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CLSA Downgrades SJM HOLDINGS to Underperform, Melco Resorts & Entertainment to Hold
2025-07-04 09:59:11
CLSA published a research report expecting Macau's gaming concessionaires to post a 6.9% YoY increase in industry Ebitda to US$2.055 billion in 2Q25, supported by an 8.3% YoY growth in Macau's 2Q25 GGR.

The broker believed that GALAXY ENT (00027.HK) and SANDS CHINA LTD (01928.HK) will continue to gain share in the quarter, while WYNN MACAU (01128.HK) and SJM HOLDINGS (00880.HK) will be impacted.

CLSA downgraded Melco Resorts & Entertainment (MLCO.US) to Hold from Outperform, and SJM SJM HOLDINGS to Underperform from Outperform. GALAXY ENT and SANDS CHINA LTD remain to be its top picks. The latest ratings and target prices of the sector are listed in a separate table.
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