Morgan Stanley: Expects Macau's gambling industry to grow by 13% in the first quarter of this year. Bullish on Sands China (01928) and Wynn Macau (01128).
In the first quarter of 2026, revenue increased by 13% compared to the same period last year, expecting strong performance from Sands China (01928) and Wynn Macau (01128) before the announcement of first quarter results.
Morgan Stanley released a research report stating that despite facing global geopolitical concerns and weak growth in Chinese consumption, the Macau gaming industry continues to maintain strong revenue growth. It is expected that the revenue for the first quarter of 2026 will increase by 13% compared to the same period last year. It is bullish on the performance of Sands China (01928) and Wynn Macau (01128) before the first quarter results are announced. Despite their high free cash flow and dividend payout ratio, the market is focusing on the downward revision of profit expectations.
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