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<Research>UOB Kay Hian Keeps Overweight on MO Gaming Industry; Top Pick SANDS CHINA LTD
Recommend 37 Positive 75 Negative 26 |
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Macau's GGR hiked 7% YoY or 20% MoM to MOP20.8 billion in October this year, slightly beating market expectations and recovering to 79% of 2019 levels, according to a report from UOB Kay Hian. This also marked a new high since the pandemic thanks to record-breaking performance during the Golden Week. Last quarter's visitor numbers to Macau also recovered to 93% of 2019 levels, but the proportion of overnight visitors declined QoQ. The broker maintained an Overweight rating on the Macau gaming industry and switched its top pick to SANDS CHINA LTD (01928.HK) with an unchanged TP of $28.6. It believed the group's GGR recovery to accelerate from 1Q25. AAStocks Financial News |
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