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RTNominal down8.440 -0.050 (-0.589%)

20/07/2020 17:23

{I-bank focus}MacQ remains cautious towards Macau stocks

[ET Net News Agency, 20 July 2020] Macquarie Research said market analysts quickly set
Macau GGR expectations for the coming weeks of between 15-25% of 2019 levels. This would
imply average daily revenue (ADR) of MOP120-200m, versus the MOP160-210m range from 19
February to 27 March, back before Guangdong/HK imposed quarantines on returnees.
Meanwhile, Macau bulls are calling for pent-up demand, which begs the question of
whether near-term GGR can outperform enough for investors to get excited about Macau
stocks again.
Macquarie said casino reopenings in the US and New Zealand have supported theories of
pent-up demand, where GGR in several markets has quickly approached 2019 levels, even
alongside capacity restrictions.
Meanwhile, demand potential in mainland China appears intact, where luxury spending
quickly recovered in retail, jewellery and autos, with Guangdong cities leading the way.
But US/NZ casinos do not face traffic controls as Macau does, where pent-up demand
offers limited tailwinds when visitation is highly restricted. (KL)

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