Core Viewpoint - The report from CICC indicates that the performance of Wynn Macau (01128) is primarily attributed to a low base effect, with the market share of total gaming revenue increasing from 11.8% in Q2 2025 to 13% in Q3 2025 [1] Financial Performance - Wynn Macau reported a net revenue of $1.001 billion for Q3 2025, representing a 15% increase year-on-year and a 13% increase quarter-on-quarter, recovering to 93% of the level seen in Q3 2019 [1] - Adjusted property EBITDA reached $308 million, up 17% year-on-year and 22% quarter-on-quarter, recovering to 102% of the level in Q3 2019, slightly exceeding market expectations of $301 million [1] Valuation and Ratings - CICC maintains its forecast for adjusted EBITDA for 2025 and 2026, with the stock currently trading at a 2026 expected EV/EBITDA multiple of 7.6 times [1] - The rating is maintained at "outperform" with a target price adjustment of 4% to HKD 7.9, implying a 2025 expected EV/EBITDA of 8.4 times [1]

Core Viewpoint - Wynn Macau reported a net revenue of $1.001 billion for Q3 2025, reflecting a 15% year-over-year increase and a 13% quarter-over-quarter increase, recovering to 93% of the Q3 2019 level [1] Financial Performance - Adjusted property EBITDA reached $308 million, up 17% year-over-year and 22% quarter-over-quarter, recovering to 102% of the Q3 2019 level, slightly exceeding market expectations of $301 million [1] - The market share of total gaming revenue increased from 11.8% in Q2 to 13% in Q3 [1] Valuation and Ratings - The company maintains its EBITDA forecasts for 2025 and 2026, with the stock currently trading at an EV/EBITDA multiple of 7.6 times based on 2026 projections [1] - The target price has been raised by 4% to HKD 7.9, with a maintained "outperform" rating [1]

Group 1 - The core viewpoint of the report indicates that Melco Resorts and Entertainment's adjusted EBITDA for Q3 is $355 million, which is 2% higher than both the bank's and market's expectations [1] - The company's market share decreased by 1.2 percentage points to 14.4% quarter-on-quarter [1] - Management reported strong gaming revenue momentum post-Golden Week, with a year-on-year increase of over 30% during this period [1] Group 2 - The company achieved a total operating revenue of $1.31 billion in Q3, representing an 11% year-on-year growth [3] - The target price for Melco Resorts has been raised from $12.55 to $13, maintaining a "Buy" rating [2] - Management is conducting a strategic review of the Manila property, with any proceeds from its disposal intended for further debt reduction [1]

Core Viewpoint - The performance of Melco Resorts in Q3 2025 exceeded consensus expectations, driven by stable operational cost control despite a decline in market share for gaming revenue [1][2] Financial Performance - Melco reported net revenue of $1.31 billion in Q3 2025, an 11% year-on-year increase but a 1% quarter-on-quarter decline, recovering to 91% of Q3 2019 levels [1] - Adjusted property EBITDA was $380 million, up 18% year-on-year and 1% quarter-on-quarter, also recovering to 91% of Q3 2019 levels, surpassing Bloomberg's consensus estimate of $348 million [1] Development Trends - The company noted a weak performance during the Golden Week in October 2025 due to typhoon disruptions, but demand accelerated post-holiday with a 30% year-on-year growth in the following 21 days, achieving the highest monthly total gaming revenue in history at City of Dreams [1] - Management observed that new clients from other countries have been driving growth in direct VIP business in Macau [1] - Following the closure of the Junlong Hotel and Mocha Club in Q3 2025, the company relocated 15 gaming tables to City of Dreams and 90 slot machines to Studio City [1] Strategic Initiatives - A new gaming area was established at the southeast entrance near the Macau light rail station to attract more visitors [2] - Despite intense competition in the Macau gaming industry, Melco believes the long-term trend for high-end mass gaming remains healthy, with no concerns about profit margin erosion [2] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 6 times the 2026 estimated EV/adjusted EBITDA, suggesting a 1% upside potential to the target price of $8.50 [2] - For Melco International Development, the adjusted EBITDA forecasts for 2025 and 2026 remain unchanged, with a target price of HKD 5.80, indicating a 20% upside potential based on a 20% discount to net asset value [2]

