Lyon: The continued growth of industrial profits in China should be able to drive Macau's gaming revenue. Galaxy Entertainment Group (stock code: 00027) and MGM China Holdings Limited (stock code: 02282) are the preferred choices.

17:26 21/10/2025

With the recent decline in stock prices, this sector is currently trading at a 9.4 times Enterprise Value to EBITDA multiple for 2026, compared to the 11 to 12 times level set by the "new normal" in Macau.

Lyon released a research report stating that the biggest achievement of the recent roadshow in Tokyo was that many investors agreed with the bank's view that China's industrial profit growth should continue to drive Macau's gaming revenue. At the same time, stock investors still prefer high-quality companies. With the recent price pullback, the sector is currently trading at a 9.4 times EV/EBITDA multiple for 2026, compared to the bank's "new normal" set at 11 to 12 times level for Macau. Lyon maintains its existing forecasts and ratings. GALAXY ENT (00027) and MGM CHINA (02282) are the bank's top picks.

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