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<Research>M Stanley: GALAXY ENT/ SANDS CHINA LTD Liked on Continuous Growth in Cash Flow/ Div. for Casinos
Recommend 11 Positive 31 Negative 16 |
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Despite ongoing hopes for a longer tail effects of Macau casinos, the Lunar New Year (LNY) performance was moderate, and Morgan Stanley was concerned about profit pressure from promotional activities at various casinos, according to Morgan Stanley's research report. On the positive side, Macau's GGR performance is better than other Chinese consumers, with no AI risks; also, continuous growth in cash flow and dividend makes casinos' valuations attractive. The broker preferred GALAXY ENT (00027.HK) as an industry representative and SANDS CHINA LTD (01928.HK) for its high dividends. WYNN MACAU (01128.HK) and Melco Resorts & Entertainment (MLCO.US) are cheap, while SJM HOLDINGS (00880.HK) may experience significant EBITDA fluctuations in 2026. The table below shows Morgan Stanley's ratings for Macau casinos: Stock | Rating ================================ SANDS CHINA LTD (01928.HK) | Overweight GALAXY ENT (00027.HK) | Overweight MGM CHINA (02282.HK) | Equalweight WYNN MACAU (01128.HK) | Overweight Melco Resorts & Entertainment (MLCO.US) | Overweight SJM HOLDINGS (00880.HK) | Underweight AASTOCKS Financial News Website: www.aastocks.com |
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