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<Research>JPM Expects MO GGR to Grow 7-12% YoY in Jun; Top Picks GALAXY ENT, MGM CHINA
Recommend 10 Positive 24 Negative 7 |
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Macau's GGR for the first 15 days of June hit MOP10 billion, suggesting that the daily average GGR for the past week increased by 5% WoW to MOP686 million, JPMorgan released a research report indicating. In JPMorgan's opinion, this was a very robust level. Even if demand slows down noticeably for the remainder of this month, a daily average GGR of MOP600-650 million can still bring June's GGR to a YoY growth of 7-12%, thereby driving 2Q GGR up by 5-6% YoY but down 2-4% QoQ. With the current low risk to earnings, JPMorgan believes casino stocks can be reassessed, and the outlook for the gaming industry is more optimistic. The broker's preference was: GALAXY ENT (00027.HK) = MGM CHINA (02282.HK) (both as top picks) > SANDS CHINA LTD (01928.HK) > WYNN MACAU (01128.HK), all rated as Overweight. In addition, Melco Resorts & Entertainment (MLCO.US) and SJM HOLDINGS (00880.HK) were given a Neutral rating, while MELCO INT'L DEV (00200.HK) was rated as Underweight. AAStocks Financial News |
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