JP Morgan: First, Galaxy Entertainment (00027) among Macau gaming stocks is a stock worth paying attention to for alpha investment opportunities.

JPMorgan Chase released a research report stating that the target prices of SJM Holdings (00880) and Melco International Development (00200) have been respectively lowered to HK$2.5 and HK$4.1, with a rating of "Neutral" and "Underweight". The bank also lowered the target prices of Wynn Macau and Sands China to HK$7.5 and HK$21.5, maintaining a rating of "Overweight". The report stated that the performance of Macau's gaming revenue in the fourth quarter of last year was the best in 20 consecutive quarters, and the industry valuation is low, at around 9 times the average EBITDA. Therefore, the report suggests focusing on individual stocks for alpha investment opportunities, with Galaxy Entertainment (00027) as the top pick, followed by MGM China (02282), believing that MGM China's market share and EBITDA growth in the fourth quarter of last year can surpass its peers. JPMorgan Chase currently maintains its stock selection order for Macau gaming stocks as Galaxy Entertainment, MGM China, Wynn Macau (01128), Sands China (01928), as well as SJM Holdings and Melco International Development. Many gaming operators will announce their fourth quarter performance at the end of this month to early March, with JPMorgan Chase predicting a 2% to 3% quarterly growth in industry EBITDA, with profit margins expected to remain stable. They anticipate Galaxy Entertainment and MGM to be the winners, with market share expected to increase by 0.9 and 0.8 percentage points respectively, while Sands China and Melco will be the losers in market share.