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<Research>G Sachs: MO Casinos See Short-term Setback w/ More Favorable FY2025 Outlook
Recommend 8 Positive 28 Negative 13 |
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Macau's casinos have fallen an average of 7% over the past month, similar to the performance of other travel stocks, with SANDS CHINA LTD (01928.HK) declining the most, with a cumulative 15% drop, which is consistent with SANDS CHINA LTD's weaker-than-expected market share performance in December 2024, according to Goldman Sachs' research report. However, even though the market is concerned about the possibility of intensified competition, Goldman Sachs remained positive on the industry, and saw a more favorable outlook for FY2025, mainly due to the concerns about travel safety in Southeast Asian countries such as Thailand in recent months, which may prompt Chinese tourists to travel to Macau instead, resulting in potential growth in visitor arrivals and GGR. In addition, the broker also believed that a number of measures introduced by the central government, including multiple-entry visas, will benefit the development of Macau's travel industry. Together with SANDS CHINA LTD, casinos such as MELCO INT'L DEV (00200.HK) are expected to increase capital returns or resume dividend. Goldman Sachs was even more bullish on the FY2025 outlook of Macau's gaming industry, and rated GALAXY ENT (00027.HK) at Buy. AAStocks Financial News |
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