UBS Group AG: Macau's July gaming revenue meets expectations, with Sands China (01928) and Melco Resorts & Entertainment (MLCO.US) as top picks.
UBS has designated Melco Resorts & Entertainment (MLCO.US) and Sands China (01928) as preferred stocks, with target prices of $10.20 and HK$18.70, respectively, and a rating of "Buy."
UBS Group AG released a research report stating that Macau's gross gaming revenue in July was approximately 20.3 billion Macau patacas, a year-on-year decrease of about 8% but an increase of about 9% compared to the previous month. This was partially affected by the World Cup events held at the beginning of July, with the average daily gaming revenue during that period being approximately 654 million Macau patacas, a month-on-month increase of about 6%, which is generally in line with market expectations. UBS Group AG noted that with the conclusion of the World Cup events, the average daily gaming revenue for the last 12 days of July rebounded to about 684 million Macau patacas, compared to approximately 634 million Macau patacas for the first 19 days of July. The market expects that the average daily gaming revenue in August will be around 724 million Macau patacas, representing a year-on-year increase of about 1.3% and a month-on-month increase of about 11%. UBS Group AG recommended Melco Resorts & Entertainment Ltd. Sponsored ADR (MLCO.US) and Sands China (01928) as preferred stocks, with target prices of $10.2 and HK$18.7, respectively, and a rating of "Buy."
Related Articles
HK Stock Market Move | APEX ACE HLDG (06036) surged over 18% during trading, expecting the net profit attributable to shareholders for the first half of the year to grow to HKD 130 million to HKD 140 million compared to the same period last year.
HK Stock Market Move | The decline in storage concepts is significant, and the revenue guidance from US storage giants falls short of expectations, resulting in a transmission of sluggish sentiment to the Asia-Pacific market.
HK Stock Market Move | U-PRESID CHINA (00220) rose over 3% after results, with a mid-term profit attributable to shareholders of 1.402 billion yuan, an increase of 8.99% year-on-year.
HK Stock Market Move | APEX ACE HLDG (06036) surged over 18% during trading, expecting the net profit attributable to shareholders for the first half of the year to grow to HKD 130 million to HKD 140 million compared to the same period last year.
HK Stock Market Move | The decline in storage concepts is significant, and the revenue guidance from US storage giants falls short of expectations, resulting in a transmission of sluggish sentiment to the Asia-Pacific market.
HK Stock Market Move | U-PRESID CHINA (00220) rose over 3% after results, with a mid-term profit attributable to shareholders of 1.402 billion yuan, an increase of 8.99% year-on-year.
RECOMMEND
