MB-SJM @EC2611A

Aobo Holding repurchased and cancelled $170 million of its 2026 notes

Morgan Stanley Report: Macau's VIP Table Revenue Up 45% in Q4

Aobo Holdings Increases Loan Quota to Acquire Galaxy Casino

JPMorgan Downgrades Macau Gaming Sector Profit Projections and Adjusts Company Ratings

CLSA Sees Weak Q4 Performance for Galaxy Entertainment, Cuts Price Target

Aobo Holding to Issue $540 Million 6.5% Senior Notes

Fitch Conducts Negative Outlook Rating Analysis on Auspen Holdings

AOBO Holdings Initiated Purchase Offer for 2026 Notes

Aobo Holding plans to issue US dollar denominated preferred notes

Avenue of Stars Operated Directly by SJM Holdings, with Gambling Tables Increasing to Over 100

Avenue of Stars Completes Acquisition of Kam Tang Hotel and Takes Over Operations

Aomen Entertainment Takes Over and Begins Operations at the Casino Grand Lisboa

Aomen Entertainment and SJM-Investment Approved to Take Over Independent Unit in Taipa Hotel

AOBO's Acquisition of Kam Tang Hotel Resolved and Approved

Aobo Holding Deposits Shares with BNP Paribas and Announces Acquisition of Grand Lisboa

Aobo Holdings Acquires Full Equity of Taikoo Man Development for HKD1.75 Billion

SJM Holdings Reports Q3 Revenue Decline

Morgan Stanley Report Predicts Higher Debt Ratio for Galaxy Ent in Q4

Citi Maintains Sell Rating on Aobo Holdings, Maintains Target Price at HKD 2.85

Aobo Holdings Q3 Profits Down by 91%

HKC INT'L RTS

TIANBAO ENERGY

SUMMI

HANG YICK RTS

UNI PRINTSHOP

CHERISH SUN

NE ELECTRIC

SINO GAS HLDGS

MANY IDEA CLOUD

CREATIVE CHINA

SCHYY

00880

GXYYY

00200

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01928

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Citigroup's report shows that the Macau gaming industry started strong in the Year of the Horse, with high-end mid-market per capita bets reaching a record high of MOP 29,625, an increase of 13% compared to last year. It was observed that the number of high rollers with bets exceeding MOP 500,000 increased to 7, and the minimum bet for baccarat rose to MOP 2,347. Citigroup is optimistic about Macau's total gaming revenue forecast for 2026, expecting a growth of 1% to MOP 20 billion. Gaming stocks performed well, with Galaxy Entertainment seeing the largest increase of 3.1%

Stheadline

Sands China

SJM HOLDINGS

Galaxy Entertainment Group

MELCO INT'L DEV

MGM CHINA

SANDS CHINA LTD

WYNN MACAU

VanEck Gaming ETF

Citigroup expects Macau's gaming industry to have a strong start in the Year of the Horse, with high-end mid-market per capita betting reaching a new high

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Citi released a research report indicating that the Macau gaming industry has had a strong start, with high-end mass market performance continuing to strengthen and average betting amounts reaching record highs. It is expected that February's gaming revenue will grow by 1% to MOP 20 billion. Citi is optimistic about Galaxy Entertainment and has given it a buy rating with a target price of HKD 54. Other ratings for Macau gaming stocks include buy for MGM China at HKD 18.25, buy for Sands China at HKD 23, buy for Wynn Macau at HKD 7.55, sell for SJM Holdings at HKD 2.23, and buy for Melco Resorts at USD 10.5

AASTOCKS

GALAXY ENT

"Big Banks" Citigroup: Macau's gaming industry starts strong, most optimistic about Galaxy Entertainment

WYNN

MLCO

Citigroup expects Macau's gaming revenue to reach MOP 20 billion in February this year, a year-on-year increase of 1%. During the first seven days of the Lunar New Year golden week, the number of visitors to Macau reached 1.2125 million, with mainland visitors accounting for 76.9%. The bank believes that the visitor trend in Macau is positive and aligns with the predictions of the tourism bureau. It is expected that the average daily gaming revenue from February 19 to 23 will be MOP 1.1 billion, while the average daily gaming revenue on other days will be around MOP 750 million

