CICC: Maintained a "outperform industry" rating for csc development, with 3Q24 performance meeting expectations.
CICC released research reports stating that it maintains the unchanged net income forecast for csc development (00830) in 2024/2025. The bank maintains its "outperform industry" rating and target price of 2.8 Hong Kong dollars, unchanged, corresponding to 8.2x/6.3x 2024 estimated /2025 estimated P/E ratios. The company's Q3 2024 performance meets the bank's expectations. Looking ahead, the bank believes it is expected to benefit fully from the construction of large-scale projects such as the Hong Kong Northern Metropolis Area. In addition, it is bullish on the BIPV business becoming a new source of income growth during the "14th Five-Year Plan" period. CICC's main points are as follows: The company announced its Q3 2024 performance, which basically met expectations. csc development 1-3
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HSBC Research estimates that Macau's gambling revenue in October will be between 21.4 billion and 22.3 billion Macau patacas, showing a preference for Silver Entertainment (00027.HK) and mgm china (02282.HK).
HSBC released a research report indicating that Macau's gaming revenue for the first 13 days of October was 11 billion Macau dollars (hereinafter referred to as "MOP"), meaning an average daily gaming revenue of 0.643 billion MOP over the past week, a 42% weekly decrease. Part of the related performance was due to a decrease in foot traffic after the National Day Golden Week holiday in October, with the drop consistent with a 40% average weekly decline in the second week of October after the Golden Week. When segmented by market, VIP gaming revenue increased by 42% to 44% per month, with VIP win rates ranging from 3.2% to 3.5%; while mass market gaming revenue increased by 38% to 42% per month. The bank predicts that the average daily gaming revenue for the remaining days of October in Macau will range from 0.58 billion to 6.3 billion.
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Lion: Predicts a 10% quarterly decline in Ebitda for Macau's third-quarter gambling industry. Preferred mgm china and Sands China.
October 10 by Gruntage | Lyon issued a report stating that Macau gambling stocks will start announcing third-quarter earnings at the end of October. Due to a 1.5% quarterly decline in Macau's third-quarter gambling revenue, coupled with continued pressure on profit margins, the industry Ebitda is predicted to decline by 10% to $1.748 billion. The report indicates that due to the revised profit margin forecast, the bank will lower the industry's 2024 to 2025 Ebitda forecast by between 1% and 3%. However, following the recent announcement of stimulus measures by the mainland to boost the economy, the bank expects performance to focus on recent operational updates rather than third-quarter earnings. In addition, the increase in market share offsets profit
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Hong Kong concept tracking|During the National Day period, the total social cross-regional personnel flow exceeded 2 billion person-times, and the tourism travel prosperity continued to rise (with concept stocks)
Multiple online travel platforms data shows that the outbound tourism market reached a new high during the National Day holiday, with a significant increase in enthusiasm for outbound travel among residents in third-tier cities and below.
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In "Big Bank", raising the target price of Macau casino stocks, with mgm china (02282.HK) and sands china (01928.HK) as top choices.
Lyon released a research report stating that during the first three days of the National Day Golden Week, Macau's visitor numbers were strong, averaging 0.1596 million daily, a 5% increase from the same period in 2019. It is currently forecasted that gambling revenue in October will increase by 6% year-on-year, reaching 20.65 billion Macau patacas, aligning with general market expectations. Lyon noted that the current valuation of Macau's gambling industry is approximately 10.3 times the forecasted enterprise value to EBITDA ratio for 2024, lower than the average of 14.2 times. Considering the improvement in market sentiment, they have raised the target price for six major gambling companies, and upgraded the rating of Sands China (00880.HK).