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<Research>CLSA Lowers 2024/ 2025 MO GGR Forecasts, Generally Cuts TPs for Casinos
Recommend 30 Positive 56 Negative 33 |
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The market was overly worried about Macau's gaming industry, CLSA issued a research report saying. Therefore, GGR for August grew 6% MoM, casinos' dividend was also a surprise, and RMB climbed by 3% since July. CLSA expected Macau's hotel bookings in the October Golden Week to also look solid. Following the 2Q24 results announcement of casinos, CLSA lowered its FY2024/ FY2025 GGR forecasts by 2% to US$28.4 billion/ US$29.6 billion each, and reduced its EBITDA forecasts by 3-4%. Within its sector coverage, CLSA rated 5 companies at Outperform, and one was rated at Hold. CLSA also generally cut its target prices. GALAXY ENT (00027.HK) and MGM CHINA (02282.HK) remain its top picks. CLSA's ratings and target prices on casinos are listed as follows: Stock | Rating | TP (HKD) MGM CHINA (02282.HK) | Outperform | 16.6 -> 13.6 GALAXY ENT (00027.HK) | Outperform | 40.4 -> 40.6 SANDS CHINA LTD (01928.HK) | Outperform | 22.2 -> 19.8 WYNN MACAU (01128.HK) | Outperform | 7.8 -> 7.4 SJM HOLDINGS (00880.HK) | Hold | 2.6 -> 2.4 AAStocks Financial News |
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