Wynn Resorts

Melco Resorts & ENT

MGM Resorts

Las Vegas Sands

Studio City

Citi expects Macau's February gaming revenue to reach MOP 20 billion, a year-on-year increase of 1%

Citi has lowered its forecast for Macau's February gaming revenue to MOP 20 billion, leading to a general decline in gaming stocks. Sands China fell 2.5%, currently at HKD 18.53; Galaxy Entertainment fell 1.16%, currently at HKD 42.58; MGM China fell 1.46%, currently at HKD 13.53; SJM Holdings fell 1.23%, currently at HKD 2.41; Wynn Macau fell 0.34%, currently at HKD 5.92

Citigroup lowers gambling revenue forecast to MOP 20 billion, casino stocks generally decline, Sands China falls 2.5%

During the Lunar New Year period, hotel occupancy rates in Macau are close to full capacity, with some hotel room prices exceeding six times those in the off-season. The average daily number of tourists is expected to reach between 158,000 and 175,000. According to forecasts, Macau's casino revenue is expected to reach or exceed the levels seen during last year's Golden Week in November, with an average daily gaming revenue projected at MOP 1.1 billion. Multiple factors have contributed to the recovery of the tourism market, with hotel occupancy rates expected to exceed 90%

Macau hotels are nearing full capacity for the Spring Festival, with the most expensive night costing 9,000 yuan, six times more than on weekdays, and gaming revenue expected to exceed last year's Golden Week

Morgan Stanley's research report indicates that hotel room prices in Macau during the Lunar New Year period have increased by nearly 30% compared to the same period last year, and gaming revenue in February is expected to grow by 13% year-on-year. The report shows that although the occupancy rate has decreased compared to the same period last year, the increase in room prices and higher occupancy rates will sustain post-holiday demand, supporting the growth expectations for gaming revenue. At the same time, the industry’s first-quarter EBITDA is expected to increase by 16% year-on-year

Morgan Stanley: Hotel room prices in Macau during the Lunar New Year have increased by nearly 30% year-on-year, expecting February gaming revenue to rise by 13% year-on-year

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BETZ

Morgan Stanley expects that Macau's total gaming revenue in the first quarter of this year will grow by 18% year-on-year, mainly benefiting from a low base and the Lunar New Year holiday. January's gaming revenue was MOP 22.6 billion, an increase of 24% year-on-year. Morgan Stanley is optimistic about Galaxy Entertainment and Sands China, both giving an "Overweight" rating, while MGM China and SJM Holdings are given "Neutral" and "Underweight" ratings, respectively

Invesco Leisure & ENT ETF

SEM HLDGS

Roundhill Sports Betting & iGaming ETF

Morgan Stanley expects Macau's total gaming revenue in the first quarter to increase by 18% year-on-year, optimistic about Galaxy Entertainment and Sands China, among others

Shares of Sands China Ltd fell 8.5% to HK$17.24, marking a 7-month low, and are on track for their largest one-day percentage drop since April 7. The company reported a 10.1% year-on-year decline in Q4 2025 net income to $213 million, with a 14.2% drop for the year. Despite a 16.4% increase in Q4 total net revenue to $2.05 billion, the stock is down 11.8% year-to-date. Rivals SJM, Wynn Macau, Melco International, MGM China, and Galaxy Entertainment also saw declines between 2.1% and 3.9%.

Reuters

BUZZ-Sands China hits 7-month low as net income falls; rivals slip

SJM Holdings Ltd. has completed a cash offer to repurchase US$170 million of its outstanding 4.500% Senior Notes due 2026. The issuer, Champion Path Holdings Limited, accepted and cancelled this amount, leaving US$329.885 million of the 2026 Notes still outstanding. This announcement was published via the Hong Kong Stock Exchange.

