The company is in charge of
1) the strategic location of the property industry, based on all types of customers: (2) the largest leisure and entertainment facilities in Macau; (3) rich customer knowledge and good relations; (4) the return of the Pharaoh's temple is the same as that of the Pharaoh's temple, and the daily tables of the hotel division and the central market division are in the forefront; (5) experienced rich in deep management.
Overview of the industry
Australia is a special administrative region of China, located in the Pearl River Delta along the southern coast of Guangdong Province, which is one of the richest and urbanized provinces in China. Hong Kong is an overseas travel service, and the high-speed ferry journey from Macau to Hong Kong is one hour. Macao is also the only place in China that provides legal market betting. Macau attracts tourists from Taiwan, which has a population of 105000000 in 2011, and visitors from other regions of China, Taiwan, Japan, South Korea, Thailand, Malaysia, Singapore, Indonesia, India and the Philippines, all of which are within five hours of the flight away from Macau, with a total population of about 3.2 billion in 2012. In 2009, according to the study on the Development Plan of Urban agglomeration in the Greater Pearl River Delta (October 2009), Macau and China designated it as "the most attractive travel and leisure center in the world".
In terms of total gaming revenue, Macau is the largest and fastest growing gaming market in the world. Macao is also the only place that provides legal market gambling in the large and medium-sized regions at present. In 2012, the total gaming revenue of the Macau market was HK $295.3 billion (compared with an increase of 13.5% in 2011), which is also about four times the total gaming revenue of Las Vegas Avenue in 2012. The total gaming revenue from 2007 to 2012 increased at a complex annual rate of 29.7%, more than triple the HK $80.6 billion in 2007. Macau also provides a wide range of non-gaming facilities, including retail, hotel, conference and marketing facilities, as well as support for various infrastructure projects of the Macao government.
Valuation
According to the IPO price / earnings ratio of HK$2.30 to 2.98, Macau's 2012 price-to-earnings ratio is 30.7-39.7 times, and the price-to-price ratio is 1.9-2.2 times. Due to the recent volatility in the stock market in Hong Kong and the heavy operating conditions, the short-term volatility of stocks after listing is expected to increase, but the industry as a whole is still satisfactory. Investors should be aware that the company does not hold a license, and the face-to-face trust will be higher than other licensed dealers, so we make small bets.
Negative factor
1) the company's root service agreement provides gaming services, and all revenue from gaming services is subject to SJM. (2) if the Macau government exercises its recovery right or terminates the grant of SJM under certain circumstances, or if the SJM law extends its grant in 2020 and the company is unable to make similar arrangements with any other grantee or grant service to the company, the company will cease to generate any revenue from gaming services; (3) the company's revenue mainly comes from gambling, it itself involves mechanical components beyond the control of the company. As a result, the company's earnings may fluctuate; (4) these markets are based on SJM approved sales, and some of these markets are beyond the control of the company; (5) company-to-company contacts are generated as a result of the provision of trust to customers by betting intermediaries operating in the gambling area of the Australian property market. (6) the company's contact with SJM is related to the company's guarantee to SJM about the slot machines in the Macau land market. (7) the company is facing fierce competition from Macau and other parts of Asia. (8) the company's history is limited.
