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<Research>JPM Expects MO GGR to Slow to 8-10% Growth in Nov; Oct GGR Beats
Recommend 8 Positive 16 Negative 5 |
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Macau's GGR for October amounted to MOP24 billion, notching a YoY elevation of 16% and an MoM rise of 32%, representing the strongest GGR in six years, and about 125%/ 35% recovery in mass/ VIP GGR vs. pre-COVID, JPMorgan's research report indicated. Despite a relatively subdued Golden Week this year, October's GGR still beat the market's revised expectations by 11-12%. VIP and premium mass segments drove VIP business growth by 40-45%, while mass grew by 12-13%. As to stocks, the broker was short-term optimistic about WYNN MACAU (01128.HK) for its attractive valuation and high leverage; medium-term optimistic about SANDS CHINA LTD (01928.HK), as there is a likelihood of dividend hike in February 2026. Long-term, the broker was upbeat about GALAXY ENT (00027.HK), which combines value advantage with long-term growth potential. All these stocks were given an Overweight rating, with target prices of HKD8, HKD24.5, and HKD48.5 respectively. AASTOCKS Financial News Website: www.aastocks.com |
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