Quote | Super Quote
Super Quote   |   Detail Quote   |   Interactive Chart   |   Transaction   |   Related News   |   Related Securities   |   Company Information   |   Dividend Records   |   Short Sell
RTNominal up8.810 +0.130 (+1.498%)

13/01/2021 14:59

{I-bank focus}Goldman lifts TPs for Macau gaming stocks

[ET Net News Agency, 13 January 2021] Goldman Sachs noted that Macau's GGR continues to
recover gradually, with the YoY decline narrowing from -95%/-90% in August/September to
-66% in December, adding up to US$7.5bn in FY2020 (down 79%).
Daily visitation also picked up from 10k in September to 23-26k recently. Considering
that Hong Kong's shutdown has precluded about one-third of gamblers from visiting (i.e.,
historically 15% of Macau's GGR has come from HK players and another 15-20% from long-haul
travelers visiting HK/Macau on the same trips), its current GGR run-rate suggests slightly
over half of non-HK related gaming volume might have returned, led by the premium mass
segment (i.e., back to 45-50% of prior-year levels), followed by grind mass (~40%) then
VIP (20-25%), the research house said.
Goldman revised its industry forecasts and now assumed FY2021 GGR will be -28% below
2019 levels (versus -15% previously), with slower recovery in VIP (-40%) versus the
mass-market segment (-21%). For 2022, it expects industry GGR to fully recover back to
US$36bn, led by mass-market (+12% vs 2019 levels).
It revised its target prices for the casino operators it covers as follows:
Name Rating Target Price
SJM Holdings (00880) Buy HK$12.10 from HK$11.90
MGM China (02282) Neutral HK$11.70 from HK$10.70
Wynn Macau (01128) Neutral HK$15.00 from HK$14.20
Galaxy Ent (00027) Buy HK$73.40 from HK$67.30
Sands China (01928) Buy HK$41.40 from HK$37.60
Melco Int'l (00200) Buy HK$19.20 from HK$18.40


Remark: Real time quote last updated: 11/06/2021 17:59
  Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service
A Member of HKET Holdings
Customer Service Hotline:(852) 2880 7004     Customer Service Email:cs@etnet.com.hk
Copyright 2021 ET Net Limited. http://www.etnet.com.hk ET Net Limited, HKEx Information Services Limited, its Holding Companies and/or any Subsidiaries of such holding companies, and Third Party Information Providers endeavour to ensure the availability, completeness, timeliness, accuracy and reliability of the information provided but do not guarantee its availability, completeness, timeliness, accuracy or reliability and accept no liability (whether in tort or contract or otherwise) any loss or damage arising directly or indirectly from any inaccuracies, interruption, incompleteness, delay, omissions, or any decision made or action taken by you or any third party in reliance upon the information provided. The quotes, charts, commentaries and buy/sell ratings on this website should be used as references only with your own discretion. ET Net Limited is not soliciting any subscriber or site visitor to execute any trade. Any trades executed following the commentaries and buy/sell ratings on this website are taken at your own risk for your own account.