智通财经APP获悉，中金发布研报称，维持金界控股(03918)"跑赢行业"评级，基于公司恢复全年30%的 派息率，维持目标价6.50港元，目标价对应8倍2026年EV/EBITDA，较目前股价存在 65%的上行空间。 基于公司当前运营效率，该行将公司2026年EBITDA预测下调10%至4.31亿美元，该行首次引入2027年 EBITDA预测5.15亿美元。公司目前股价对应4倍2026年EV/EBITDA。 金界控股公布2H25业绩，总收入为3.68亿美元(同比增长36%，环比增长8%，恢复至2H19水平的43%)， 其中包含3.59亿美元的总博彩收入(同比增长 38%，环比增长 8%，恢复至2H19水平的42%)。公司2H25 EBITDA为2.04亿美元(同比增长 39%，环比增长 2%，恢复至2H19水平的60%)，与该行预期的 2.05亿美 元基本一致。该行认为公司的业绩表现主要得益于业务量稳健恢复(尤其是3Q25)。 该行称，柬埔寨将对中国访客试行为期四个月的免签计划，以及新开的德崇国际机场的承载量具备提升 空间，预计中国赴柬埔寨访客数量的恢复有望进一步提速。此外，随着中国与柬埔寨加强两国之间的合 ...

Core Viewpoint - The performance of the company in 2H25 met expectations, showing a strong recovery in revenue and EBITDA, primarily driven by stable business volume growth, particularly in 3Q25 [1] Performance Review - The total revenue for 2H25 was $368 million, representing a year-on-year increase of 36% and a quarter-on-quarter increase of 8%, recovering to 43% of the level in 2H19 [1] - Total gaming revenue was $359 million, with a year-on-year growth of 38% and a quarter-on-quarter growth of 8%, also recovering to 42% of the level in 2H19 [1] - EBITDA for 2H25 was $204 million, reflecting a year-on-year increase of 39% and a quarter-on-quarter increase of 2%, aligning closely with the expected $205 million [1] Development Trends - Cambodia's trial visa-free policy for Chinese visitors for four months is expected to drive steady growth in visitor numbers from China, with a projected 41.5% year-on-year increase in 2025, reaching 50.9% of 2019 levels [1] - The recovery of Chinese visitors to Cambodia is anticipated to accelerate due to the visa-free trial and the increased capacity of the newly opened Decho International Airport [1] - The collaboration between China and Cambodia is expected to strengthen, potentially extending the four-month visa-free policy [1] - In 4Q25, high-end VIP gaming revenue and mass gaming revenue decreased by 36% and 52% quarter-on-quarter, respectively, primarily due to conflicts between Thailand and Cambodia and the crackdown on telecom fraud in Cambodia [1] - With the alleviation of adverse factors, business volume is expected to rebound in 1Q26 [1] Profit Forecast and Valuation - Based on current operational efficiency, the company's EBITDA forecast for 2026 has been revised down by 10% to $431 million, with a new EBITDA forecast for 2027 set at $515 million [2] - The current stock price corresponds to 4 times the 2026 EV/EBITDA [2] - The company maintains an "outperform" rating, with a target price of HKD 6.50, which corresponds to 8 times the 2026 EV/EBITDA, indicating a 65% upside potential from the current stock price [2]

Group 1 - The core viewpoint of the report is that Kwan Cheung Holdings (03918) is expected to have stable performance in 2025, with strong cash flow anticipated in 2026 due to a rebound in VIP gaming volume and lower capital expenditures than previously forecasted by the bank by 26% [1] - The implementation of visa-free entry for Chinese citizens to Cambodia starting in mid-June is expected to boost revenue growth in the third quarter [1] - The long-term investment outlook remains unchanged, with profit forecasts for 2026 and 2027 raised by 1% to 2%, assuming a constant dividend payout ratio of 30% [1] Group 2 - The expected net cash by 2028 is projected to reach $726 million, equivalent to 31% of the market capitalization [1] - The rating is maintained at "Outperform," with the target price increased from HKD 6.8 to HKD 7.5 [1]

