UBS: Macau's gambling revenue exceeded expectations in November, predicting that there is room for an upward adjustment in market forecasts for December.

UBS released a research report stating that Macau's total gaming revenue in November reached approximately 21.1 billion Macau patacas, a year-on-year increase of about 14%. Compared to October, it dropped by about 12%. The daily gaming revenue performance in November was strong, reaching around 703 million Macau patacas, a month-on-month decrease of about 10%, still higher than the market's expectation of around 679 million Macau patacas. It is believed that this growth mainly comes from the accelerated demand towards the end of the month. The estimated daily gaming revenue in the last week of November reached around 784 million Macau patacas, higher than the approximately 678 million Macau patacas in the first 23 days of November. The market currently predicts that Macau's daily gaming revenue in December will reach around 675 million Macau patacas, an increase of about 15% year-on-year and a decrease of about 4% month-on-month. UBS believes that there is still room for the market forecast to be revised upwards. Historical records show that there was about a 1% month-on-month increase during the same period from 2015 to 2019. The top stock picks currently include GALAXY ENT (00027), WYNN MACAU (01128), and MGM CHINA (02282), all rated as "buy".