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<Research>JPM Recommends Maintaining Selectivity, Names GALAXY ENT as Top Pick; MO Feb GGR Beats
Recommend 7 Positive 10 Negative 6 |
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According to JPMorgan's research report, Macau's GGR for February rose by 4% YoY to MOP20.6 billion, averaging MOP737 million per day, surpassing both the market's and the broker's expectations. More importantly, driven by strong demand from high-end customers, the average daily GGR in the last week of February reached around MOP1 billion, compared to the relatively subdued performance during the Chinese New Year holiday. While JPMorgan did pick up on preliminary signs of quarterly improvement, it suggested investors maintain selectivity. Within the industry, the broker preferred GALAXY ENT (00027.HK) with a target price of HKD52 > SANDS CHINA (01928.HK) = MGM CHINA (02282.HK) with target prices of HKD22 and HKD18 > WYNN MACAU (01128.HK) with a target price of HKD8. All of them were rated as Overweight. As for SJM HOLDINGS and MELCO INTERNATIONAL DEVELOPMENT, they were rated as Underweight, with target prices of HKD2 and HKD3.5, respectively. AAStocks Financial News |
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