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<Research>UBS Rates GALAXY ENT as Buy; Macau's MTD GGR Slips 2% MoM, Still Stellar
Recommend 12 Positive 29 Negative 6 |
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According to a report from UBS, its channel checks indicated that Macau recorded robust GGR over the past seven days (June 9-15), with a daily average of MOP686 million, up from MOP650 million in the previous eight days, bringing the MOD daily average to MOP667 million, down 2% from May but still better than the 9% seasonal decline seen in 2015-19. Based on market forecasts for June's daily average GGR of MOP619 million, Macau would need to achieve a daily average of MOP572 million for the remaining 15 days of the month in order to meet market expectations. From UBS' perspective, a rich lineup of upcoming events and the ramp-up of the Capella Hotel will help drive demand for the rest of June. UBS' sector top pick was GALAXY ENT (00027.HK), to which it gave a target price of HKD34.2 and a Buy rating. AAStocks Financial News |
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