Core Viewpoint - The report from CICC gives a "Outperform" rating to Huicai Holdings (01180) with a target price of HKD 1.3, highlighting the company's strong position in the multi-live game (LMG) terminal sales to Macau gaming operators [1] Group 1 - CICC visited Huicai Holdings' R&D center in Zhuhai on September 23, indicating a proactive approach in understanding the company's operations [1] - The company maintains a solid advantage in selling LMG terminals to Macau gaming operators, with new potential suppliers unlikely to significantly erode its market share starting from Q4 2026 [1] - Huicai Holdings is making progress in game development, showing promising early signs, although it requires time to fully catch up [1]