MS-SJM @EC2602A(19476.HK)

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MS-SJM @EC2602A
19476.HK
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Sands China tops Hong Kong benchmark as Macau gaming revenue rises

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·
HK
00027
+1.56%
US
BJK
+0.43%
US
SCHYY
+5.38%
Reuters·
HK
00027
+1.56%
US
BJK
+0.43%
US
SCHYY
+5.38%

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

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

AASTOCKS·
US
SCHYY
+5.38%
HK
00027
+1.56%
HK
02282
+1.52%
AASTOCKS·
US
SCHYY
+5.38%
HK
00027
+1.56%
HK
02282
+1.52%

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

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·
US
SCHYY
+5.38%
US
MLCO
+2.06%
HK
02282
+1.52%
Reuters·
US
SCHYY
+5.38%
US
MLCO
+2.06%
HK
02282
+1.52%

SJM Holdings Repurchases US$170 Million of 2026 Senior Notes

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.

Reuters·
HK
00880
+0.42%
Reuters·
HK
00880
+0.42%

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

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

AASTOCKS·
US
MLCO
+2.06%
HK
00880
+0.42%
AASTOCKS·
US
MLCO
+2.06%
HK
00880
+0.42%
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