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<Research>CLSA: GALAXY ENT/ SANDS CHINA LTD Top Picks Among MO Casinos
Recommend 17 Positive 19 Negative 6 |
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CLSA released a research report projecting that the 1Q26 EBITDA of Macau’s gaming industry will hiked by 7% YOY to US$2.067 billion, driven by a 14% rise in gaming revenue. The broker updated its earnings forecasts for various casinos to reflect the latest assumptions regarding rebates, operating expenses and non-gaming revenue, and lowered its target prices accordingly. GALAXY ENT (00027.HK) and SANDS CHINA LTD (01928.HK) remain CLSA’s sector top picks. The broker was bullish on GALAXY ENT’s solid balance sheet, market share and profit, while SANDS CHINA LTD offers the best visibility on dividend growth. CLSA downgraded WYNN MACAU (01128.HK) from Outperform to Hold on limited further upside room for its earnings. The table below is CLSA’s ratings and target prices for Macau casinos: Stock | Rating | TP GALAXY ENT (00027.HK) | Outperform | $48 -> $47.4 SANDS CHINA LTD (01928.HK) | Outperform | $21.4 -> $20 MGM CHINA (02282.HK) | Outperform | $19.3 -> $19.2 Melco Resorts & Entertainment (MLCO.US) | Outperform | US$8.9 -> US$8.5 WYNN MACAU (01128.HK) | Outperform -> Hold | $6 -> $5.7 SJM HOLDINGS (00880.HK) | Underperform | $1.7 Auto-translated by AI AASTOCKS Financial News |
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