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<Research>G Sachs: MO Gaming Sector Valuation Undemanding Still; Galaxy/ Sands/ SJM/ Melco Kept Buy
Recommend 15 Positive 31 Negative 14 |
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According to a research report released by Goldman Sachs, Macau's October GGR climbed 7% YoY to MOP20.8 billion, reaching 79% of the 2019 level. The broker expected Macau's GGR to subsequently slacken to a YoY flat, or a daily average of between MOP560 million and MOP630 million on typical post-holiday seasonality. Looking ahead, Goldman Sachs said investors may be watchful if Chinese President Xi Jinping will visit Macau on December 20 to attend the 25th anniversary celebrations of Macau's return to the motherland and the appointment ceremony of the Chief Executive, as past experience told that the total number of tourists from late November onwards will be briefly affected. In addition, the market is also wary of whether mainland China will introduce other policies to support Macau. Looking ahead to 2025, with the exception of GALAXY ENT (00027.HK), most Macau gaming operators have limited capex for expansion or upgrades, and the sector's valuation remains undemanding. The broker maintained its Buy rating on GALAXY ENT, SANDS CHINA LTD (01928.HK), SJM HOLDINGS (00880.HK) and Melco (MLCO.US). AAStocks Financial News |
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