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<Research>UBS: MO Avg. GGR/ Day Misses in LNY; Top Picks Melco Resorts/ WYNN MACAU/ MGM CHINA
Recommend 7 Positive 18 Negative 15 |
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Based on its channel checks, UBS said that Macau's average daily GGR during the Lunar New Year (LNY) holiday (February 16-22) was approximately MOP786 million, less than market forecasts of approximately MOP900-950 million. Although demand was weak in early LNY, GGR run-rate accelerated in the last three days (February 20-22), reaching MOP1.2-1.3 billion per day, up approximately 10-15% YoY. This brings the average daily GGR MTD to approximately MOP650 million, but still down approximately 8% YoY and 11% MoM. UBS' sector top picks were Melco Resorts & Entertainment (MLCO.US), WYNN MACAU (01128.HK), and MGM CHINA (02282.HK). Here are UBS' ratings and target prices for Macau gaming stocks: Stocks | Investment Ratings | Target Prices Melco Resorts & Entertainment (MLCO.US) | Buy | US$9.5 WYNN MACAU (01128.HK) | Buy | HK$8.9 MGM CHINA (02282.HK) | Buy | HK$18.5 GALAXY ENT (00027.HK) | Buy | HK$46.9 SANDS CHINA LTD (01928.HK) | Neutral | HK$22.4 MELCO INT'L DEV (00200.HK) | Neutral | HK$5.5 SJM HOLDINGS (00880.HK) | Sell | HK$2.5 AAStocks Financial News |
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