Citigroup recently resumed coverage on Macau's gaming stocks, assigning Galaxy Entertainment, Sands China, MGM China, and Wynn Macau "Buy" ratings with target prices of HK$44.00, HK$18.50, HK$13.70, and HK$7.00 respectively. Meanwhile, the firm resumed a "Sell" rating on SJM Holdings with a target price of HK$1.35.
Previously, Citigroup published a report reaffirming its forecast of MOP25 billion in gaming revenue for October, implying an average daily gaming revenue of MOP806 million, representing a 4% year-on-year increase. Citigroup believes that Macau will host several major entertainment events, including the NBA China Games, concerts by Jane Zhang, K-pop group Enhypen, and Harlem Yu, which will support Macau gaming stocks following the National Day Golden Week holiday.
Currently, the Hang Seng Index stands at 24,100, down 170 points or 0.7%, with turnover on the main board nearing HK$91.3 billion. The Hang Seng China Enterprises Index is at 8,097, down 71 points or 0.9%. The Hang Seng Tech Index is at 4,088, down 81 points or 1.9%.
| Stock (Code) | Current Price (HK$) | Change (%) |
|---|---|---|
| Wynn Macau (01680) | 0.16 | No change |
| Galaxy Entertainment (00027) | 32.36 | +2.34% |
| Sands China (01928) | 11.31 | +2.35% |
| MGM China (02282) | 9.635 | +1.85% |
| Wynn Macau (01128) | 4.96 | +0.1% |
| SJM Holdings (00880) | 1.29 | +0.39% |
| Melco Resorts (00200) | 2.66 | +1.53% |
