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<Research>CLSA Envisions MO Gaming Industry's 3Q EBITDA to Rise 10% YoY, but Margin Under Pressure
Recommend 13 Positive 24 Negative 8 |
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CLSA has issued a research report anticipating that the Macau gaming industry's 3Q25 EBITDA will grow by 10% YoY to USD2.063 billion on a 12.5% YoY increase in GGR. Because of a 33-hour casino shutdown caused by Typhoon Ragasa, however, the luck-adjusted margin is expected to be pressured with a QoQ decline of 0.5 ppts. It is believed that the resilience of GGR and the reinvestment of gaming companies after the Golden Week will be the focus of market attention. Regarding stock selection, CLSA preferred GALAXY ENT (00027.HK) and MGM CHINA (02282.HK), with the target prices slightly increased from HKD50.3 to HKD50.5 for the former and reduced from HKD19.5 to HKD18.3 for the latter. Both were rated Outperform. In addition, Melco Resorts & Entertainment's (MLCO.US) target price was set at USD13.2, with an Outperform rating. SJM HOLDINGS' (00880.HK) target price was increased to HKD3.2, with a Hold rating. The target prices for SANDS CHINA LTD (01928.HK) and WYNN MACAU (01128.HK) were cut to HKD22 and HKD9, both with an Outperform rating. AAStocks Financial News |
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