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<Research>JPM Continues to Forecast MO May GGR to Grow 2-4% YoY; GALAXY ENT Sector Top Pick
Recommend 13 Positive 35 Negative 15 |
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Based on industry checks, Macau's GGR for the first 25 days of May whopped MOP17.9 billion, implying average daily GGR of MOP716 million, JP Morgan said in its report. Average daily GGR last week sank about 5% WoW to MOP656 million, in line. The broker continued to forecast May GGR to grow 2-4% YoY, with growth in June and July expected to stabilize thereafter. Although Macau gaming stocks delivered better-than-expected results in 1Q, the sector has still seen a pullback. The broker believed that the entry threshold for buying gaming stocks is now very low, but the sector has yet to bottom out, as the market is pricing in a visible slowdown in GGR in the coming months in advance. In JP Morgan's view, investors need not rush to buy and a Neutral/ Selective stance was upheld on the sector. For investors focusing on medium-term opportunities, yield plays such as GALAXY ENT (00027.HK), WYNN MACAU (01128.HK) and SANDS CHINA LTD (01928.HK) offer value. The top pick order remains GALAXY ENT, SANDS CHINA LTD, WYNN MACAU, MGM CHINA (02282.HK), Melco Resorts & Entertainment Limited (MLCO.US), MELCO INT'L DEV (00200.HK) and SJM HOLDINGS (00880.HK). Stocks | Investment Ratings | TPs GALAXY ENT (00027.HK) | Overweight | HKD52 SANDS CHINA LTD (01928.HK) | Overweight | HKD22 WYNN MACAU (01128.HK) | Overweight | HKD7.5 MGM CHINA (02282.HK) | Neutral | HKD13.2 Melco Resorts & Entertainment Limited (MLCO.US) | Neutral | USD6 SJM HOLDINGS (00880.HK) | Underweight | HKD2 MELCO INT'L DEV (00200.HK) | Underweight | HKD3.5 Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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