Group 1 - The core viewpoint of the report is that Kwan Cheung Holdings (03918) is expected to have stable performance in 2025 and generate strong cash flow in 2026 due to the rebound in VIP gaming volume and lower capital expenditure predictions by 26% [1] - The implementation of visa-free entry for Chinese citizens into Cambodia starting in mid-June is anticipated to boost revenue growth in the third quarter [1] - The long-term investment outlook remains unchanged, with profit forecasts for 2026 and 2027 raised by 1% to 2%, assuming a constant dividend payout ratio of 30% [1] Group 2 - The expected net cash by 2028 is projected to reach $726 million, equivalent to 31% of the market capitalization [1] - The rating is maintained at "Outperform," with the target price increased from HKD 6.8 to HKD 7.5 [1]

Core Viewpoint - Jinke Holdings reported a significant increase in its financial performance for the fiscal year 2025, with notable growth in various revenue streams and profitability metrics [3]. Financial Performance - Total gaming revenue reached $691.6 million, representing a year-on-year increase of 27.4% [3]. - Net gaming revenue was $611 million, up 27.2% compared to the previous year [3]. - Overall revenue was approximately $710 million, reflecting a growth of 26.16% [3]. - Gross profit amounted to about $577 million, showing a 26.3% increase year-on-year [3]. - Net profit was approximately $310 million, which is an increase of about 183% compared to the previous year [3]. - Basic earnings per share were 7.01 cents, with a final dividend of 1.09 cents per share, compared to no dividend in the same period last year [3]. Business Segments - The mid-market segment continued to grow, contributing 68.3% to total revenue [3]. - The high-end VIP market saw a remarkable year-on-year growth of 51.6%, with daily turnover returning to pre-pandemic levels [3]. - Overall, the company experienced improvements across all business segments, particularly in the mid-market and VIP sectors [3]. Strategic Focus - The company plans to continue optimizing customer experience to promote sustainable business growth [3].

Core Viewpoint - UBS reported that the performance of NagaCorp (03918) in the second half of last year met expectations, but VIP business demand was pressured due to the crackdown on scam centers and tensions at the Cambodia-Thailand border [1] Group 1: Business Performance - The management indicated that after the ceasefire agreement in December, VIP business demand has shown signs of recovery [1] - The company plans to continue expanding its marketing team this year to attract international clients [1] Group 2: Market Conditions - Foreign Direct Investment (FDI) continues to flow into Cambodia, and the upcoming visa exemption trial between China and Cambodia is expected to boost demand from Chinese travelers [1] Group 3: Financial Guidance - The company guided for capital expenditures of approximately $170 million by 2026, primarily for renovations of Naga 1 and Naga 2, as well as the launch of smart gaming table technology [1] - Operating expenses are expected to record low to mid-single-digit growth [1] - The management did not provide updates on the timeline and scale for the development of Naga 3 [1] Group 4: Risk Management - Despite geopolitical turmoil, the management expects limited impact on operations [1] - The company will continue to adopt a prudent dividend policy to maintain financial flexibility in response to risks and the final plans for Naga 3 and capital expenditures [1]

