Core Viewpoint - MGM China has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2][3]. Share Buyback Summary - On September 4, MGM China repurchased 1 million shares at a price range of HKD 15.580 to HKD 15.970, totaling HKD 15.6873 million. The stock closed at HKD 15.710, down 1.63% for the day, with a total trading volume of HKD 78.0975 million [2]. - Since August 26, the company has conducted share buybacks for eight consecutive days, repurchasing a total of 8 million shares for a cumulative amount of HKD 128 million, during which the stock price has decreased by 1.50% [2]. - Year-to-date, MGM China has completed 16 buyback transactions, acquiring a total of 15.0022 million shares for a total expenditure of HKD 231 million [3]. Buyback Details - The detailed buyback transactions are as follows: - September 4: 100,000 shares at a maximum price of HKD 15.970 and a minimum of HKD 15.580, totaling HKD 1.56873 million - September 3: 100,000 shares at a maximum price of HKD 16.000 and a minimum of HKD 15.830, totaling HKD 1.59506 million - September 2: 100,000 shares at a maximum price of HKD 16.070 and a minimum of HKD 15.770, totaling HKD 1.59001 million - September 1: 100,000 shares at a maximum price of HKD 16.080 and a minimum of HKD 15.870, totaling HKD 1.59785 million - August 29: 100,000 shares at a maximum price of HKD 16.270 and a minimum of HKD 15.920, totaling HKD 1.60602 million - August 28: 100,000 shares at a maximum price of HKD 16.160 and a minimum of HKD 15.820, totaling HKD 1.59533 million - August 27: 100,000 shares at a maximum price of HKD 16.130 and a minimum of HKD 15.920, totaling HKD 1.60180 million - August 26: 100,000 shares at a maximum price of HKD 16.290 and a minimum of HKD 15.950, totaling HKD 1.61391 million - August 14: 100,000 shares at a maximum price of HKD 16.250 and a minimum of HKD 16.100, totaling HKD 1.61807 million - August 13: 100,000 shares at a maximum price of HKD 16.070 and a minimum of HKD 15.870, totaling HKD 1.59846 million - August 12: 100,000 shares at a maximum price of HKD 16.340 and a minimum of HKD 15.840, totaling HKD 1.62205 million - August 11: 100,000 shares at a maximum price of HKD 16.000 and a minimum of HKD 15.790, totaling HKD 1.59019 million - August 8: 100,000 shares at a maximum price of HKD 16.580 and a minimum of HKD 16.110, totaling HKD 1.63621 million - June 18: 100,000 shares at a maximum price of HKD 11.300 and a minimum of HKD 11.140, totaling HKD 1.12380 million - June 16: 62.75 thousand shares at a maximum price of HKD 10.900 and a minimum of HKD 10.660, totaling HKD 674.70 thousand - March 21: 37.47 thousand shares at a maximum price of HKD 11.280 and a minimum of HKD 11.120, totaling HKD 419.24 thousand [3].

智通财经APP讯，美高梅中国(02282)发布公告，于2025年9月4日，该公司斥资1568.73万港元回购100万 股。 （原标题：美高梅中国(02282)9月4日斥资1568.73万港元回购100万股） ...

证券时报·数据宝统计，美高梅中国在港交所公告显示，9月3日以每股15.830港元至16.000港元的价格回 购100.00万股，回购金额达1595.06万港元。该股当日收盘价15.970港元，上涨0.50%，全天成交额 7073.48万港元。 自8月26日以来公司已连续7日进行回购，合计回购700.00万股，累计回购金额1.12亿港元。 其间该股累 计上涨0.13%。 今年以来该股累计进行15次回购，合计回购1400.22万股，累计回购金额2.15亿港元。（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） | | --- | --- | --- | --- | --- | | 2025.09.03 | 100.00 | 16.000 | 15.830 | 1595.06 | | 2025.09.02 | 100.00 | 16.070 | 15.770 | 1590.01 | | 2025.09.01 | 100.00 | 16.080 | 15.870 | 1597.85 | | 2025.08.29 | 100.00 | ...

Core Viewpoint - Morgan Stanley has updated its forecasts for Galaxy Entertainment (00027) based on the company's mid-term performance, increasing the expected dividend payout ratio for 2025 to 2027 from 50% to 60%, resulting in a 19% increase in the predicted dividend per share [1] Financial Projections - EBITDA forecasts for Galaxy Entertainment for 2025 to 2027 have been reduced by 1% due to higher expected operating expenses [1] - Earnings per share forecasts have been adjusted from HKD 2.39, HKD 2.58, and HKD 2.73 to HKD 2.36, HKD 2.56, and HKD 2.72 respectively for the same period [1] - The target price for Galaxy Entertainment has been raised from HKD 40 to HKD 44 [1] Market Position and Risks - The opening of the Capella Hotel is expected to help Galaxy Entertainment increase its market share [1] - The company has been given a "in line with the market" rating, but there are warnings that if competitors resume dividends and the company's market share continues to weaken, some potential premiums may reverse [1]

Core Viewpoint - Morgan Stanley has updated its forecasts for Galaxy Entertainment (00027) based on the company's mid-term performance, increasing the dividend payout ratio from 50% to 60% for 2025 to 2027, resulting in a 19% increase in the predicted dividend per share [1] Financial Projections - EBITDA forecasts for Galaxy Entertainment for 2025 to 2027 have been reduced by 1% due to higher expected operating expenses [1] - Earnings per share forecasts have been adjusted from HKD 2.39, HKD 2.58, and HKD 2.73 to HKD 2.36, HKD 2.56, and HKD 2.72 for the respective years [1] - The target price for Galaxy Entertainment has been raised from HKD 40 to HKD 44 [1] Market Position and Risks - The opening of the Capella Hotel is expected to help Galaxy Entertainment increase its market share [1] - Morgan Stanley maintains a "market perform" rating but warns that if competitors resume dividends and the company's market share continues to weaken, some potential premium may reverse [1]

