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<Research>JPM: MO Jun GGR Beats; Top Picks MGM CHINA, GALAXY ENT
Recommend 34 Positive 50 Negative 22 |
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JPMorgan commented in its research report that Macau recorded in June exceptionally strong GGR that surpassed expectations. The city's GGR surged by 19% YoY to MOP21.1 billion, far exceeding the market consensus, which was already lifted, by 9%. The broker further broke this outstanding result into three aspects. Firstly, this result indicated a recovery to 88% of pre-pandemic levels, the highest recovery rate since the pandemic (compared to 79% in FY24 or 76% in 1Q25). Secondly, the average daily GGR in June reached MOP702 million, higher than May's MOP684 million (a 3% MoM growth), despite the usual seasonal pattern suggesting a high single-digit MoM percentage decline. Thirdly, this result even surpassed the most optimistic market forecasts (12% YoY growth). The broker's stock picks were: MGM CHINA (02282.HK) and GALAXY ENT (00027.HK) (top picks) > SANDS CHINA LTD (01928.HK) > WYNN MACAU (01128.HK) > Melco Resorts & Entertainment (MLCO.US) > SJM HOLDINGS (00880.HK) > MELCO INT'L DEV (00200.HK). Share | Rating | Target Price (HKD) MGM CHINA (02282.HK) | Overweight | 15 GALAXY ENT (00027.HK) | Overweight | 42 WYNN MACAU (01128.HK) | Overweight | 6.5 SANDS CHINA LTD (01928.HK) | Overweight | 18 Melco Resorts & Entertainment (MLCO.US) | Neutral | USD7.2 SJM HOLDINGS (00880.HK) | Neutral | 2.2 MELCO INT'L DEV (00200.HK) | Underweight | 2.6 AAStocks Financial News |
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