Investment Rating - The investment rating for MGM China is maintained as "Buy" with a target price of HKD 18.20 [2][9]. Core Insights - MGM China reported strong performance in its mid-to-high-end business, with a market share increase to 16.5% in Q4 2025 and 16.1% for the full year, marking a historical high [5]. - The company achieved operating revenue of HKD 96.2 billion for Q4 2025 and HKD 347.9 billion for the full year, reflecting a year-on-year increase of 21% and 10.8%, respectively [5]. - Adjusted EBITDA for Q4 2025 and the full year reached HKD 27.5 billion and HKD 100 billion, with year-on-year growth of 29% and 10.4% [5]. Financial Projections and Valuation - Revenue projections for MGM China are as follows: - 2025: HKD 34,788 million - 2026E: HKD 35,657 million (+2.31%) - 2027E: HKD 36,727 million (+3.83%) - 2028E: HKD 37,645 million (+3.30%) [4]. - Net profit attributable to the parent company is projected to be: - 2025: HKD 5,075 million - 2026E: HKD 5,242 million (+3.29%) - 2027E: HKD 5,399 million (+3.00%) - 2028E: HKD 5,571 million (+3.19%) [4]. - The expected PE ratio for 2026 is 7.86, and the expected dividend yield is 3.46% [4]. Business Performance - The mid-market gross gaming revenue (GGR) increased by 10.2% to HKD 315.1 billion, driven by strong betting volumes at MGM Cotai and MGM Macau [6]. - VIP GGR rose by 19.5% to HKD 48.4 billion, although there was a decline in VIP customer traffic and betting intentions [6]. - Slot machine revenue saw a slight increase of 3.3% to HKD 23.0 billion, despite a drop in overall win rates [6]. Strategic Initiatives - MGM China is deepening its "Tourism+" strategy to enhance brand loyalty among high-end customers, including the launch of new luxury offerings and entertainment projects [8]. - The company plans to leverage its parent company's global sales platform to accelerate the expansion of international customer sources [8]. Earnings Forecast Adjustments - The EBITDA forecast for 2026 and 2027 has been raised by 8% to HKD 97.3 billion and HKD 101.0 billion, respectively, with an introduction of a new EBITDA forecast for 2028 at HKD 103.5 billion [9].

Core Viewpoint - Goldin Financial Holdings (03918) reported a significant increase in its financial performance for the fiscal year 2025, leading to a stock price increase of over 7% following the announcement [1] Financial Performance - Total gaming revenue reached $691.6 million, representing a year-on-year growth of 27.4% [1] - Net gaming revenue was $611 million, up 27.2% compared to the previous year [1] - Total revenue was approximately $710 million, reflecting a 26.16% increase year-on-year [1] - Gross profit amounted to about $577 million, showing a growth of 26.3% [1] - Net profit reached approximately $310 million, which is an increase of about 183% year-on-year [1] - Basic earnings per share were 7.01 cents, with a final dividend of 1.09 cents per share, compared to no dividend in the same period last year [1] Business Segments - The management highlighted that the mass market segment continued to grow, contributing 68.3% to total revenue [1] - The high-end VIP market saw a remarkable year-on-year growth of 51.6%, with daily turnover returning to pre-pandemic levels [1] - Overall, the company experienced improvements across all business segments, particularly in the mass and VIP markets [1] - The company plans to continue optimizing customer experience to promote sustainable business growth [1]

Core Viewpoint - The company reported a significant increase in total gaming revenue and net profit for the fiscal year 2025, indicating strong operational performance and strategic focus on customer experience [1] Financial Performance - Total gaming revenue grew by 27.4% to $692 million [1] - Net profit increased by 56.0% to $310 million [1] - Basic earnings per share for the year were 7.01 cents, up from 2.48 cents in the previous year [1] - A final dividend of 1.09 cents per share was declared, equivalent to 8.45 Hong Kong cents [1] Operational Efficiency - The revenue growth was driven by increased business volume across all segments and a strategic focus on enhancing the customer experience in the mass market segment [1] - The introduction of high-margin products, such as side bets, contributed to profitability [1] - Administrative and operating expenses remained relatively stable despite increased business activity, further enhancing profit margins [1]

Core Viewpoint - The company reported significant growth in its financial performance for the year 2025, indicating a strong recovery and operational efficiency in the gaming sector [1] Financial Performance - Total gaming revenue reached $691.6 million, representing a year-on-year increase of 27.4% [1] - Net gaming revenue was $611 million, up by 27.2% compared to the previous year [1] - Total revenue approximated $710 million, reflecting a growth of 26.16% year-on-year [1] - Gross profit was about $577 million, showing a 26.3% increase from the prior year [1] - Net profit reached approximately $310 million, marking a substantial year-on-year growth of about 183% [1] - Basic earnings per share were reported at 7.01 cents, with a final dividend of 1.09 cents per share [1]