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<Research>Citi Expects MO 2H25 GGR to Rise 6%, Rates GALAXY ENT/ SANDS CHINA LTD at Buy
Recommend 27 Positive 67 Negative 22 |
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Macau's GGR growth re-accelerated in April and May, rising by 2% and 5% YoY respectively, and is expected to hike by 5% in June as expected, according to a research report issued by Citi Research. Per capita spending remained largely unchanged, reflecting that consumers' desire on gaming has not been affected by the tariff situation. In 2H25, there will be summer vacation and National Day Golden Week, the report said. Citi Research preferred companies with more hotel room inventory and new product launches. Therefore, the broker listed GALAXY ENT (00027.HK) as its top pick in Macau, and raised its target price from $46 to $50.5, with rating kept at Buy. Citi Research expected that the recent opening of Capella will enhance its premium mass services and drive market share gain. Furthermore, the broker was also bullish on SANDS CHINA LTD (01928.HK), and lifted its target price from $21 to $23, with rating kept at Buy, as it expected the full opening of Londoner Grand and the group's optimization of its strategy of re-investing in player to bring in higher-than-industry EBITDA growth. Las Vegas Sands (LVS.US) remains its global top pick. Citi Research elevated its target price from US$63.5 to US$68, with rating kept at Buy. AAStocks Financial News Website: www.aastocks.com |
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