美高梅中国回购明细 证券时报·数据宝统计，美高梅中国在港交所公告显示，11月7日以每股15.750港元至15.920港元的价格 回购40.00万股，回购金额达632.76万港元。该股当日收盘价15.800港元，下跌0.82%，全天成交额 6192.84万港元。 自11月5日以来公司已连续3日进行回购，合计回购86.64万股，累计回购金额1372.50万港元。 其间该股 累计上涨2.73%。 今年以来该股累计进行32次回购，合计回购2808.30万股，累计回购金额4.38亿港元。（数据宝） | 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） | | --- | --- | --- | --- | --- | | 2025.11.07 | 40.00 | 15.920 | 15.750 | 632.76 | | 2025.11.06 | 40.00 | 15.990 | 15.860 | 637.01 | | 2025.11.05 | 6.64 | 15.500 | 15.420 | 102.73 | | 2025.09.26 | 100.00 | 16.120 ...

Group 1 - The core viewpoint of the report indicates that Wynn Macau's Q3 property EBITDA increased by 17% year-on-year to HKD 2.405 billion, which is 2% higher than market expectations but 3% lower than the bank's own forecast [1] - The property EBITDA margin expanded by 0.6 percentage points year-on-year to 30.8% [1] - The high win rate in the VIP room contributed HKD 179 million positively to EBITDA, offsetting the additional operational expenses of HKD 195 million caused by Typhoon Haikui [1] Group 2 - The bank maintains a "Outperform" rating for Wynn Macau with a target price of HKD 9, citing the company's robust cash flow generation as a supportive factor for its valuation [1] - Morgan Stanley forecasts a slowdown in Macau's total gaming revenue growth to 8% to 10% in November, while maintaining a short-term positive outlook on Wynn Macau [2]

大华继显发表报告指，银河娱乐第三季正常化调整后EBITDA按季增长5%，但台风桦加沙导致EBITDA 减少1.4亿港元。公司于10月凭借稳健的客流量及贵宾赌台异常高胜率，交出亮眼业绩，此势头延续至 11月。 展望未来，管理层预期2025年第四季表现将略高于常规季节性波动，主要受惠于高端中场及贵宾厅业务 的支撑。该行维持对其"买入"评级，将目标价由49港元下调至47港元。 ...

基于第三季业绩，该行微调2025至27年EBITDA预测1-2%，目标价由53.2港元微升至53.7港元，重申"买 入"评级，并认为第四季EBITDA有潜在上行空间。 高盛发表研究报告指，银河娱乐第三季EBITDA按季跌6%至33亿港元，符合市场及该行预期。业绩受到 不同因素拖累，包括建材业务贡献减少、9月份台风桦加沙吹袭澳门，以及VIP赢率偏高。净赢率正常 化后，经调整EBITDA则按年升7%，按季升5%；利润率维持稳定于27.4%，因博彩量增长加速足以抵销 额外成本。 ...

里昂发表研究报告指，银河娱乐第三季经调整EBITDA按年增14%至33亿港元，高于预期4%。该行认 为，银娱仍有获得收入市场占有率的优势，其第三季净现金达45亿美元，亦进一步强化财力。该行仍然 相信，未来12个月公司或会提高其股息支付比率，维持"跑赢大市"评级及目标价50.5港元，续列为澳门 两大首选股之一。 ...

Core Viewpoint - New World Development (00200) shares rose over 3%, reaching HKD 5, following the announcement of improved operational results from its subsidiary, Melco Resorts & Entertainment, for Q3 2025 [1] Financial Performance - Melco Resorts & Entertainment reported total operational revenue of USD 1.31 billion for Q3 2025, representing an approximate 11% year-on-year increase [1] - The net income attributable to Melco Resorts was USD 74.7 million, showing a significant year-on-year growth of 174% [1] - Earnings per American Depositary Share (ADS) were USD 0.19 [1]