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<Research>CLSA Raises 2025/ 2026 MO GGR Forecasts, Upgrades SJM HOLDINGS (00880.HK) to Hold
Recommend 18 Positive 25 Negative 16 |
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The momentum in Macau's revenue continued in 3Q25, with last month's GGR beating CLSA's expectation by 1%. Industrial profitability, a strong RMB and positive stock market performance supported the recent strength in GGR, according to CLSA's research report. The stabilization of China's property prices will be the next growth catalyst. The broker raised its 2025/ 2026 Macau's GGR forecasts by 1.3%/ 3.5% to MOP245.7 billion/ MOP255.6 billion, up 8.4%/ 4% YoY, and predicted that Macau's GGR will rise by 10% YoY to MOP18.9 billion this month. CLSA lifted its target EV/EBITDA multiples, and upgraded Melco Resorts & Entertainment (MLCO.US)/ SJM HOLDINGS (00880.HK) to Outperform/ Hold. GALAXY ENT (00027.HK) and MGM CHINA (02282.HK) remain its sector top picks. The following table shows CLSA's latest ratings and target prices for Macau casinos: Stock│ Rating│ TP (HKD) GALAXY ENT (00027.HK)│Outperform│43.6->50.3 MGM CHINA (02282.HK)│Outperform│14.6-> 19.5 SANDS CHINA LTD (01928.HK)│Outperform│18.5->22.4 WYNN MACAU (01128.HK)│Outperform│7->9.6 Melco Resorts & Entertainment (MLCO.US)│Hold-> Outperform│ US$8.6->US$12.9 SJM HOLDINGS (00880.HK)│Underperform->Hold│2->3 AASTOCKS Financial News Website: www.aastocks.com |
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