UBS: Macau's October Gaming Revenue Exceeds Expectations, November Projected to Rise 10% YoY

Stock News11-03

UBS released a research report stating that Macau's gross gaming revenue (GGR) in October reached approximately MOP24.1 billion, marking a 16% year-on-year (YoY) increase and a 32% month-on-month (MoM) rise. The daily average gaming revenue stood at around MOP777 million, surpassing market expectations, primarily due to sustained strong performance after the Golden Week holiday.

Between October 6 and 31, the daily average gaming revenue was about MOP715 million, representing a 35% decline from the peak Golden Week period but still higher than September's MOP610 million. The 35% drop was also better than the historical average decline of 40%.

The market expects November's GGR to normalize, with a daily average of around MOP673 million, reflecting a 10% YoY increase but a 13% MoM decline, broadly aligning with the seasonal patterns observed from 2015 to 2019.

In terms of stocks, UBS favors WYNN MACAU (01128), MGM CHINA (02282), and GALAXY ENT (00027), all rated "Buy" with target prices of HKD8.4, HKD19.8, and HKD46.9, respectively.

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