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<Research>JPM: MO May GGR Beats; Industry Top Picks MGM CHINA (02282.HK), WYNN MACAU (01128.HK)
According to a research report released by JPMorgan, Macau's overall GGR reached MOP20.2 billion in May this year, a YoY increase of 30%, exceeding the market's expectation...
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<Research>JPM: MO May GGR Beats; Industry Top Picks MGM CHINA (02282.HK), WYNN MACAU (01128.HK)
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According to a research report released by JPMorgan, Macau's overall GGR reached MOP20.2 billion in May this year, a YoY increase of 30%, exceeding the market's expectation of MOP19.5 billion to MOP20 billion. The daily GGR run-rate in May reached approximately MOP651 million, compared to the daily GGR run-rate of MOP630 million in 1Q. The daily run-rate in May has already recovered to the level of 78% of the pre-Covid level, and even became the highest monthly record in the post-pandemic era.

During the period, mass GGR recovered to a record high of 115% pre-Covid level, with grind mass and premium mass sub-segments recovering to 95% and 130% respectively. JPM pointed out that June has always been the weakest seasonal month of the year. Current forecasts are for Macau's GGR to fall back to MOP18 billion in June, with the daily GGR run-rate around MOP600 million, slightly lower than April's level. GGR in 2Q is predicted to reach MOP56.7 billion, equivalent to a slight 1% QoQ drop.

Related NewsCLSA: SANDS CHINA LTD 2Q Adj. Property EBITDA Fades 12% QoQ, Missing Estimate
JPM said the current valuation of the industry is not expensive, both historically and from an absolute perspective. The broker currently took a constructive view and suggested that investors should now focus on the long-term positives of the casino operators.

JPM's sector top picks are MGM CHINA (02282.HK)  -0.300 (-2.560%)    Short selling $2.33M; Ratio 6.748%   and WYNN MACAU (01128.HK)  -0.110 (-1.843%)    Short selling $18.22M; Ratio 37.323%   , both rated Overweight with target prices of $18.5 and $11 respectively. SANDS CHINA LTD (01928.HK)  -0.420 (-2.710%)    Short selling $51.48M; Ratio 17.068%   is the next in line, also rated Overweight, followed by GALAXY ENT (00027.HK)  -0.200 (-0.583%)    Short selling $62.47M; Ratio 25.018%   and SJM HOLDINGS (00880.HK)  -0.040 (-1.613%)    Short selling $2.28M; Ratio 16.868%   . MELCO INT'L DEV (00200.HK)  -0.060 (-1.240%)    Short selling $2.93M; Ratio 27.763%   is the least favoured.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-25 16:25.)

Related NewsSANDS CHINA LTD 2Q Adj. Property EBITDA Hikes ~4% to US$561M, Missing Forecast

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