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[Brokerage Focus] Morgan Stanley: It is expected that total Gambling revenue in Macau will increase by 5% year-on-year in 2025, reaching 238 billion Macau dollars.
Jinwu Financial News | Morgan Stanley's recent Research Reports indicate that the Macau gambling industry is expected to achieve slight but stable growth by 2025. The report estimates that the total gambling revenue (GGR) in Macau will reach 238 billion patacas in 2025, a year-on-year increase of 5%, while the earnings before interest, taxes, depreciation, and amortization (EBITDA) is projected to reach 8 billion dollars, a year-on-year increase of 6%. Although market expectations for the gambling industry are relatively cautious, Morgan Stanley believes that as various gambling companies increase investments in non-gambling sectors and improve service quality, market share and profitability are expected to further enhance. Morgan Stanley believes that although the growth rate is relatively mild.
According to JPMorgan, Macau Casino stocks lack positive catalysts in the short term, with GALAXY ENT (00027) being the top choice.
J.P. Morgan's recommended order is GALAXY ENT (00027), followed by WYNN MACAU (01128), SANDS CHINA (01928), and MGM CHINA (02282), then SJM HOLDINGS (00880), and lastly MELCO INT'L DEV (00200).
We Think SJM Holdings (HKG:880) Is Taking Some Risk With Its Debt
Morgan Stanley: Assigns SJM HOLDINGS a "Shareholding" rating, Target Price 2.25 HKD.
Morgan Stanley published a research report stating that earlier SHUN TAK HOLD (00242) and SJM HOLDINGS (00880) announced a memorandum of understanding, in which SHUN TAK HOLD plans to sell its Hengqin property to SJM HOLDINGS for 0.546 billion yuan (approximately 0.584 billion HKD). SJM HOLDINGS has a Target Price of 2.25 HKD with a rating of 'Shareholding'. The report指出 (indicates) that these actions are strategically significant but have limited short-term effects. The company plans to convert the space into a three-star hotel, and the bank expects it to have 300 rooms, each with an area of 500 square feet, which means each room would be priced at 2 million yuan, but it still needs 18 more.
Gelonghui Announcement Highlights (Hong Kong Stocks)︱Kanzhun-W (02076.HK) reported a 26.5% increase in operating profit for the third quarter and a 30.0% increase in monthly active users.
[Today's Focus] Kanzhun-W (02076.HK) reported a 26.5% increase in operating profit for the third quarter and a 30.0% rise in monthly active users. Kanzhun-W (02076.HK) announced that in the third quarter of 2024, the company’s revenue was 1,911.6 million yuan, a 19.0% increase compared to 1,606.6 million yuan in the same quarter of 2023. The operating profit for the third quarter was 330.2 million yuan, which is a 26.5% increase from 261 million yuan in the same quarter of 2023. As of September 30, 2024,
SJM HOLDINGS (00880.HK) plans to acquire property in the Hengqin New District of Zhuhai for 0.546 billion yuan.
Gelonghui announced on December 11 that SJM HOLDINGS (00880.HK) entered into a non-binding memorandum of cooperation on December 11, 2024, under which potential sellers (a wholly-owned subsidiary of Shun Tak) plan to sell, and potential buyers SJM Investments intend to acquire the property without any encumbrance on the title, for a price of 0.546 billion RMB (approximately 0.584 billion HKD, excluding taxes). The property includes nine (9) floors of partitioned office units within an office building and a retail unit, located at No. 28, Xinde Street, Hengqin New District, Zhuhai, currently known as the Xinde Port Business Center.
