Operating Cash Flow StrengthSustained strong operating cash generation, reflected by an operating cash flow to net income ratio above 10, supports long-term capital allocation. Reliable cash conversion underpins debt servicing, maintenance capex, and selective reinvestment, reducing reliance on external financing and supporting durable operations.
Revenue Recovery TrendA multi-year revenue rebound from HK$22.2bn to HK$28.3bn indicates recovering end-market demand and effective commercial execution. Persistent top-line recovery enhances scale economics, supports fixed-cost absorption in gaming facilities, and strengthens the company’s position in the domestic pachinko/pachislot market over the medium term.
Improved Gross And EBITDA MarginsMaterial improvement in gross and solid EBITDA margins signal improved pricing power or operating leverage in core gaming operations. Higher core profitability supports internal funding for maintenance and growth, and creates a buffer against industry cyclicality, enhancing long-term cash generation potential.