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<Research>Jefferies: MO Sep GGR Still Lower Than Summer Mths; CN Negative Macro Context Expected to Continue Weighing on Casino Valuations
Recommend 10 Positive 21 Negative 12 |
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According to a report released by Jefferies, for the week ending September 15, Macau's gaming revenue shed around 4.5% to average MOP566 million/day, relatively consistent with the MOP593 million/day average for the first eight days of this month. The broker predicted that the average daily gaming revenue for the remainder of the month will range between MOP520 million and MOP580 million, implying September's gross gaming revenue (GGR) of between MOP16.3 billion and MOP17.2 billion, up 9-15% YoY, compared to the previous forecast of between MOP16.85 billion and MOP17.95 billion. However, Jefferies pointed out that due to seasonal factors, September's GGR is still expected to be lower compared to the summer months. The broker recommended investors take a longer-term view, with its focus on GALAXY ENT (00027.HK), which was rated at Buy by the broker. Jefferies predicted that China's National Day Golden Week will be another catalyst. However, the negative macro environment in China will continue to weigh on casino stock valuations. Additionally, the major gaming companies have intensified their market promotion activities in recent months, which may put further pressure on stock prices. The broker gave MGM CHINA (02282.HK) a Buy rating and WYNN MACAU (01128.HK) a Hold rating. AAStocks Financial News |
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