Group 1 - Morgan Stanley has raised Galaxy Entertainment's dividend payout ratio forecast for 2025 to 2027 to 60% and increased the per-share dividend forecast [1] - Despite slight downward adjustments to EBITDA and earnings per share forecasts for 2025 to 2027, the target price for Galaxy Entertainment has been raised to HKD 44 [1] - The opening of the Capella Hotel is expected to help Galaxy Entertainment increase its market share, maintaining a "market perform" rating [1] Group 2 - There is a risk of valuation premium decline if competitors resume dividend payouts and Galaxy Entertainment's market share continues to weaken [1]

Core Viewpoint - Morgan Stanley has updated its forecast for Galaxy Entertainment, raising the dividend payout ratio prediction for 2025 to 2027 from 50% to 60%, with a 19% increase in the per-share dividend forecast [1] Financial Projections - EBITDA forecasts for 2025 to 2027 have been reduced by 1% due to higher operating expense expectations [1] - Earnings per share (EPS) forecasts have been adjusted from HKD 2.39, 2.58, and 2.73 to HKD 2.36, 2.56, and 2.72 for the respective years [1] - The target price for Galaxy Entertainment has been raised from HKD 40 to HKD 44 [1] Market Position and Outlook - The opening of the Capella Hotel is expected to help Galaxy Entertainment increase its market share [1] - Morgan Stanley has assigned a "market perform" rating, but cautions that if competitors resume dividends while Galaxy's market share remains weak, some potential premium may reverse [1]

Group 1 - The core viewpoint of the article highlights that Kingsoft Holdings (03918) experienced a significant stock price increase, with a rise of over 7% in early trading, currently at 5.76 HKD, with a trading volume of 41.1 million HKD [1] - Kingsoft Holdings reported a total gaming revenue of approximately 332 million USD for the first half of the year, representing a year-on-year growth of 17.2% [1] - The net profit for the same period was around 149 million USD, showing a substantial year-on-year increase of 68.8% [1] Group 2 - UBS's research report indicates that the growth in gaming revenue is driven by an increase in business travelers to Phnom Penh, Cambodia, and local demand [1] - Due to the better-than-expected performance in the first half of the year, UBS plans to raise its gaming revenue forecasts for 2025-2026 by 21% to 29%, with expected overall gaming revenue growth of 32% and 10% for this year and next year, respectively [1] - Citigroup noted that Kingsoft Holdings' first-half performance exceeded expectations, with a strong year-on-year increase of 17% in gaming revenue and an expansion of EBITDA margin by 9.2 percentage points [1] Group 3 - Although the resumption of interim cash dividends was unexpected, Citigroup pointed out that the payout ratio of 30% is lower than their annual expectation of 60% [1] - Despite signs of improvement in the fundamentals, there remains uncertainty regarding the Naga3 project, with no updates provided, suggesting a potential delay in the targeted opening date of September 2029 [1]

Group 1 - MGM China repurchased 1 million shares on September 2 at a price range of HKD 15.770 to HKD 16.070, totaling HKD 15.90 million [2] - The stock closed at HKD 15.890 on the same day, down 0.19%, with a total trading volume of HKD 157 million [2] - Since August 26, the company has conducted share buybacks for six consecutive days, repurchasing a total of 6 million shares for a cumulative amount of HKD 96.05 million, with the stock down 0.38% during this period [2] Group 2 - Year-to-date, the company has completed 14 share buybacks, totaling 13 million shares and an aggregate amount of HKD 199 million [3] - Detailed buyback information includes the number of shares repurchased, highest and lowest prices, and total amounts for each transaction [3]

Investment Rating - The report maintains an "Outperform" rating for 澳博控股 (00880) [1] Core Views - The company's 1H25 performance was below expectations, with total revenue of 14.6 billion HKD, a year-on-year increase of 6%. EBITDA decreased by 5% to 1.65 billion HKD, and the net loss widened from 160 million HKD in 1H24 to 180 million HKD, primarily due to underperformance in the 上葡京 project [6] - The earnings per share (EPS) forecast for 2025 has been revised down from 0.3 HKD to 0.01 HKD, with projections for 2026 and 2027 set at 0.12 HKD and 0.17 HKD, respectively. The target price has been adjusted from 3.7 HKD to 3.3 HKD, indicating a potential upside of 13% [6] - The company plans to acquire a portion of the 葡京酒店 for a total consideration of 529 million HKD, which will expand the operational area of the 葡京娱乐场 by an additional 7,504 square meters, positioning it as the largest integrated resort on the Macau Peninsula [6] Financial Data and Earnings Forecast - Revenue projections for 澳博控股 are as follows: - 2023: 21,624 million HKD - 2024: 28,770 million HKD - 2025E: 29,542 million HKD - 2026E: 26,978 million HKD - 2027E: 27,278 million HKD - The year-on-year growth rates for revenue are projected at 224% for 2023, 37% for 2024, 3% for 2025, -8% for 2026, and 1% for 2027 [5] - The net profit attributable to shareholders is forecasted as follows: - 2023: -2,010 million HKD - 2024: 3 million HKD - 2025E: 84 million HKD - 2026E: 824 million HKD - 2027E: 1,177 million HKD - The corresponding year-on-year growth rates for net profit are projected at 2512% for 2025, 886% for 2026, and 43% for 2027 [5]