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<Research>Jefferies: MO Casinos Expected to Benefit from 1H26 Low Base/ MO Govt's Conservative Forecast
Recommend 8 Positive 18 Negative 7 |
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Last year's performance in Macau's gaming industry was a relatively positive factor for Macau's casinos, Jefferies released a research report saying. In September 2025, GGR increased by 14.8%YoY, boosting the annual GGR by 9.1% YoY, roughly in line with the expectations of the broker/ market of a 8.9%/ 9.2% growth. Given the low base faced until May 2026 and the Macau government's conservative forecast of low single-digit growth in GGR, Jefferies believed that Macau's casinos are in a favorable position this year. Among listed US casinos, the broker preferred Wynn Resorts (WYNN.US) and Las Vegas Sands Corp. (LVS.US), expecting both to outperform their US peers, partly due to business opportunities in Singapore and the UAE and continued benefits from positive factors in Macau. Currently, their stock prices at 9-11x EBITDA are unintimidating. For Hong Kong-listed stocks, Jefferies remained positive on GALAXY ENT (00027.HK) and SANDS CHINA LTD (01928.HK), noting that the projected enterprise value ratios of 6-10x for Macau's casinos are attractive, with upside room. AASTOCKS Financial News Website: www.aastocks.com |
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