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<Research>G Sachs: Hengqin-MO Group Travel Visa & Faster Processing Good Omens; GALAXY, SJM Rated Buy
Recommend 13 Positive 37 Negative 15 |
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Goldman Sachs noted in a report that the National Immigration Administration (NIA) has recently announced 6 immigration management policies and measures to facilitate the movement of people and enterprises, which will take effect from 6 May. These include the introduction of a new Hengqin-Macau group travel visa, which allows multiple round trips between Hengqin and Macau within 7 days on a group basis, speeding up the processing of visas, and relaxing the limit of stay for business visas to Hong Kong and Macau to 14 days. Goldman was not surprised by the introduction of the new measures, pointing out that since the authorities expanded the scope of the Individual Visit Scheme (IVS) in March, there has been news in Hong Kong and Macau that China's central government will further relax its visa policy. These new policies are expected to bring a positive signal that China will continue to support the economic development of Macau and its integration with the Greater Bay Area. The measures are also expected to bode well for Macau's gambling industry, especially for the grind mass and low-end premium mass segments, as it will be easier and less time-consuming for tourists to apply for visas, and for business people to stay in Macau for longer periods of time. Goldman believed the gradual return of mass market customers would drive Macau's GGR growth in the coming quarters. The broker preferred GALAXY ENT (00027.HK) and SJM HOLDINGS (00880.HK), both of which remained at Buy and are expected to continue to increase their market share. The target price for GALAXY is $50.2, while that for SJM is $3.4. AAStocks Financial News |
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