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<Research>HSBC Research Raises TPs for All Casinos, Prefers GALAXY ENT/ MGM CHINA
Recommend 36 Positive 47 Negative 19 |
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According to a report from HSBC Global Research, Macau's GGR in the past month rose by 19% YoY, beating expectations. Meanwhile, high-end demand surpassed the broker's forecasts, and on-site inspections indicated that robust demand would be more enduring, particularly in the coming months. Some industry sources attributed the demand increase to higher travel frequency and increased gaming budgets among high-end mass-market players. The authorities' crackdown earlier this year on currency exchange operations seems to have had a minimal impact, and non-gaming events have a role in boosting GGR. In HSBC Global Research's estimate, Macau's upcoming rich event schedule will help sustain GGR momentum in the face of relatively weak high-end retail demand. The broker preferred GALAXY ENT (00027.HK) and MGM CHINA (02282.HK) among Macau casino stocks. Below are the latest target prices and investment ratings for Macau casino stocks from HSBC Global Research: Stock│Investment Rating│Target Price (HKD) Melco Resorts & Entertainment (MLCO.US)│Hold│USD8.2→USD8.5 GALAXY ENT (00027.HK)│Buy│42.5→45.5 MGM CHINA (02282.HK)│Buy│16.7→18.8 SANDS CHINA LTD (01928.HK)│Hold│17.3→19.7 SJM HOLDINGS (00880.HK)│Hold│2.5→3.2 WYNN MACAU (01128.HK)│Hold│6→6.5 AAStocks Financial News |
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