saw slight gains due to holiday catalysts, with companies like Yum China and Haidilao experiencing minor increases before stabilizing [3]. - The real estate and financial sectors showed weakness due to underwhelming policy expectations and significant performance pressures, leading to a lack of notable improvement [3]. Future Outlook - According to China Merchants Securities, the recent significant decline in the Hang Seng Technology Index presents substantial allocation value, suggesting that the current market volatility is primarily due to liquidity shocks [4]. - The firm believes that the ongoing market fluctuations are not fundamentally different from those seen in November 2025, and positive factors are accumulating, recommending buying on dips and holding stocks through the holiday [4].

Group 1: Market Updates - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding CATL, Luoyang Molybdenum, and Laopu Gold [1] - The Dow Jones Industrial Average rose by 48.95 points to 49,500.93, a gain of 0.1%, while the S&P 500 increased by 3.41 points to 6,836.17, a rise of 0.05%. The Nasdaq Composite fell by 50.48 points to 22,546.67, a decline of 0.22% [2] - Gold and silver futures both rose over 2%, with gold prices surpassing $5,000, closing at $5,063.80 per ounce, and silver at $77.27 per ounce [3] Group 2: Regulatory Developments - The State Administration for Market Regulation issued the "Antitrust Compliance Guidelines for Internet Platforms," aimed at clarifying the boundaries of competitive behavior for platform operators [4] - The Financial Regulatory Bureau, in conjunction with the Market Regulation Bureau and the People's Bank of China, held discussions with six travel platform companies regarding compliance in lending practices [5] - The People's Bank of China and the Financial Regulatory Bureau released a list of 21 systemically important banks, categorized into five groups based on their importance scores [6] Group 3: Industry Performance - In January, the national port equipment operating rate was 33.85%, an increase of 2.97 percentage points year-on-year, indicating strong demand in foreign trade [7] - SF Holding reported a total revenue of 26.86 billion yuan in January, a year-on-year increase of 2.22%, driven by growth in supply chain and international logistics [9] - Sands China Limited reported a net profit of $896 million for 2025, a decrease of 14.3%, while total revenue increased by 5.1% to $7.44 billion [10] Group 4: Technological Advancements - MIKRON Heart Technology announced that its new generation implantable cardioverter-defibrillator (ICD) is entering the special review process for innovative medical devices, potentially becoming the first domestically approved MRI-safe ICD [8] - The release of the national certification standard for automotive steering systems is seen as a significant step towards the mass production of steer-by-wire technology, which offers advantages such as improved cabin space and enhanced driving comfort [11]