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<Research> G Sachs: Macau Mar GGR Beats Expectations; 1Q26 Maintains Healthy Growth Momentum
Recommend 7 Positive 16 Negative 7 |
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G Sachs said in a research report that despite market concerns over the impact of Middle East conflicts and rising air ticket prices due to airline fuel surcharges, Macau's GGR in March rose 15% YoY to MOP22.6 billion, beating market expectations and accelerating from the 14% YoY growth in February. Although March is traditionally a slack season following the Lunar New Year holiday, average daily GGR during the period reached MOP729 million, showing no slowdown compared with MOP730 million and MOP737 million in January and February, respectively. Overall, GGR in 1Q26 grew 14% YoY, extending the healthy momentum from 3Q and 4Q last year, which recorded growth of 13% and 15%, respectively. Based on the recent dividend performance of Macau gaming stocks, the bank made slight adjustments of less than 1% on average to its EBITDA forecasts for Sands China (01928.HK), Wynn Macau (01128.HK) and MGM China (02282.HK) for FY2026-2028. It noted that the sector is currently offering dividend yields of 6% to 7%, which it considers attractive. The bank maintained Buy ratings on Galaxy Entertainment (00027.HK), Sands China, MGM China and Melco Resorts & Entertainment (MLCO.US), with TPs of HKD53.4, HKD23.2, HKD19.5 and USD11, respectively. (ss/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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