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<Research>Macquarie Expects MO Dec GGR to Keep Steady Momentum, Favors Galaxy
Recommend 12 Positive 17 Negative 12 |
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Macau's GGR hiked 32% YoY over the past week, with MoM improvement in the first week of this month, Macquarie's research report wrote, citing third-party data. This suggested that some major players may have resumed gaming activities after the National Games. Compared to November, mass ADR grew by 5-8%, while VIP ADR added by 6-8%, with VIP win rate at 2.9-3.2%, compared to November's 3.2-3.5%. The broker expected December's GGR to maintain last month's momentum, recording a double-digit YoY upswing. In November, WYNN MACAU (01128.HK) and SJM HOLDINGS (00880.HK) were forecast to gain the most market share, with increases of 1.5 and 1 ppt respectively, while SANDS CHINA LTD (01928.HK) and MGM CHINA (02282.HK) were projected to each mount by 0.5 ppts. The broker noted that Sands China's market share steadily recovered over the past few months, touching a 13-month high of 24.5% in November. Macquarie favored GALAXY ENT (00027.HK) due to its strong property pipeline and abundant hotel room inventory. The Capella, expected to be fully operational by the end of this year, was also anticipated to boost its premium mass market-share gains. The broker also suggested investors revisit Sands China and MGM China, believing both companies have market share growth potential and attractive valuations. AASTOCKS Financial News Website: www.aastocks.com |
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