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<Research>G Sachs Cuts GALAXY ENT (00027.HK) TP to $53.8, Lifts MGM CHINA (02282.HK) TP to $9.2
Recommend 12 Positive 33 Negative 12 |
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Mainland Chinese visitor arrivals during the Golden Week rose 27% YoY to 800,000, while Macau's average daily GGR increased 30% YoY to MOP1.1 billion, well above the expectations of Goldman Sachs and the market of around MOP900 million, driven by strong demand for premium mass gaming, Goldman Sachs released a research report saying. Goldman Sachs' channel research shows that GALAXY ENT (00027.HK) performed better benefiting from the Andy Lau concert, while MGM CHINA (02282.HK) and SJM HOLDINGS (00880.HK) had lower-than-normal win rates in VIP segments. GALAXY ENT, Melco Resorts & Entertainment Limited (MLCO.US) and SANDS CHINA LTD (01928.HK) hosted more events in 3Q24, which may give rise to higher daily expenses QoQ, according to their event schedules. Goldman Sachs expected 3Q24 EBITDA of MGM CHINA/ GALAXY ENT to fall 18%/ 9% YoY, while SJM HOLDINGS/ WYNN MACAU (01128.HK) may beat expectations. The broker cut its target price on GALAXY ENT from $54.9 to $53.8, and lifted its target price on MGM CHINA from $8.6 to $9.2. The table below shows Goldman Sachs' latest ratings and target prices for casinos. Stock│ Rating│ TP WYNN MACAU (01128.HK)│Neutral│$8.6-> $9.2 GALAXY ENT (00027.HK)│Buy│$54.9-> $53.8 Melco Resorts & Entertainment Limited (MLCO.US)│Buy│US$10.7 SJM HOLDINGS (00880.HK)│Buy│$4.1 MGM CHINA (02282.HK)│Neutral│$15.8 SANDS CHINA LTD (01928.HK)│Buy│$27 AAStocks Financial News |
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