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Macau Gaming / Pateo Connect Technology / Sino Land / The United Laboratories International
Analyst
Key Indices
Top Stories
Sector Update | Macau Gaming
Macau’s Aug 26 GGR reached MOP21.9b, down 1% yoy but up 8% mom, as July was impacted by the FIFA World Cup. August’s GGR figure missed market consensus by 2%, and recovered to 90% of 2019’s level. 8M26 GGR rose 4% yoy to MOP169.1b. Macau’s July visitation reached 3.5m, up 2% yoy and 26% mom, broadly in line with 2019’s level. For 7M26, cumulative visitation increased 8% yoy to 24.5m, up 3% vs 2019’s level. Maintain OVERWEIGHT; top pick: Galaxy.
Company Results | Pateo Connect Technology (2889 HK/BUY/HK$147.90/Target: HK$350.00)
1H26 results met estimates with revenue up 105% yoy to Rmb2,228m and adjusted net loss down 36% yoy to Rmb103m. GAAP net loss increased 34.5% yoy to Rmb306m, due to share-based compensation. We keep our 2026 adjusted net loss estimate, and lift 2027-28 adjusted net profit projections by 6%/3% respectively to factor in the acquisition of CME. Maintain BUY with a target price of HK$350.00.
Company Results | Sino Land (83 HK/BUY/HK$10.26/Target: HK$14.00)
Sino Land’s FY26 underlying profit fell 6.4% yoy to HK$4.79b, in line with consensus and 2.3% above our forecast. DPS was maintained at HK$0.58, implying a 113.7% payout ratio. With a strengthened net cash position, the company is selectively pursuing Hong Kong land acquisitions. The leasing momentum is improving in office and residential, while retail tenant-mix optimisation continues. Maintain BUY and raise our target price to HK$14.00.
Company Results | The United Laboratories International (3933 HK/BUY/HK$8.20/Target: HK$11.00)
TUL’s 1H26 results missed as a lapse in licence income resulted in a significant decrease in revenue and margins. Excluding licence income, overall operations remained stable in 1H26. We expect revenue and earnings to resume steady growth in 2H26, supported by a low bulk-medicine price base and continued finished-product expansion, while new product launches should further enrich the portfolio and generate significant revenue streams from 2027. Maintain BUY with a lower target price of HK$11.00.
Top Stories
Sector Update | Macau Gaming
Macau’s Aug 26 GGR reached MOP21.9b, down 1% yoy but up 8% mom, as July was impacted by the FIFA World Cup. August’s GGR figure missed market consensus by 2%, and recovered to 90% of 2019’s level. 8M26 GGR rose 4% yoy to MOP169.1b. Macau’s July visitation reached 3.5m, up 2% yoy and 26% mom, broadly in line with 2019’s level. For 7M26, cumulative visitation increased 8% yoy to 24.5m, up 3% vs 2019’s level. Maintain OVERWEIGHT; top pick: Galaxy.
Company Results | Pateo Connect Technology (2889 HK/BUY/HK$147.90/Target: HK$350.00)
1H26 results met estimates with revenue up 105% yoy to Rmb2,228m and adjusted net loss down 36% yoy to Rmb103m. GAAP net loss increased 34.5% yoy to Rmb306m, due to share-based compensation. We keep our 2026 adjusted net loss estimate, and lift 2027-28 adjusted net profit projections by 6%/3% respectively to factor in the acquisition of CME. Maintain BUY with a target price of HK$350.00.
Company Results | Sino Land (83 HK/BUY/HK$10.26/Target: HK$14.00)
Sino Land’s FY26 underlying profit fell 6.4% yoy to HK$4.79b, in line with consensus and 2.3% above our forecast. DPS was maintained at HK$0.58, implying a 113.7% payout ratio. With a strengthened net cash position, the company is selectively pursuing Hong Kong land acquisitions. The leasing momentum is improving in office and residential, while retail tenant-mix optimisation continues. Maintain BUY and raise our target price to HK$14.00.
Company Results | The United Laboratories International (3933 HK/BUY/HK$8.20/Target: HK$11.00)
TUL’s 1H26 results missed as a lapse in licence income resulted in a significant decrease in revenue and margins. Excluding licence income, overall operations remained stable in 1H26. We expect revenue and earnings to resume steady growth in 2H26, supported by a low bulk-medicine price base and continued finished-product expansion, while new product launches should further enrich the portfolio and generate significant revenue streams from 2027. Maintain BUY with a lower target price of HK$11.00.
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