Group 1: Financial Performance - Company reported total revenue of 14.6 billion HKD for 1H25, a year-on-year increase of 6% [1] - EBITDA decreased by 5% year-on-year to 1.65 billion HKD, with EBITDA margin declining by 1.3 percentage points to 11.2% [1] - Net loss widened from 160 million HKD in 1H24 to 180 million HKD in 1H25, primarily due to underperformance of the Lisboa project [1] Group 2: Earnings Forecast - Earnings per share forecast for 2025 revised down from 0.30 HKD to 0.01 HKD, with new forecasts introduced for 2026 at 0.12 HKD and 2027 at 0.17 HKD [1] - Target price adjusted down from 3.7 HKD to 3.3 HKD, indicating a potential upside of 13% [1] Group 3: Second Quarter Performance - In 2Q25, gross gaming revenue increased by 5% year-on-year, with mass gaming revenue up by 6% and VIP gaming revenue down by 14% [1] - EBITDA for 2Q25 fell by 21% year-on-year to 688 million HKD, with the Lisboa project's EBITDA turning from a profit of 104 million HKD in 2Q24 to a loss of 6.6 million HKD [1] Group 4: Acquisition Plans - Company announced plans to acquire part of the Lisboa Hotel for a total consideration of 529 million HKD, aiming to expand the operational area of the Lisboa Casino by an additional 7,504 square meters [2] - The acquisition is expected to enhance the overall operations of the integrated resort, making it the largest on the Macau Peninsula [2] - The company plans to redistribute gaming tables and slot machines from satellite casinos that will cease operations by the end of 2025 [2] Group 5: Industry Outlook - Company maintains an "overweight" rating, citing resilience in the gaming industry [2]

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]