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<Research>JPM Cuts SANDS CHINA LTD (01928.HK) TP to $21.5 w/ Top Pick GALAXY ENT (00027.HK)
Recommend 18 Positive 37 Negative 14 |
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Despite the unsatisfactory macro situation, Macau reported best GGR performance for 4Q24 in 20 consecutive quarters, and the current valuation of the industry is low at about 9x of the average EBITDA, according to JPMorgan's research report. Therefore, the broker was concerned about the investment opportunities of individual alpha, and continued to list GALAXY ENT (00027.HK) as its top pick, followed by MGM CHINA (02282.HK), believing that MGM CHINA's market share and EBITDA growth in 4Q24 can outperform its peers. The current preference order remains GALAXY ENT, MGM CHINA, WYNN MACAU (01128.HK), SANDS CHINA LTD (01928.HK), as well as SJM HOLDINGS (00880.HK) and MELCO INT'L DEV (00200.HK). JPMorgan cut its target prices on SJM HOLDINGS/ MELCO INT'L DEV to $2.5/ $4.1 each, with ratings at Neutral/ Underweight. The broker also dropped its target prices for WYNN MACAU/ SANDS CHINA LTD to $7.5/ $21.5 respectively, with ratings kept at Overweight. AAStocks Financial News |
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