Cohen, the "Jordan of the hedge fund industry": The speed of the rebound in the US stock market in April is unprecedented, and even if the market later drops by 10-15%, it would not be a disaster.
Cohen warned that the possibility of a recession in the USA has risen to about 45%, and economic growth next year is expected to slow to 1.5% or lower, but due to inflation pressures potentially triggered by tariff policies, he expects the Federal Reserve will not reduce interest rates immediately.
Hong Kong market quick review | The three major Indexes showed mixed results, with the Hang Seng Index up 0.13%; Machinery and Mainland Real Estate stocks performed well, new stock Boleton surged over 38%, MORIMATSU INTL rose nearly 6%; RADIANCE HLDGS inc
Network Technology stocks declined, XIAOMI-W fell by 2.81%, Alibaba-W dropped by 2.02%; Casinos and Gaming stocks generally rose, MELCO INT'L DEV increased by 4.73%, SANDS CHINA LTD rose by 2.67%; Pharmaceutical stocks weakened, GRANDPHARMA rose by 13.36%, 3SBIO fell by 6.62%.
Hong Kong Stock Afternoon Review | The three major indices had mixed performances, with the Hang Seng Index up by 0.49%; Chinese brokerages and Mainland Real Estate stocks were strong, with HOLLY FUTURES rising by over 56% and RADIANCE HLDGS increasing by
Network Technology stocks fell, XIAOMI-W dropped 2.62%, Alibaba-W fell 1.37%; Pharmaceutical stocks mostly declined, GRANDPHARMA rose 11.02%, 3SBIO fell 7.59%; Casinos and Gaming stocks increased, MELCO INT'L DEV rose 2.66%, WYNN MACAU rose 2.19%.
Market quick glance | Three major indices showed mixed results, with the Hang Seng Index up by 0.70%; gold and beverage-related Concept stocks performed well, Chifeng Jilong Gold Mining rose nearly 13%, and Cha Bai Dao increased by almost 11%.
Network Technology stocks are generally rising, MEITUAN-W increased by 4.53%, XIAOMI-W decreased by 2.92%; Golden Industrial Concept stocks are generally rising, Chifeng Jilong Gold Mining increased by 12.86%, LINGBAO GOLD increased by 8.34%; Hong Kong Retail Stocks are rising, CHOW TAI FOOK increased by 5.65%, BONJOUR HOLD decreased by 5.50%.
Hong Kong stock midday commentary | The three major indices are mixed, with the Hang Seng Index rising by 0.69%; beverage and Rare Earth Metals stocks are rising, with Cha Bai Dao increasing by nearly 11% and Jl Mag Rare-Earth rising by over 10%.
Network Technology stocks rose, with MEITUAN-W up 4.53% and XIAOMI-W down 2.45%; Hong Kong Retail Stocks strengthened, CHOW TAI FOOK increased by 5.85% and SAMSONITE decreased by 3.14%; Apple Supplier stocks declined, with COWELL down 6.68% and SUNNY OPTICAL down 3.83%.
NAGACORP: 2024 Annual Report
The Macao Tourism Board promotes the Indicators for the accommodation popularity of mainland travelers, with the first day of the May Day holiday reaching the highest popularity.
The Macao Tourism Board has launched a heat index to predict the stay of mainland travelers, which will publish seven-day heat data on the "Macao Tourism Data+" platform starting Monday (28th), aiming to help the Macao tourism and hotel industry better grasp trends related to mainland travelers staying locally. The heat index shows a "rise then fall" trend in the daily heat index during the period from April 29 to May 5. Among these, May 1 reached this week's highest point of 128, followed by May 5 hitting this week's lowest point of 82.4. The above data is compiled by Trip.com (09961.HK) based on the booking volume of mainland travelers to Macao and web search volume statistics.
The Macao Public Security Police expect that during the Labor Day Gold holiday, there will be up to 3.5 million crossings.
According to reports from Macao Radio, the Macao Public Security Police Bureau expects that during the Labor Day Golden Week (from May 1 to May 5), there will be between 3.4 million and 3.5 million people entering and exiting through various ports, with an average daily entry and exit count ranging from 0.68 million to 0.7 million. It is anticipated that there will be a peak in entry and exit on May 3.
Hotel prices in Macau stabilized during the May Day Gold Week holiday, with some five-star hotels still not fully booked.
According to reports from Macao Business News, many five-star hotels under Macao gaming companies still had room availability during the May Day Gold holiday period, although some three and four-star hotels experienced relatively tight room supply. The report mentioned that although hotel room availability in Macao was relatively abundant during this year's May Day Gold holiday, some hotels still had quite stable room prices. Among them, the room price of the Mandarin Oriental, Macao increased from over 5,000 yuan last year to over 7,700 yuan, a year-on-year increase of 54%; the price of the Londoner hotel also saw a year-on-year increase of 36%, priced at 0.015 million yuan per night. The Director of the Macao Tourism Board, Maria Helena de Senna Fernandes, mentioned in a previous media interview that it is expected that the May Day Gold holiday...
Hong Kong market overview | The three major indices surged and then fell back, with the Hang Seng Index rising by 0.32%; the tech and Apple Supplier stocks performed well, with Baidu up nearly 4% and COWELL rising over 6%.
Network Technology stocks are mostly rising, Baidu Group-SW is up by 3.85%, NTES-S is up by 2.11%; Apple Supplier stocks are up, COWELL is up by 6.11%, FIH is up by 4.23%; Lithium Battery stocks are rising, LEOCH INT'L is down by 3.21%, HONBRIDGE is up by 2.50%.
