The momentum in Macau's revenue continued in 3Q25, with last month's GGR beating CLSA's expectation by 1%. Industrial profitability, a strong RMB and positive stock market performance supported the recent strength in GGR, according to CLSA's research report. The stabilization of China's property prices will be the next growth catalyst.The broker raised its 2025/ 2026 Macau's GGR forecasts by 1.3%/ 3.5% to MOP245.7 billion/ MOP255.6 billion, up 8.4%/ 4% YoY, and predicted that Macau's GGR will rise by 10% YoY to MOP18.9 billion this month.Related NewsJPM: Firms Representing 93% of MSCI Hong Kong Index Mkt Value Report 11%+ Hike in Interim Profits w/ 29 Bps NPM ExpansionCLSA lifted its target EV/EBITDA multiples, and upgraded Melco Resorts & Entertainment (MLCO.US) / SJM HOLDINGS (00880.HK) +0.030 (+1.024%) Short selling $10.28M; Ratio 19.801% to Outperform/ Hold. GALAXY ENT (00027.HK) +1.080 (+2.687%) Short selling $88.32M; Ratio 21.217% and MGM CHINA (02282.HK) +0.120 (+0.764%) Short selling $20.18M; Ratio 17.760% remain its sector top picks.The following table shows CLSA's latest ratings and target prices for Macau casinos:Stock│ Rating│ TP (HKD)GALAXY ENT (00027.HK) +1.080 (+2.687%) Short selling $88.32M; Ratio 21.217% │Outperform│43.6->50.3MGM CHINA (02282.HK) +0.120 (+0.764%) Short selling $20.18M; Ratio 17.760% │Outperform│14.6-> 19.5SANDS CHINA LTD (01928.HK) +0.170 (+0.870%) Short selling $26.67M; Ratio 6.367% │Outperform│18.5->22.4WYNN MACAU (01128.HK) -0.050 (-0.739%) Short selling $4.62M; Ratio 6.636% │Outperform│7->9.6Melco Resorts & Entertainment (MLCO.US) │Hold-> Outperform│ US$8.6->US$12.9SJM HOLDINGS (00880.HK) +0.030 (+1.024%) Short selling $10.28M; Ratio 19.801% │Underperform->Hold│2->3(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-05 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)Related NewsM Stanley Expects MO 3Q GGR to Leap 16% YoY