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<Research>M Stanley Predicts MO Gaming Industry to Sustain Strong Momentum, Prefers GALAXY ENT/ MGM CHINA
Recommend 15 Positive 29 Negative 8 |
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Macau's GGR rose by 12% YoY to MOP22.2 billion in August, setting a new post-pandemic high, in line with the latest market expectations, according to Morgan Stanley's research report. Specifically, August's GGR has already recovered to 91% of the pre-pandemic levels. In Morgan Stanley's opinion, August's GGR reflected a turning point for Macau's gaming industry, with the wealth effect and ample liquidity in the Hong Kong market being the two key drivers of demand. Believing that the momentum will remain strong for a period of time, the broker predicted a YoY growth of 15%/ 21% in 1Q26's GGR and EBITDA. Regarding stock selection, Morgan Stanley's top picks were GALAXY ENT (00027.HK) and MGM CHINA (02282.HK), with target prices of HKD54 and HKD23, respectively, followed by SANDS CHINA LTD (01928.HK) with a target price of HKD24.5, all rated as Overweight. MELCO INT'L DEV (00200.HK) was given an Underweight rating with a target price of HKD4.5. AAStocks Financial News |
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