SJM Holdings Repurchases US$170 Million of 2026 Senior Notes

JP Morgan expects that the earnings growth of Macau gaming stocks in the fourth quarter of 2025 will lag behind gaming revenue, mainly due to increased operating expenses and a higher proportion of VIP business. Although the recovery momentum of gaming revenue continues, confidence in the earnings growth cycle has weakened, with the 2026 EBITDA forecast lowered by about 3%. The bank downgraded the rating of SJM HOLDINGS to "Underweight," lowered the rating of Melco Resorts & ENT to "Neutral," and suggested paying attention to market consensus risks, maintaining Galaxy Entertainment as the preferred choice

Morgan Stanley expects that the profit growth of Macau gaming stocks in the fourth quarter will lag behind gaming revenue, downgrading SJM HOLDINGS and Melco Resorts & ENT ratings

marketscreener

SJM Sells $540 Million Bonds

SJM Holdings Ltd. has launched a US$540 million offering of 6.5% Senior Notes due 2031, listed on the Stock Exchange of Hong Kong. The notes are issued by SJM International Limited and are guaranteed unconditionally. The offering is managed by several international banks, including Deutsche Bank and UBS. This announcement is for informational purposes only and should not be considered financial advice.

SJM Holdings Launches US$540 Million 6.5% Senior Notes Offering

Hot trading industry trends on August 7 and related Hong Kong semiconductor stocks. Hong Kong semiconductor stocks opened lower in early trading but then surged strongly, with Innoscience gaining over 11%, and industry leader SMIC rising over 3%. Core logic: On the news front, on August 1, Innoscience officially responded to rumors of collaboration with NVIDIA. The announcement stated that the company has recently partnered with global AI technology leader NVIDIA to jointly promote the large-scale implementation of the 800VDC (800-volt direct current) power architecture in AI data centers. Clear signals of a cyclical bottom: Global semiconductor inventory reduction is nearing its end...

NVIDIA

SMIC

SMIC HK SDR 5to1

FIT HON TENG

WUXI APPTEC

WuXi AppTec

INNOCARE

InnoCare Pharma

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

NAGACORP

CSPC PHARMA

INNOVENT BIO

COWELL

HUA HONG SEMI

Hua Hong

SHANGHAI FUDAN

FMSH

INNOSCIENCE

SOLOMON SYSTECH

TIGERMED

Tigermed

Apple

Hot Trades in Hong Kong Stocks (8.7)｜ Chip Stocks Rebound Strongly, Apple Supply Chain Follows; Xiaomi and Pharmaceuticals Retreat Under Pressure

Hong Kong stocks continued their upward trend on July 28, with the cryptocurrency, innovative drug, gaming, and insurance sectors performing well. Hong Kong's &#34;Stablecoin Ordinance&#34; will officially take effect on August 1, marking the countdown to stablecoin issuance; the innovative drug sector was boosted by Hengrui Pharmaceuticals securing a $12 billion order; insurance stocks extended their gains as industry anti-internal competition and interest rate cuts improved profit prospects; gaming stocks benefited from Macau's July gaming revenue exceeding expectations and Thailand's withdrawal of the casino bill.

HENGRUI PHARMA

Hengrui Pharma

3SBIO

OSL GROUP

CPIC

SUNSHINE INS

CR HOLDINGS

CHINA LIFE

China Life

SINO BIOPHARM

GUOTAI JUNAN I

AIA-R

AIA Group

Hot Trades in Hong Kong Stocks (7.28)｜Cryptocurrency, Innovative Drugs, Insurance, and Gaming Sectors Shine, Hengrui Pharmaceuticals Soars 15% at Midday

MB-SJM @EC2611A(24717.HK)

Citigroup expects Macau's gaming industry to have a strong start in the Year of the Horse, with high-end mid-market per capita betting reaching a new high

"Big Banks" Citigroup: Macau's gaming industry starts strong, most optimistic about Galaxy Entertainment

Citi expects Macau's February gaming revenue to reach MOP 20 billion, a year-on-year increase of 1%

Citigroup lowers gambling revenue forecast to MOP 20 billion, casino stocks generally decline, Sands China falls 2.5%

Macau hotels are nearing full capacity for the Spring Festival, with the most expensive night costing 9,000 yuan, six times more than on weekdays, and gaming revenue expected to exceed last year's Golden Week