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Morgan Stanley: Upgrades galaxy ent to "Outperform" with a target price of HK$50.7.
According to a research report released by Morgan Stanley, galaxy ent (00027) experienced a 50% year-on-year increase in mid-term gambling revenue during the October gold cycle, surpassing competitors such as mgm china (02282), mgm resorts international, and wynn macau (01128). In response, the bank slightly raised the target price of galaxy ent by approximately 0.2%, from 50.6 Hong Kong dollars to 50.7 Hong Kong dollars, with a rating of "outperform the market". The report points out that galaxy ent's total gambling revenue has recovered to 71% of the 2019 level, with VIP, mid-term gambling, and slot machine revenue recovering to 17%, 115%, and 104% respectively. In addition, non-gambling.
Macau casino stocks rose, with Wynn Macau (01128) up 2.52%. Consumer spending for the first three quarters increased by 8% year-on-year, but Goldman Sachs believes that Macau gaming revenue growth will slow down in the future.
Golden Financial News | Macau casino stocks collectively rose, with Wynn Macau (01128) up 2.52%, Paradise Ent (01180) up 2.2%, Melco Int'l Dev (00200) up 1.76%, Sands China (01928) up 1.66%, mgm china (02282) up 1.37%. According to statistics from the Macau SAR Government Statistics and Census Service, total consumer spending by tourists in the first three quarters of 2024 increased by 8% year-on-year to 56.21 billion Macau Patacas, mainly driven by a significant 30.1% increase in tourist arrivals in the first three quarters compared to the same period last year. Among them, the total consumption of staying and non-staying tourists
Macau's total consumer spending on tourists in the first three quarters has increased by 8% annually, with an average consumption of 2,168 Macau dollars.
The Statistics and Census Service of Macao SAR Government announced that the total consumer spending of tourists in the first three quarters of this year (excluding gambling) increased by 8% to 56.21 billion Macao Patacas (MOP), mainly due to a significant annual growth of 30.1% in the number of tourists. Among them, the total consumer spending of lodging tourists and non-overnight tourists increased by 5.1% and 22.9% respectively year-on-year. Compared to the same period in 2019, total tourist spending increased by 17.5%. During the period, the average tourist expenditure was MOP 2,168, a 17% year-on-year decrease, but a 36.9% increase compared to the same period in 2019. The main expenditure of tourists was on shopping, followed by lodging and dining. (js/w)~
[Brokerage Focus] Soochow Securities (Hong Kong) maintains a "buy" rating on Wynn Macau (01128), citing that its third-quarter performance was below expectations.
King's Financial News | Soochow Securities (Hong Kong) issued a research report, stating that wynn macau (01128) 3Q24 performance fell below expectations, achieving operating income of 0.87 billion US dollars during the period (lower than the consensus expectation of 0.89 billion US dollars), recovering to 81.2% of the same period in 2019; Company's adjusted property EBITDAR in 3Q24 was 0.26 billion US dollars, a decrease of 6.2% from the previous quarter, recovering to 87.3% of 2019, with profit recovery speed faster than revenue recovery speed. The bank mentioned that 3Q24 achieved a total win of 0.88 billion US dollars, a recovery of 70.4% from the same period in 19 years. Among them, VIP / mass (including slot machines) segment
Major Rating: Nomura Securities downgrades wynn macau's target price to 8.9 Hong Kong dollars. The main reason for the third-quarter performance falling short of expectations is the increase in operating expenses.
Glory Media on November 6th | Macquarie released a report stating that wynn macau's overall gambling revenue in the third quarter increased by 8% year-on-year, but decreased by 1% quarter-on-quarter, while Macau's overall gambling revenue increased by 14% year-on-year, but decreased by 1% quarter-on-quarter. EBITDAR gross margin fell below expectations by 0.6 percentage points, mainly due to high salaries and other expenses leading to a 7% annual increase in daily operating expenses. The company's capital expenditure for the next two years is shrinking to $0.35 billion to $0.425 billion, due to the timing of government approval for land use. The bank lowered wynn macau's adjusted property EBITDAR for the next two years by 2% and 3%, reducing the target price from HK$9 to HK$8.9.
The 'Citywide Consumer Rewards' in Macau has driven local consumption by approximately 0.27 billion Macau dollars in the first four weeks.
Macau Television reported that the Community Service Consultative Committee of the Macau Island area stated that the 'Citywide Consumer Grand Prize' has already redeemed 51 million Macau dollars in the first four weeks, driving local consumption of approximately 0.27 billion yuan. Committee member Liang Junjie revealed that the retail trade accounts for more in coupon consumption, with supermarkets, department stores, and dining establishments being the retail premises where citizens redeem coupons the most. Data shows citizens prefer consumption scenes such as daily tea restaurants, porridge noodle shops, and bakeries. (js/u)~
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