高盛近日发布研报称，将金界控股评级由"中性"升至"买入"，因对公司的博彩总收入及EBITDA持续上 升充满信心。该行指，全新的德崇国际机场已启用，客运力大幅提升。该行数据显示，第四季至今，前 往金边的航班数量持续强劲增长，整体同比增幅达10%至15%，其中中国航线更升40%至50%。另外， 柬埔寨政府最近亦对中国旅行试行免签政策。 智通财经APP获悉，金界控股(03918)午后跌超4%，截至发稿，跌3.39%，报5.13港元，成交额2282.57万 港元。 消息面上， 柬泰边境冲突已持续多日，中国驻柬埔寨使馆提醒靠近柬泰边境的中国公民加强安全防 范。据中国驻柬埔寨大使馆微信公众号消息，12月10日，有网络媒体报道称，柬埔寨奥多棉吉省奥斯玛 赌场区域遭到炮击，有中国公民受伤。中国驻柬使馆正积极核实有关情况。 ...

快刀财经的朋友们，好消息来了，为了满足大家多元化的需求，「快刀财经」的视频内容我们会同步在 公众号上发布，还是熟悉的配方及味道，还是犀利但有温度的内容，还是足够多的增量信息，还有你在 公众号上可能看不到的独家重磅。快去视频号、抖音、B站、小红书搜索「快刀财经」，关注我们，每 天为你解剖一个新商业真相。 以下是本期视频脚本： 最近半年，网友们的视线，可谓都被英皇旗下的"还债天团"给刷屏了。 先是谢霆锋开演唱会狂揽2.4亿、容祖儿的商演直接下沉到学校操场，接着又是陈伟霆演电视剧，霍汶 希卖课，总之是各种天王天后级别的巨星都在高强度复出。 不少网友都疑惑，英皇到底欠了多少债，才让当家明星们都这么"不顾体面"了？ 虽然自打今年开始，英皇集团"负债166亿"的消息一直都挺热乎，但实际陷入债务风波的主体却是主营 房地产的"英皇国际"，而非各种明星扎堆的"英皇娱乐"。 并且这最为大众所熟知的娱乐业务，在整个英皇的经济版图中占比还不足十分之一。 不过这家横跨娱乐、博彩、地产以及金融的超级商业帝国，也确实陷入了"中年危机"。 大众对于英皇的第一印象，基本都是一个巨大的"造星公司"，甚至是整个娱乐圈的半壁江山。 毕竟自打英皇赶上 ...

Core Viewpoint - Citi's report indicates that Macau's total gaming revenue for the first seven days of December is approximately MOP 5.2 billion, showing a daily average of about MOP 743 million, which is a 6% increase from November and a 27% increase year-on-year [1] Group 1: Revenue Performance - The total gaming revenue for the first week of December is approximately MOP 5.2 billion, translating to a daily average of MOP 743 million [1] - This revenue represents a 6% increase compared to November and a 27% increase compared to the same period last year [1] Group 2: Segment Analysis - VIP gaming volume has increased by approximately 6% to 8% month-on-month, while mass market gaming has risen by about 5% to 8% [1] - The win rate in VIP gaming rooms has remained relatively stable [1] Group 3: Future Projections - Citi maintains its December total gaming revenue forecast at MOP 22 billion, which corresponds to a year-on-year growth of 21% [1] - This forecast indicates that the remaining days of the month are expected to yield an average daily gaming revenue of about MOP 700 million [1]

Group 1 - The core viewpoint of the article indicates that Macau's total gaming revenue for the first seven days of December is approximately 5.2 billion MOP, with an average daily revenue of about 743 million MOP, representing a 6% increase from November and a 27% increase year-on-year [1] - The report suggests that an event held at the Galaxy Arena on December 6 contributed to the strong start in early December [1] - The company maintains its conservative forecast for total gaming revenue in December at 22 billion MOP, which corresponds to a year-on-year growth of 21% and 96% of the revenue from November 2019, implying an average daily revenue of about 700 million MOP for the remaining days of the month [1]

Core Viewpoint - Macquarie's research report indicates that Macau's gaming revenue increased by 32% year-on-year in the past week, with improvements in the first week of this month, suggesting that major players may be re-engaging in gaming activities post the National Games [1] Group 1: Industry Insights - The report anticipates that December's gaming revenue will maintain the momentum from the previous month, projecting a double-digit year-on-year growth [1] - The strong performance in Macau's gaming sector is attributed to the re-engagement of key players in the market [1] Group 2: Company Recommendations - Macquarie expresses a positive outlook on Galaxy Entertainment, highlighting its robust property project reserves and ample hotel room supply [1] - The anticipated full operation of the Galaxy Macau's Capella Hotel by the end of this year is expected to enhance its market share in the high-end mass market [1] - Investors are encouraged to reassess Sands China and MGM China, as both companies possess advantages in market share growth and attractive valuation levels [1]

Core Viewpoint - Goldman Sachs upgraded the rating of Kwan Cheung Holdings (03918) from "Neutral" to "Buy" due to confidence in the company's increasing gaming revenue and EBITDA [1] Group 1: Company Performance - Kwan Cheung Holdings' stock rose by 3.07%, reaching HKD 5.37, with a trading volume of HKD 21.02 million [1] - The company is expected to see a 13% year-on-year growth in gaming revenue and a 15% increase in EBITDA for the fiscal year 2026 [1] - The estimated free cash flow yield is approximately 11%, and the dividend yield is around 8% [1] Group 2: Market Conditions - The newly opened Dechong International Airport has significantly increased passenger capacity [1] - Flight numbers to Phnom Penh have shown strong growth, with an overall year-on-year increase of 10% to 15%, and a 40% to 50% increase in flights from China [1] - The Cambodian government has recently implemented a visa-free policy for Chinese travelers [1] Group 3: Valuation and Forecast - The current valuation of the company is not considered excessive, with an enterprise value to after-tax EBITDA ratio of 5 times for the fiscal year 2026 [1] - Historical industry upcycle valuations have reached 6 to 7 times [1] - Goldman Sachs adjusted its EBITDA forecasts for 2025 to 2027, increasing estimates by 34% to 40%, and raised the target price from HKD 3.88 to HKD 7.5 [1]

