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<Research>JPM Expects 4Q MO GGR to Rise by Max. 19% YoY, Favors SANDS CHINA LTD/ GALAXY ENT
Recommend 18 Positive 33 Negative 13 |
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Data shows that Macau's GGR for the first seven days of December amounted to MOP5.2 billion, implying a daily average GGR of approx. MOP742 million, up over a 5% from November level, implying an over 25% growth from the same period last year, despite a lower base, according to JPMorgan's research report. In an optimistic scenario, if the growth can be sustained until the end of the month, the GGR for 4Q25 may rise by 18-19% YoY/ 8-9% QoQ, reaching a 6-year high, significantly beating the expectations of the broker/ market of 13-14%. Regarding stocks, JPMorgan was optimistic about SANDS CHINA LTD (01928.HK) in the short term, as it expected the company to announce an increase in its 2026 dividend by the end of February, meanwhile anticipating improvements in the company's 4Q25 market share and profit share. Therefore, the broker currently rated SANDS CHINA LTD at Overweight, with a target price of $24.5. In the long term, GALAXY ENT (00027.HK) remains JPMorgan's top pick due to its strong value and long-term growth potential, along with the potential that phase IV development project may be reflected in the share price starting next year. Therefore, the broker rated the stock at Overweight, with a target price of $50. Meanwhile, JPMorgan continued to recommend investors to avoid MELCO INT'L DEV (00200.HK) and SJM HOLDINGS (00880.HK), with ratings at Underweight and Neutral respectively. AASTOCKS Financial News Website: www.aastocks.com |
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