JP-SJM @EC2607A

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%

BOER POWER

WAI CHUN GROUP

HUAYUEXPRESSWAY

ASIA ENERGY LOG

KNOWLEDGE ATLAS

HING LEE (HK)

JH EDUCATION

TBKS HLDGS

SIMPLICITY HLDG

MLCO

GXYYY

00880

SCHYY

01928

00200

02282

00027

01128

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

AASTOCKS

Melco Resorts & ENT

Galaxy Entertainment Group

SJM HOLDINGS

Sands China

SANDS CHINA LTD

MELCO INT'L DEV

MGM CHINA

VanEck Gaming ETF

GALAXY ENT

WYNN MACAU

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

Sands China stock surged nearly 6% to HK$18.03, marking its largest one-day percentage increase since September 19. It led gains among Macau gaming stocks despite the Hang Seng Index declining by 2.4%. Macau's gross gaming revenues rose 24% year-on-year in January, reaching 22.63 billion patacas ($2.81 billion), the highest since October 2025. Competitors like Melco, SJM, Wynn Macau, MGM China, and Galaxy saw stock increases between 0.2% and 1.2%.

Reuters

Sands China tops Hong Kong benchmark as Macau gaming revenue rises

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

MGM Resorts

Invesco Leisure & ENT ETF

SEM HLDGS

Las Vegas Sands

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%.

Wynn Resorts

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

SJM HOLDINGS (880.HK) has recently come under pressure again, with the gaming sector adjusting in tandem and bullish funds remaining sluggish. The lack of positive news in the sector, combined with slow recovery progress, has led main funds to focus more on range arbitrage rather than trend trading. Observing the market, the 20-day moving average and the 30-day moving average are important resistance levels, with bulls and bears repeatedly clashing here, showing no signs of a breakthrough. In a weak market environment, there are occasional instances of funds engaging in oversold speculation, but overall trading volume remains insufficient, with short-term arbitrage being the main focus. The support at HKD 2.60 has been repeatedly tested, with each dip attracting funds to step in and support, but the upward momentum has been very limited. The market is alert to sudden changes in trading volume and external risk news that could drive market fluctuations. Overall, the current strategy focuses on risk control, waiting for clearer signs of recovery in the gaming industry or collective catalytic signals to emerge. It is recommended to adopt a defensive right-side operation, remain vigilant against significant sell-offs, and pay attention to unusual market movements and new trends in news

Technical Forecast

Morning Trend | SJM HOLDINGS shows strong capital risk aversion, is the key support game escalating?

SJM Holdings Buys Back $170 Million of 4.5% Bonds Due 2026

SJM Holdings Buys Back $170 Million of 4.5% Bonds Due 2026

SJM Holdings Ltd. has announced the buyback of its 4.500% senior notes due 2026 for cash. The payment for the accepted notes, along with accrued interest, is expected on or about January 16, 2026. After the buyback, the outstanding principal amount of the notes will be US$329,885,000. Deutsche Bank AG acted as the dealer manager, while Kroll Issuer Services Limited served as the information and tender agent for the transaction.

SJM Holdings Buys Back 2026 Senior Notes for Cash

Citi predicts that SJM HOLDINGS' adjusted EBITDA for the fourth quarter of last year will decline by 30% year-on-year to HKD 696 million, with weak performance, market share, and profit margins under pressure, potentially leading to a net loss of HKD 187 million. The target price has been lowered from HKD 3 to HKD 2.9, maintaining an "outperform" rating, and net profit forecasts for this year and next have been reduced by 6% to 8%

In "The Big Banks," Citigroup predicts that SJM HOLDINGS' adjusted EBITDA for the last quarter fell by 30% year-on-year

SJM Holdings plans to issue US$540 million in 6.500% senior notes due 2031 through its subsidiary, SJM International Limited, aiming to refinance existing debt and enhance financial flexibility. The notes will be listed on the Hong Kong Stock Exchange and include a change-of-control clause for investors. A subsidiary of controlling shareholder STDM will subscribe to part of the issue, classified as a connected transaction. The current analyst rating for SJM Holdings (HK:0880) is a Hold with a price target of HK$3.00.

Tip Ranks

SJM Holdings to Issue US$540 Million in 2031 Senior Notes to Refinance Debt

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

JP-SJM @EC2607A(22165.HK)

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

Sands China tops Hong Kong benchmark as Macau gaming revenue rises

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

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

SJM Holdings Repurchases US$170 Million of 2026 Senior Notes