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<Research>JPM: MO 4Q GGR May Increase by 15-16% YoY
Recommend 7 Positive 29 Negative 7 |
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Macau's GGR for the first 21 days of December was MOP14.65 billion, implying a daily average GGR of approx. MOP697 million, according to JPMorgan's research report. Driven by normalized hold and luck factors, the daily average GGR in the past week reached MOP700 million, higher than the previous week's MOP650 million. With a lower base, the daily average GGR December-to-date increased by nearly 20% from MOP587 million in December 2024. The broker saw further upsides in its initial GGR forecasts for December/ 4Q25 by 15%/ 13% YoY each, as current data suggests that 4Q25 GGR may grow by 15-16% YoY, or 6-7% QoQ, which could also support the market's continued upward revision of expectations. Regarding stocks, JPMorgan favored SANDS CHINA LTD (01928.HK) in the short term, primarily due to expectations of increased dividends and improved market share and profit in 4Q25. For the long term (12 months or more), GALAXY ENT (00027.HK) is the broker's top pick, as it offers solid value and long-term growth potential, in JPMorgan's view. Conversely, the broker continued to avoid MELCO INT'L DEV (00200.HK) and SJM HOLDINGS (00880.HK). Stock | Rating | TP (HKD) WYNN MACAU (01128.HK) | Overweight | 8.5 SANDS CHINA LTD (01928.HK) | Overweight | 24.5 GALAXY ENT (00027.HK) | Overweight | 50 MGM CHINA (02282.HK) | Overweight | 20 SJM HOLDINGS (00880.HK) | Neutral | 2.5 MELCO INT'L DEV (00200.HK) | Underweight | 4.3 AASTOCKS Financial News Website: www.aastocks.com |
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