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Hong Kong stocks movement丨Casino stocks remain active, and the Macau Gambling industry's performance during the May Day holiday is strong.
Hong Kong stocks related to gaming continue to rise, among which, MELCO INT'L DEV increased by over 3%, marking a three-day gain of nearly 15%. Sands China rose by nearly 2%, with MGM CHINA, SJM HOLDINGS, WYNN MACAU, and GALAXY ENT also following suit.
[Brokerage Focus] JPMorgan: The Macau Gambling industry performs strongly during the May Day holiday. Short-term favorite is MGM CHINA (02282).
Jinwu Financial News | JPMorgan's research report indicates that the total Gambling revenue (GGR) of Macau's Gambling industry reached 1.02 billion Macanese Patacas in the first five days of May. Despite facing a high base in the same period last year, it achieved a strong year-on-year growth of 12% and recovered to over 90% of the pre-pandemic level during the May Golden Week. This data significantly exceeded the expected daily average of 0.85 billion Macanese Patacas, marking the largest over-expectation performance in years, with growth especially encouraging. The report states that more than half of Macau's gaming companies have announced their first-quarter Earnings Reports, and the bank believes that the current stage of the Earnings Reports has limited stimulation to stock prices. The focus will be on management's interpretation of the sustainability of the over-expectation performance during the Golden Week.
Is SJM Holdings Limited's (HKG:880) 0.8% ROE Worse Than Average?
Morgan Stanley: Hold a defensive strategy for the gaming stocks and selectively absorb. In the short term, it is recommended to go long on MGM CHINA (02282).
In the short-term outlook, JPMorgan adopts a defensive strategy, recommending to buy MGM CHINA (02282) with a Target Price of HKD 13.5, due to its strong profitability and relative value and yield performance.
Macau Gaming Revenue Tops Expectations Ahead of Golden Week Holiday
Express News | Macau Says April Gambling Revenue up 1.7 Pct From a Year Earlier to 18.9 Bln Patacas
