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<Research>HSBC Research Expects MO Oct GGR to Be MOP21.4B-MOP22.3B, Prefers GALAXY ENT (00027.HK)/ MGM CHINA (02282.HK)
Recommend 16 Positive 36 Negative 10 |
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Macau's GGR for the first 13 days of October amounted to MOP11 billion, implying that the average daily GGR for the past week was MOP643 million, a WoW drop of 42%, HSBC Global Research issued a research report saying. The relevant performance was partly due to the decrease in footfall after the October Golden Week holiday, while the decline was on par with the historical average weekly fall of 40% in the second week of October. HSBC Global Research forecasted Macau's average daily GGR for the rest of October to reach MOP580 million-MOP630 million, implying that total GGR for the full October will range between MOP21.4 billion and MOP22.3 billion, up 24-29% MoM, reaching 81-84% of the October 2019 level. HSBC Global Research added that Macau's casinos are now valued at about 10x of projected FY2024 EV/EBITDA after the rally, believing that valuations are still undemanding. Of which, GALAXY ENT (00027.HK) and MGM CHINA (02282.HK) are the broker's top picks in the Macau gaming sector, mainly due to MGM CHINA's strong cash flow yield and valuation. HSBC Global Research also anticipated GALAXY ENT to maintain its market share gain momentum amid an interim adjustment to its marketing efforts. The latest ratings and target prices of the sector are listed in a separate table. AAStocks Financial News |
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