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<Research>HSBC Research: MGM CHINA/ GALAXY ENT Preferred Among Casinos as Continued Improvement in Premium Segment Key to Re-rating
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Macau's GGR for the first 15 days of June was MOP10 billion, HSBC Global Research issued a research report saying. The average daily GGR for the past seven days (9-15 Jun) was MOP686 million, up 5% WoW, mainly driven by a higher VIP net win rate. Although weekly GGR have been stable since the end of May, the industry's stock prices have risen by an average of 0.4% over the past 3 weeks, lagging behind the HSI's 1.2% growth. The broker believed that more evidence of improvement in the premium segment is needed to drive a re-rating of the industry. In terms of stocks, HSBC Global Research's top pick is MGM CHINA (02282.HK), with a target price of $14.5 and rating at Buy, based on its strong ROI. The broker believed that the group's strong execution and efficient operations can deliver resilient results. Moreover, HSBC Global Research was also optimistic about GALAXY ENT (00027.HK), with a target price of $41.5 and rating at Buy, as its Phase 3 project and the opening of Capella Hotel in mid-2025 can support market share gains, especially as the overall market grows faster than expected. AASTOCKS Financial News Website: www.aastocks.com |
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