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<Research>UBS Expects 2025 MO GGR to Fall 2% YoY; Top Pick GALAXY ENT (00027.HK)
Recommend 11 Positive 35 Negative 18 |
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UBS released a research report shifting to a more cautious stance on Macau's gaming industry, and believing that the US tariff war will indirectly hurt demand as Macau's GGR was highly correlated with China's export data. The broker now expected Macau's 2025 GGR to fall by 2% YoY, and its EBITDA to fall by 8% YoY. In a demand environment that may weaken, UBS preferred companies with strong balance sheets, higher dividend outlook and sustainable execution, with GALAXY ENT (00027.HK) being its top pick. UBS kept rating at Buy on GALAXY ENT, and downgraded MGM CHINA (02282.HK)/ SANDS CHINA LTD (01928.HK) to Neutral. The broker also downgraded WYNN MACAU (01128.HK), Melco Resorts & Entertainment (MLCO.US) and SJM HOLDINGS (00880.HK) to Sell due to their high leverage. UBS' ratings and target prices for casinos are listed below: Stock | Rating | TP (HKD) GALAXY ENT (00027.HK) | Buy | 41.7 → 34.2 MGM CHINA (02282.HK) | Buy → Neutral | 12 → 10 SANDS CHINA LTD (01928.HK) | Buy → Neutral | 24.8 → 14.5 WYNN MACAU (01128.HK) | Neutral → Sell | 6.1 → 3.8 Melco Resorts & Entertainment (MLCO.US) | Buy → Sell | US$8.5 → US$4.6 MELCO INT'L DEV (00200.HK) | Buy → Sell | 5.5 → 2.4 SJM HOLDINGS (00880.HK) | Neutral → Sell | 2.9 → 1.6 AAStocks Financial News |
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