M Stanley Predicts 22% Growth in MO Dec GGR, Prefers MGM CHINA
Macau's GGR Performance: Macau's November Gross Gaming Revenue (GGR) reached MOP21.1 billion, a 14% year-over-year increase, exceeding market expectations of a 10.5% rise.
Future GGR Projections: Morgan Stanley forecasts a 22% growth in December GGR, predicting a 17% year-over-year increase for the overall GGR in the fourth quarter of 2025.
Stock Recommendations: Morgan Stanley has rated MGM CHINA as Overweight, citing its increased market share in October as a positive indicator for the sector.
Short Selling Data: As of December 1, 2025, MGM CHINA experienced short selling of $5.86 million, with a short selling ratio of 8.508%.
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HSBC Research Projects MO March GGR to Reach a Maximum of MOP22.4B, Maintains Buy Ratings for SANDS CHINA LTD, GALAXY ENT, and MGM CHINA
Macau's GGR Performance: Macau's gross gaming revenue (GGR) for the first eight days of March was MOP5.65 billion, showing a 33% week-over-week decline, but if the daily average GGR remains between MOP680 million and MOP730 million, March's total GGR could reach MOP21.3-22.4 billion, reflecting an 8-14% year-over-year growth.
HSBC's Ratings on Casino Stocks: HSBC Global Research maintained a "Buy" rating on SANDS CHINA LTD with a target price of $22.5, citing ongoing initiatives to sustain market share, while also expressing optimism for GALAXY ENT and MGM CHINA, with target prices of $49 and $17, respectively.
HSBC Research Updates Ratings and Target Prices for Casinos (Table)
Stock Performance: Several casino stocks in Hong Kong showed positive gains, with Galaxy Entertainment up by 1.895% and MGM China by 1.751%.
Short Selling Data: Galaxy Entertainment had the highest short selling amount at $40.21M, while MGM China had the highest short selling ratio at 58.844%.
Analyst Ratings: UBS upgraded Sands China Ltd and Melco International Development to "Buy" while maintaining a 5% GGR growth forecast for the year.
Current Ratings: SJM Holdings and Wynn Macau are rated as "Hold," with target prices of 2.2 and 6.5 respectively.
<Study>UBS Casino Ratings and Target Prices (Table)
Stock Ratings and Target Prices: Various companies in the gaming sector have received updated ratings and target prices, with Melco Resorts rated as "Buy" and Sands China downgraded from "Neutral" to "Buy".
Short Selling Data: Significant short selling activity is noted across several companies, with Sands China experiencing the highest short selling ratio at 52.992%.
Market Performance: Most companies listed, including Galaxy Entertainment and MGM China, have seen declines in their stock prices, with Galaxy down by 4.522%.
Analyst Recommendations: CLSA has highlighted Galaxy Entertainment and MGM China as top picks following a positive report on Macau's gaming revenue for February.
JPM Suggests Focused Investment Strategy, Identifies GALAXY ENT as Preferred Choice; February GGR Exceeds Expectations
Macau's GGR Performance: Macau's gross gaming revenue (GGR) for February increased by 4% year-on-year to MOP20.6 billion, exceeding market expectations, with a notable surge in the last week of February driven by high-end customer demand.
Investor Recommendations: JPMorgan advised investors to be selective, favoring GALAXY ENT with a target price of HKD52, while rating SJM HOLDINGS and MELCO INTERNATIONAL DEVELOPMENT as Underweight with lower target prices.
<Research>CLSA: February GGR Exceeds Expectations; Preferred Stocks GALAXY ENTERTAINMENT and MGM CHINA
Macau's GGR Performance: Macau's Gross Gaming Revenue (GGR) for February rose by 4.5% year-on-year to MOP20.6 billion, exceeding market expectations of 1% growth, driven by strong demand towards the end of the month.
Market Analysis: The gaming sector in Macau is currently valued at 10.1 times the projected 2026 EV/EBITDA, with GALAXY ENT and MGM CHINA identified as top picks by CLSA, despite recent short selling activity.
CLSA Projects March GGR in Macau to Increase 9.7% Year-on-Year to MOP21.6 Billion
Macau's GGR Performance: Macau's Gross Gaming Revenue (GGR) for February increased by 4.5% year-on-year to MOP20.6 billion, surpassing a downgraded market forecast of 1% but falling short of CLSA's expectation of 7.4%.
Strong End to February: Despite a weak performance in mid-February, GGR showed a strong average of MOP1.053 billion from February 23 to 28, indicating a positive outlook for March.
