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<Research>M Stanley Cuts TPs for Casino Stocks on Weakened Outlook, Downgrades GALAXY ENT/ WYNN MACAU to Equalweight
Recommend 11 Positive 28 Negative 41 |
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Morgan Stanley has released a report predicting that Macau casino stocks will underperform the market in the short term. In Morgan Stanley's estimate, Macau's 2026 GGR will grow by 6%, and the EBITDA will only increase by 2%, missing market expectations and weakening YoY. The growth slowdown is expected to be caused by the base effect impacting the 2H26 GGR, along with persistent softness in base mass. Morgan Stanley has downgraded its industry view from Attractive to In-Line, projecting the YoY growth in GGR to slow from May and the EBITDA to log negative growth in 2Q26 and 3Q26. It favors SANDS CHINA (01928.HK) and Melco Resorts & Entertainment (MLCO.US). Stocks | Ratings | Target Prices (HKD) SANDS CHINA LTD (01928.HK) | Overweight | 22 -> 18.5 GALAXY ENT (00027.HK) | Overweight -> Equalweight | 44 -> 39 MGM CHINA (02282.HK) | Equalweight | 15 -> 13.2 Melco Resorts & Entertainment (MLCO.US) | Overweight | USD8.5 -> USD6.3 WYNN MACAU (01128.HK) | Overweight -> Equalweight | 6.6 -> 5.9 SJM HOLDINGS (00880.HK) | Underweight | 2.2 -> 2 AAStocks Financial News |
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