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Goldman Sachs: Expects Macau's second quarter gambling revenue to remain flat, reiterates Galaxy Entertainment (00027) as its top pick.
Goldman Sachs believes that Macau stocks have good value at their current level, and have not reflected the potential upward space brought by the relaxation of visa policies and more rational competition.
According to reports, Macau has requested casinos to stop offering free snacks, which will have a minimal impact on gambling revenue, according to Daiwa Securities.
Morgan Stanley's research report indicates that there are reports that the Macau government has requested casinos to stop providing free snacks, causing a general decline in the stock prices of Macau gambling companies yesterday (12th). The bank believes that this measure may affect the flow of casino customers, but is expected to have a minimal impact on gambling revenue. Because the new measure mainly aims to prevent non-gambling tourists from enjoying free snacks at casinos, and gambling customers can still easily obtain free snacks.
"The Great Line" Goldman Sachs: The potential continuous share of gambling revenue of Silver Entertainment (00027.HK) has not been fully reflected in the valuation, and the potential increase may reach 20%. It is reaffirmed as the first choice.
Goldman Sachs released a research report, continuing to believe that Macau casino stocks have good value at current levels, and have not yet reflected the potential upward space brought by the relaxation of visa policies and more rational competition. The bank assumes that quarterly gambling revenue will remain flat in the second quarter of this year, with market share increasing for Sands China (01928.HK) and Melco Resorts & Entertainment (MLCO.US), while Wynn Macau (01128.HK) and MGM China (02282.HK) may see a decline in market share, and SJM Holdings (00880.HK) and Galaxy Entertainment Group (00027.HK) are relatively stable. The bank believes that after a rebound from a low point in early May, Galaxy Entertainment Group's stock price will continue to rise and the upside is expected to remain high.
In the first ten days of June, the gambling revenue reached 6.5 billion Macau dollars. MGM China (02282) and Wynn Macau (01128) are preferred options according to Goldman Sachs.
JPMorgan released a research report stating that the adjusted total gambling income (GGR) for the first 10 days of June in Macau was 6.5 billion yuan per day, with a total GGR of 65 billion yuan (MOP equivalent), equivalent to the daily income in May. This level is better than normal due to the two weekends and the Dragon Boat Festival holiday covered during this period. It is believed that the gambling revenue data for this month will be strong, maintaining the forecast of 18 billion yuan in gambling revenue for June. The bank's top picks are MGM China (02282) and Wynn Macau (01128), followed by Sands China (01928), and Galaxy Entertainment (00027).
Express News | UBS Group recommends Macau casino stocks including Melco Resorts & Entertainment Limited and Wynn Macau Limited, with target prices of HKD 7.8 and HKD 46.1, respectively.
Major bank rating: UBS Group prefers new casino and silver entertainment in Macau casino stocks, with target prices of HKD 7.8 and HKD 46.1, respectively.
June 12th, Geelong's report stated that according to channel surveys, the daily gambling revenue in the central area of Macau has increased by about 3% quarterly since the second quarter. It is believed that this is due to the May labor holiday, while VIP room gambling revenue has fallen by about 6% quarterly. The bank mentioned that in terms of market share, Yin Yu continued to grow in May, rising by 250 basis points monthly, driving market share up by 200 basis points quarter-on-quarter in the second quarter. The new moon fell by 50 basis points, causing the market share quarter-on-quarter to narrow by 110 basis points. As for Wynn and MGM China, their market share has each dropped by about 140 and 120 basis points quarter-on-quarter in the second quarter. Sands China is down in the second quarter.