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<Research>JPM Upbeat About MO Casinos' Trend Next Yr; GALAXY ENT Still the Top Pick in Long Term
Recommend 5 Positive 18 Negative 5 |
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According to JPMorgan's research report, the broker's checks show that Macau's GGR for the first 23 days of November reached MOP15.6 billion, averaging MOP678 million per day. While Macau's GGR is a bit too strong, casino stocks are slightly too cheap, yet the broker is optimistic about their trend next year. In the short term (about six months), JPMorgan favors SANDS CHINA LTD (01928.HK), as it is expected to hike dividends in its results to be announced at the end of February 2026 and secure greater market share and profits in 4Q25. In the long term (over 12 months), GALAXY ENT (00027.HK) remains JPMorgan's top pick. The company has strong value, long-term growth potential, and the option of the Phase 4 project (expected to open in 2027). The earnings of the project may be reflected in the stock price sometime next year. Furthermore, JPMorgan will continue to avoid MELCO INT'L DEV (00200.HK) and SJM HOLDINGS (00880.HK). JPMorgan's investment priority for Macau casino stocks: SANDS CHINA LTD = GALAXY ENT (both equal) > WYNN MACAU (01128.HK) = MGM CHINA (02282.HK) (both equal) > Melco Resorts & Entertainment (MLCO.US) > SJM HOLDINGS > MELCO INT'L DEV. Details of JPMorgan's ratings and target prices for Macau casino stocks are available in a separate table. AAStocks Financial News |
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