March GGR Forecast: CLSA anticipates a 9.7% year-on-year growth in Macau's GGR for March, projecting it to reach MOP21.6 billion, although this is 3% lower than market expectations.
Top Stock Picks: CLSA identifies Galaxy Entertainment and MGM China as its top stock picks, with notable short selling activity reported for both companies.
HSBC Research Projects MO March GGR to Reach a Maximum of MOP22.4B, Maintains Buy Ratings for SANDS CHINA LTD, GALAXY ENT, and MGM CHINA
Macau's GGR Performance: Macau's gross gaming revenue (GGR) for the first eight days of March was MOP5.65 billion, showing a 33% week-over-week decline, but if the daily average GGR remains between MOP680 million and MOP730 million, March's total GGR could reach MOP21.3-22.4 billion, reflecting an 8-14% year-over-year growth.
HSBC's Ratings on Casino Stocks: HSBC Global Research maintained a "Buy" rating on SANDS CHINA LTD with a target price of $22.5, citing ongoing initiatives to sustain market share, while also expressing optimism for GALAXY ENT and MGM CHINA, with target prices of $49 and $17, respectively.
HSBC Research Updates Ratings and Target Prices for Casinos (Table)
Stock Performance: Several casino stocks in Hong Kong showed positive gains, with Galaxy Entertainment up by 1.895% and MGM China by 1.751%.
Short Selling Data: Galaxy Entertainment had the highest short selling amount at $40.21M, while MGM China had the highest short selling ratio at 58.844%.
Analyst Ratings: UBS upgraded Sands China Ltd and Melco International Development to "Buy" while maintaining a 5% GGR growth forecast for the year.
Current Ratings: SJM Holdings and Wynn Macau are rated as "Hold," with target prices of 2.2 and 6.5 respectively.
<Study>UBS Casino Ratings and Target Prices (Table)
Stock Ratings and Target Prices: Various companies in the gaming sector have received updated ratings and target prices, with Melco Resorts rated as "Buy" and Sands China downgraded from "Neutral" to "Buy".
Short Selling Data: Significant short selling activity is noted across several companies, with Sands China experiencing the highest short selling ratio at 52.992%.
Market Performance: Most companies listed, including Galaxy Entertainment and MGM China, have seen declines in their stock prices, with Galaxy down by 4.522%.
Analyst Recommendations: CLSA has highlighted Galaxy Entertainment and MGM China as top picks following a positive report on Macau's gaming revenue for February.
JPM Suggests Focused Investment Strategy, Identifies GALAXY ENT as Preferred Choice; February GGR Exceeds Expectations
Macau's GGR Performance: Macau's gross gaming revenue (GGR) for February increased by 4% year-on-year to MOP20.6 billion, exceeding market expectations, with a notable surge in the last week of February driven by high-end customer demand.
Investor Recommendations: JPMorgan advised investors to be selective, favoring GALAXY ENT with a target price of HKD52, while rating SJM HOLDINGS and MELCO INTERNATIONAL DEVELOPMENT as Underweight with lower target prices.
<Research>CLSA: February GGR Exceeds Expectations; Preferred Stocks GALAXY ENTERTAINMENT and MGM CHINA
Macau's GGR Performance: Macau's Gross Gaming Revenue (GGR) for February rose by 4.5% year-on-year to MOP20.6 billion, exceeding market expectations of 1% growth, driven by strong demand towards the end of the month.
Market Analysis: The gaming sector in Macau is currently valued at 10.1 times the projected 2026 EV/EBITDA, with GALAXY ENT and MGM CHINA identified as top picks by CLSA, despite recent short selling activity.
CLSA Projects March GGR in Macau to Increase 9.7% Year-on-Year to MOP21.6 Billion
Macau's GGR Performance: Macau's Gross Gaming Revenue (GGR) for February increased by 4.5% year-on-year to MOP20.6 billion, surpassing a downgraded market forecast of 1% but falling short of CLSA's expectation of 7.4%.
Strong End to February: Despite a weak performance in mid-February, GGR showed a strong average of MOP1.053 billion from February 23 to 28, indicating a positive outlook for March.
March GGR Forecast: CLSA anticipates a 9.7% year-on-year growth in Macau's GGR for March, projecting it to reach MOP21.6 billion, although this is 3% lower than market expectations.
Top Stock Picks: CLSA identifies Galaxy Entertainment and MGM China as its top stock picks, with notable short selling activity reported for both companies.
