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| HSI1 | 26,095.05 | +61.79 | 178.25B |
| HSCEI1 | 9,182.65 | +9.81 | 71.67B |
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2025-12-02 15:20:01 Macau's GGR grew by 14% YoY to MOP21.1 billion, recovering to 92% of pre-pandemic levels, the best recovery performance since the pandemic outbreak, according to JPMorgan's research report. In JPMorgan's opinion, the current forecasted growth of more than 15% in December's GGR is facing signs pointing to upside risks. The broker also believes that a growth of over 20% will not be surprising, which may end 2025 with the best performance of the year. If this holds true, it is expected that 4Q25 will see an increase of 15-16% YoY or 5-6% QoQ, the best quarterly performance in six years, far above JPMorgan and market consensus of about 13% YoY growth. JPMorgan is optimistic about SANDS CHINA LTD (01928.HK) in the short term (within about 6 months), as the company is expected to raise dividends in 2026 (late February) and to gain market and profit share in 4Q25. In the long term (over 12 months), GALAXY ENT (00027.HK) remains JPMorgan's top pick because of its strong value and long-term growth potential. The potential value of its Phase 4 project (expected to open in 2027) may be reflected in the stock price sometime next year. In contrast, JPMorgan will continue to avoid MELCO INT'L DEV (00200.HK) and SJM HOLDINGS (00880.HK). Its investment priority for Macau casino stocks: SANDS CHINA LTD and GALAXY ENT > WYNN MACAU (01128.HK) and MGM CHINA (02282.HK) > Melco Resorts & Entertainment (MLCO.US) > SJM HOLDINGS > MELCO INT'L DEV. Details of JPMorgan's ratings and target prices for Macau casino stocks are available in a separate table. ~ AAStocks Financial News Web Site: www.aastocks.com | |