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<Research>BofAS Raises 2024/ 2025 MO GGR Forecasts, Generally Lifts TPs for Casinos
Recommend 27 Positive 65 Negative 23 |
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Macau's strong GGR during October Golden Week indicates the resilience of Macau's gaming industry amid generally weak China consumption, BofA Securities issued a research report saying. However, the industry is facing uncertainties in the regulatory environment under a new Chief Executive. BofA Securities raised its 2024 Macau's GGR forecast by 2% to MOP227 billion, up 24% YoY to 78% of the 2019 level, and lifted 2025 GGR forecast by 7% to MOP230 billion, up 2% YoY. The industry EBITDA is expected to fall 6% QoQ, with SJM HOLDINGS (00880.HK) estimated to be leading with an about 20% QoQ increase in EBITDA. Most of the rest of the operators are likely to see a QoQ decline in EBITDA, with MGM CHINA (02282.HK)/ GALAXY ENT (00027.HK)/ SANDS CHINA LTD dropping 19%/ 10%/ 3%. BofA Securities raised its target prices for casinos by an average of 19%, and its ratings and target prices are listed in the table below: Stock | Rating | TP (HKD) MGM CHINA (02282.HK) | Buy | 16 -> 15 SJM HOLDINGS (00880.HK) | Underperform | 2.2 -> 3 GALAXY ENT (00027.HK) | Buy | 42 -> 46 WYNN MACAU (01128.HK) | Neutral | 6.2 -> 7 SANDS CHINA LTD (01928.HK) | Buy | 17.7 -> 24 AAStocks Financial News |
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