Macquarie: Raises target price for Melco International Development to HK$2, market share increases in first quarter.

According to a research report released by Macquarie, the first quarter revenue of Aoba Holdings in the 2025 fiscal year increased by 8.1% year-on-year, roughly in line with the bank's expectations; adjusted EBITDA increased by 10.9% year-on-year, which is 5% lower than the bank's expectations; gambling revenue grew by 9.6%, compared to the industry average of 0.6%, indicating an increase in market share for the quarter. Macquarie stated that based on strong performance in April, the adjusted EBITDA forecasts for Aoba Holdings for the fiscal years 2025 to 2027 were slightly raised by 0.4%, 0.1%, and 0.1% respectively, mainly due to an increase in revenue growth forecasts, partially offset by a decrease in adjusted EBITDA profit margin forecasts. The bank raised the target price for Aoba Holdings from 1.9 Hong Kong dollars to 2 Hong Kong dollars, an increase of 5%, and gave a "neutral" rating.