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China International Capital Corporation: It is expected that Macau's total Gambling revenue in March will be at least 18.6 billion Macanese patacas, with a preference for MGM CHINA and GALAXY ENT.
CICC released a Research Report stating that Macau's total Gambling revenue in February this year was 19.7 billion patacas, a year-on-year increase of 6.8% and a month-on-month increase of 8.2%, exceeding market expectations of a year-on-year growth of 0.75%, and recovering to 77.8% of the level in February 2019. The average daily Gambling revenue during this period was 0.705 billion patacas, a year-on-year increase of 10.6% and a month-on-month increase of 19.8%. Among Macau's gambling stocks, MGM CHINA (02282) and GALAXY ENT (00027) are the preferred choices. CICC pointed out that after excluding the seasonal impact of the Spring Festival holiday, the overall average daily total Gambling revenue during January and February this year was 0.644 billion patacas.
Macau Casino stocks surged across the board, with MELCO INT'L DEV (00200) rising by 7.71%. Macau's gaming revenue in February increased by 6.8% year-on-year.
Jinwu Financial News | Macau Casino stocks are rising across the board, with MELCO INT'L DEV (00200) up 7.71%, WYNN MACAU (01128) up 6.13%, MGM CHINA (02282) up 4.45%, Sands China (01928) up 4.27%, GALAXY ENT (00027) up 3.29%, and SJM HOLDINGS (00880) up 2.48%. On the news front, the Macao Gaming Inspection and Coordination Bureau announced that in February, gaming revenue reached 19.744 billion Macau Patacas, a year-on-year increase of 6.8%; a month-on-month increase of 8.16%. In the first two months of this year, gaming revenue totaled 37.998 billion Macau Patacas.
Morgan Stanley: Assigns GALAXY ENT a "Market Perform" rating with a Target Price of HKD 37.5.
Morgan Stanley released a research report stating that it has given GALAXY ENT (00027) a "Market Perform" rating, with a Target Price of 37.5 Hong Kong dollars. According to Morgan Stanley, GALAXY ENT's performance last quarter was generally in line with expectations. After adjusting for winning rate factors, EBITDA for the last quarter grew by 5% quarter-on-quarter, which met expectations. Morgan Stanley mentioned that the group's total costs in the last quarter increased by 5% compared to the previous quarter, which is better than its competitor MGM CHINA (02282), but weaker than SANDS CHINA (01928) and WYNN MACAU (01128), with a total annual dividend of 1 Hong Kong dollar, meeting expectations. The firm pointed out that GALAXY ENT's reinvestment rate in the mass market increased by 0.9 percentage points quarter-on-quarter to 18.5%.
Double-down or Fold? Investors Eye the Best Strategies for Macau Casino Stocks
Express News | Macau Says February Gambling Revenue up 6.8 Pct From a Year Earlier to 19.7 Bln Patacas
【Brokerage Focus】CITIC SEC indicated that Macau's GGR in February is expected to show a "long tail effect."
Jinwu Financial News | CITIC SEC stated that in the first seven days before the Spring Festival holiday in 2025 (from the first to the seventh day of the first lunar month), the total inbound passenger flow to Macau has recovered to 98% of the same period in 2019, consistent with the expectations for Q4 2024. However, due to the high proportion of family travel in the Macau tourism market during the Spring Festival holiday, the gambling market has been experiencing "crowded but not profitable" conditions, leading to a noticeable adjustment in the sector due to slightly weaker gambling data. The firm observed a significant warming in demand after the Spring Festival holiday, with February GGR expected to show a "long tail effect", predicting that the combined GGR for January and February will remain flat compared to the same period in 2024. The firm believes that the recent sector adjustment has fully reflected this.
