Lyon: It is expected that Macau's gaming revenue in September will see a slight increase of 0.3% year-on-year to 18.3 billion patacas, continuing to prefer stock GALAXY ENT (00027).
The firm continues to view Galaxy Entertainment (00027) as its top stock pick, and has given "Outperform" ratings to Sands China (01928), Wynn Macau (01128), MGM China (02282), and Melco Resorts (MLCO.US).
Citi released a research report stating that Macau's gaming revenue in August fell by 1.2% year-on-year, which is 2% lower than the bank's and market median forecasts, mainly affected by a decline in VIP room win rates during the period from August 24 to 31. However, the daily average gaming revenue still grew by 8% month-on-month. Entering September, Citi expects Macau's gaming revenue to slightly increase by 0.3% year-on-year to 18.3 billion patacas, below the market's forecasted 9.5% year-on-year growth.
In terms of individual stocks, the bank continues to view GALAXY ENT (00027) as its top pick and has given "outperform" ratings to Sands China (01928), WYNN MACAU (01128), MGM CHINA (02282), and Melco Resorts & Entertainment Ltd. Sponsored ADR (MLCO.US), while maintaining a "underperform" rating for SJM HOLDINGS (00880).
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