Hong Kong Stock Midday Review | All three indexes rise, the Tech Index rises nearly 2%; tech stocks and Mainland Real Estate stocks strengthen, Baidu rises over 5%, RADIANCE HLDGS surges over 43%.
Most Network Technology stocks rose, with Baidu Group-SW up 5.33% and NTES-S up 3.41%; Macau Casino stocks generally rose, with MELCO INT'L DEV up 8.94% and SANDS CHINA LTD up 4.85%; Mobile Game stocks generally rose, with Bilibili-W up 3.69% and NTES-S up 3.41%.
In the "Big Banks" report, CITIC Securities lowered the Target Price for Jin Jian (03918.HK) by 8% to 4.4 yuan and adjusted the EBITDA forecast.
CICC published a Research Report indicating that NAGACORP (03918.HK) total Gambling revenue for the first quarter of fiscal year 2025 increased by 18% year-on-year, recovering to 53% of the same period in 2019. Among them, mass Gambling revenue led the recovery, increasing by 24% year-on-year, recovering to 120% of the same period in 2019; VIP Gambling revenue remains under pressure, growing by 17% year-on-year, only recovering to 29% of the same period in 2019. However, NAGACORP's net Gambling revenue for the first quarter of fiscal year 2025 has already recovered to 92% of the same period in 2019, which the institution believes is due to the increasing proportion of income from the high-margin mass Business.
The Secretary for Economy and Finance of Macau: will make lawful arrangements for the coordination and contingency measures during the transition period of the "Satellite".
According to Macao Radio, the Secretary for Economy and Finance, Dai Jianye, attended a legislative council meeting yesterday (23rd) and stated that the Macao government has always regulated the local Gambling industry development in accordance with the principles of legality, health, and order, emphasizing that it will properly coordinate the upcoming end of the transition period for the "Satellite" venues and the contingency measures in accordance with the law.
CICC: Maintain NAGACORP (03918) outperform industry rating and lower Target Price to HKD 4.40.
The bank expects the number of travelers to Cambodia to further increase, which may drive the development of the company's Business.
NAGACORP (03918.HK): Expected to resume dividends in 2025.
The Mid-Sector is leading the company's recovery trend. NAGACORP (3918.HK) recently announced its Gambling Operation data for Q1 2025. The company's total Gambling revenue in Q1 2025 reached 0.171 billion USD, an 18% year-on-year increase, returning to 1.
Macau has been selected as Malaysia's most popular international destination.
Malaysia will host the "2025 Malaysia International Tourism Expo" from the 18th to the 20th of this month, during which Macau is recommended as the "most popular international destination." According to data from the Macau Statistics and Census Service, over 0.181 million Malaysian visitors to Macau were recorded last year, representing an 82% year-on-year increase. Additionally, the Macau Tourism Office, in collaboration with the Malaysian Tourism and Travel Agents Association, will welcome the Malaysian tourism industry delegation to Macau to participate in the "13th Macau International Tourism (Industry) Expo and related activities" from the 25th to the 27th of this month, aiming to attract more Malaysian tourists to visit Macau, solidify the Southeast Asian market, and expand the country's presence.
Hong Kong market quick view | All three major indices rose, with the Technology Index up nearly 2%; Network Technology stocks surged, with NetEase increasing over 4% and Alibaba rising over 3%; new Consumer stocks performed excellently, with Mixue Group a
Several Network Technology stocks rose, with NTES-S increasing by 4.56% and Alibaba rising by 3.13%; Alcoholic Beverages stocks generally went up, with PALINDA GROUP dropping by 9.52% and CHINA RES BEER increasing by 4.10%; Sporting Goods stocks surged, with POU SHENG INT'L rising by 4.35% and XTEP INT'L increasing by 4.03%.
Cen Haohui: If Macau's monthly gambling revenue only records 15 billion patacas, it will face a fiscal deficit. Changing the tax structure in the short term is difficult, but it must be implemented.
Macao's Chief Executive Ho Iat Seng stated on Tuesday (the 15th) at the Legislative Council's Q&A session that the structural imbalance in Macao's finances is severe, with significant pressure from rigid expenditures. In this year's budget, regular expenditures account for about 115 billion Macao patacas (the same below). Among these, personnel expenses are the largest, accounting for about 30.26 billion patacas, covering salaries and allowances. He expects that this year, Gambling tax revenue will be about 93.1 billion patacas, accounting for about 81% of fiscal revenue, and is concerned that if Gambling tax revenue only reaches 15 billion patacas monthly, Macao will face a budget deficit. Ho Iat Seng mentioned that a study has been requested on the contribution ratios of various industries and taxes in normal economies, and pointed out Macao.
Hong Kong market quick review | The three major indices had mixed results, with the Hang Seng Index rising by 0.23%, marking six consecutive increases; Home Appliances stocks performed actively, with HISENSE HA rising by 6%; MINISO increased by nearly 4%.
Network Technology stocks rose together, with KUAISHOU-W up 1.69% and Alibaba-W up 1.57%; Apple Supplier stocks generally fell, with AAC TECH down 5.46% and Q TECH down 2.88%; Most Hong Kong Retail Stocks declined, with MILAN STATION up 6.60% and PRADA down 4.18%.
Hong Kong stock midday commentary | The three major Indices opened high and fell, with the technology index dropping nearly 1%; Consumer stocks performed actively, with Wei Long Delicious rising nearly 5% to set a new high, and Anta rising over 3%.
Network Technology stocks fluctuated, with NTES-S down 1.75% and Alibaba-W up 1.29%; Casinos and Gaming stocks saw many declines, with PARADISE ENT up 5.52% and GALAXY ENT down 3.57%; Apple Supplier stocks experienced many declines, with AAC TECH down 4.09% and BYD Electronics down 2.21%.