UBS: Macau Gaming Revenue Drops After Golden Week, Top Picks Are Sands China and MGM China

Stock News10-21

According to a UBS research report, channel checks show that over the past eight days, average daily gross gaming revenue (GGR) was approximately MOP 613 million, down from about MOP 729 million per day in the prior seven days. The brokerage prefers Sands China Ltd (01928) and MGM China Holdings Ltd (02282) as its top sector picks, both rated "Buy" with target prices of HK$15.90 and HK$13.60 respectively.

The report noted that month-to-date average daily GGR now stands at roughly MOP 742 million, down about 5% year-on-year but up about 23% month-on-month, below the sell-side consensus of approximately MOP 777 million per day (flat year-on-year). The base effect for the remainder of the month appears challenging, given that the comparable period last year averaged about MOP 770 million per day.

On a segment basis, mass-market daily revenue run-rate rose 20% to 23% month-on-month, VIP daily rolling chip volume yield increased 18% to 22% month-on-month, and VIP win rate was in the range of 3.0% to 3.3%.

UBS also updated its ratings and target prices for other stocks in the sector. Galaxy Entertainment Group Ltd (00027) carries a target price of HK$44.40 and Melco International Development Ltd (00200) HK$4.30, both rated "Buy." Wynn Macau Ltd (01128) has a target price of HK$5.70 and SJM Holdings Ltd (00880) HK$1.50, both rated "Neutral."

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The brokerage prefers <b>Sands China Ltd (01928)</b> and <b>MGM China Holdings Ltd (02282)</b> as its top sector picks, both rated \"Buy\" with target prices of HK$15.90 and HK$13.60 respectively.<br><br>The report noted that month-to-date average daily GGR now stands at roughly MOP 742 million, down about 5% year-on-year but up about 23% month-on-month, below the sell-side consensus of approximately MOP 777 million per day (flat year-on-year). 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The brokerage prefers Sands China Ltd (01928) and MGM China Holdings Ltd (02282) as its top sector picks, both rated \"Buy\" with target prices of HK$15.90 and HK$13.60 respectively.The report noted that month-to-date average daily GGR now stands at roughly MOP 742 million, down about 5% year-on-year but up about 23% month-on-month, below the sell-side consensus of approximately MOP 777 million per day (flat year-on-year). The base effect for the remainder of the month appears challenging, given that the comparable period last year averaged about MOP 770 million per day.On a segment basis, mass-market daily revenue run-rate rose 20% to 23% month-on-month, VIP daily rolling chip volume yield increased 18% to 22% month-on-month, and VIP win rate was in the range of 3.0% to 3.3%.UBS also updated its ratings and target prices for other stocks in the sector. 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