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[Brokerage Focus] CITIC SEC expects that under the all-round stimulus of domestic demand policies, the Macau Gambling Sector is likely to further improve in terms of prosperity.
Jingwu Financial News | CITIC SEC stated that the December Politburo meeting has lifted the direction for Consumer recovery, considering that the core momentum for high-end Commodity/Service consumption among consumers in China comes more from the wealth effect. Therefore, based on the assumption that Real Estate is gradually stabilizing after a decline, the firm expects that the consumption growth rate in first-tier cities will rebound first. In a horizontal comparison, the firm is Bullish on Macau, as it celebrates the 25th anniversary of its return, where Gambling as a 'cyclical + high-end consumption' category may become a leading Indicator for domestic demand recovery. From an Industry perspective, GGR data for January to November 2024 is expected to recover to 77% of the same period in 2019.
Hong Kong Stock Concept Tracking | The number of inbound visitors to Macau in November increased by 9.6% year-on-year. The sector's prosperity in Macau is expected to further improve (with related stocks attached).
Macau: In November, incoming tourists exceeded 2.83 million, an increase of 9.6% year-on-year.
[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).
On December 16, MGM CHINA (02282.HK) spent 0.351 million HKD to repurchase 0.035 million shares.
Gelonghui reported on December 16 that MGM CHINA (02282.HK) announced the repurchase of 0.035 million shares at a cost of 0.351 million Hong Kong dollars on December 16.
On December 13, MGM CHINA (02282.HK) spent 2.9867 million Hong Kong dollars to repurchase 0.2936 million shares.
Gelonghui, December 13丨MGM CHINA (02282.HK) announced that on December 13, it spent 2.9867 million Hong Kong dollars to repurchase 0.2936 million shares, with a repurchase price of 10.02-10.22 Hong Kong dollars per share.
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