Galaxy Entertainment Rises Over 3% in Afternoon Trading as J.P. Morgan Assigns "Overweight" Rating

Deep News02-23 14:51

Galaxy Entertainment (00027) saw its share price increase by 3.20% during the afternoon session, currently trading at HK$43.82 with a turnover of HK$262 million.

A research report from J.P. Morgan indicated that, based on industry data, Macau's gross gaming revenue for the first fifteen days of February reached MOP 8.8 billion. This implies a daily average gaming revenue of approximately MOP 587 million for the month. However, over the past week, the average daily gaming revenue declined to MOP 543 million, compared to MOP 625 million in the first week of February and MOP 730 million in January.

Regarding stock selection, the firm advised investors to focus on specific individual stocks rather than waiting for a broad sector re-rating. It listed Galaxy Entertainment (00027) as its top pick, assigning it an "Overweight" rating. Other preferred stocks, in order of preference, include MGM China (02282), Sands China (01928), Wynn Macau (01128), Melco Resorts & Entertainment (MLCO.US), Melco International Development (00200), and SJM Holdings (00880).

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