Core Viewpoint - Goldman Sachs upgraded the rating of Kwan Cheung Holdings (03918) from "Neutral" to "Buy" due to confidence in the company's increasing gaming revenue and EBITDA [1] Group 1: Company Performance - Kwan Cheung Holdings' stock rose by 3.07%, reaching HKD 5.37, with a trading volume of HKD 21.02 million [1] - The company is expected to see a 13% year-on-year growth in gaming revenue and a 15% increase in EBITDA for the fiscal year 2026 [1] - The estimated free cash flow yield is approximately 11%, and the dividend yield is around 8% [1] Group 2: Market Conditions - The newly opened Dechong International Airport has significantly increased passenger capacity [1] - Flight numbers to Phnom Penh have shown strong growth, with an overall year-on-year increase of 10% to 15%, and a 40% to 50% increase in flights from China [1] - The Cambodian government has recently implemented a visa-free policy for Chinese travelers [1] Group 3: Valuation and Forecast - The current valuation of the company is not considered excessive, with an enterprise value to post-tax EBITDA ratio of 5 times for the fiscal year 2026 [1] - Historical industry upcycle valuations have reached 6 to 7 times [1] - Goldman Sachs adjusted its EBITDA forecasts for 2025 to 2027, increasing estimates by 34% to 40%, and raised the target price from HKD 3.88 to HKD 7.50 [1]

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for the first seven days of December reached 5.2 billion MOP, showing a daily average of approximately 742 million MOP, which is over a 5% increase from November and more than a 25% increase year-on-year, despite a low base [1] Industry Summary - If the optimistic growth trend continues until the end of the month, the total gaming revenue for Q4 could increase by 18% to 19% year-on-year and 8% to 9% quarter-on-quarter, reaching a six-year high, significantly above the bank's and market's expectations of 13% to 14% [1] - The current industry valuation is considered extremely low, with a projected EV/EBITDA ratio of 9 times for 2026, below the historical average of 13 times [1] - An increase of 1 times in valuation multiples could enhance equity value by over 15%, and if valuations return to historical averages, the total market capitalization of the sector could rise by more than 60% [1] Company Summary - In the short term, the company is optimistic about Sands China (01928), anticipating an announcement of increased dividends for 2026 by the end of February, along with expected improvements in market share and profit share for Q4; a target price of 24.5 HKD is set with a "Buy" rating [1] - For the long term, Galaxy Entertainment (00027) is maintained as a preferred choice due to its strong value and long-term growth potential, with the fourth phase development project expected to reflect in the stock price next year; a target price of 50 HKD is also set with a "Buy" rating [1] - The company continues to recommend avoiding Melco International Development (00200) and Austar International Holdings (00880), assigning "Reduce" and "Neutral" ratings respectively [1]

Group 1 - The bank is optimistic about Sands China (01928) in the short term, expecting the company to announce an increase in dividends for 2026 by the end of February, along with anticipated improvements in market share and profit share for Q4 [1] - The long-term preference remains for Galaxy Entertainment (00027) due to its strong value and growth potential, with a target price of HKD 50 and a rating of "Buy" [1] - The bank advises to avoid Melco International Development (00200) and SJM Holdings (00880), assigning "Reduce" and "Neutral" ratings respectively [1] Group 2 - According to Morgan Stanley, Macau's total gaming revenue for the first seven days of December reached MOP 5.2 billion, averaging about MOP 742 million per day, which is over a 5% increase from November and more than 25% year-on-year [2] - In an optimistic scenario, if the growth continues until the end of the month, Q4 gaming revenue could increase by 18% to 19% year-on-year and 8% to 9% quarter-on-quarter, reaching a six-year high, significantly above the bank's and market's expectations of 13% to 14% [2] - The bank notes that the current industry valuation is very low, with a 2026 EV/EBITDA ratio of 9 times, below the historical average of 13 times, estimating that a 1-time expansion in valuation could increase equity value by over 15% [2]

Core Viewpoint - Goldman Sachs upgraded the rating of Golden Entertainment (03918) from "Neutral" to "Buy" due to confidence in the company's increasing gaming revenue and EBITDA [1] Group 1: Company Valuation - The current valuation of the company is not considered excessive, with an enterprise value to after-tax EBITDA ratio of 5 times for the fiscal year 2026, compared to a historical peak of 6 to 7 times during industry upcycles [1] - Goldman Sachs adjusted its EBITDA forecasts for 2025 to 2027, increasing estimates by 34% to 40%, and raised the target price from HKD 3.88 to HKD 7.5 [1] Group 2: Market and Operational Insights - The newly opened Decho International Airport has significantly enhanced passenger capacity, contributing to a strong growth in flight numbers to Phnom Penh, with an overall year-on-year increase of 10% to 15%, and a 40% to 50% increase in flights from China [1] - The Cambodian government has recently implemented a visa-free policy for Chinese travelers, which is expected to further boost gaming revenue [1] Group 3: Financial Projections - For the fiscal year 2026, the company is projected to see a 13% year-on-year increase in total gaming revenue and a 15% increase in EBITDA, which could yield approximately 11% free cash flow yield and 8% dividend yield [1]