On June 12th, Glonhui reported that according to channel surveys, Macau's mid-range gambling daily revenue increased by about 3% this quarter, possibly due to the Labor Day holiday in May. However, the VIP room gambling revenue declined by about 6% this quarter. In terms of market share, Yin Yu continued to grow in May, increasing by 250 basis points per month, driving a 200 basis point increase in market share this quarter. However, Galaxy Macau fell by 50 basis points this month, causing a decline of 110 basis points in market share this quarter. Wynn and MGM China have both seen a quarterly decline of about 140 and 120 basis points in their market share this quarter, respectively. Sands China's market share was steady this quarter, despite more rooms being closed for renovation, causing a 150 basis point monthly decline. As for SJM, its market share has fallen by 50 basis points so far this quarter, possibly due to the impact of satellite casinos. The bank believes that Macau casino stocks are currently trading at a predicted enterprise value multiple of about 9.9 times for 2024, which is 1.4 standard deviations lower than the historical average. The bank remains bullish on Macau casino stocks, with preferred options being Galaxy Entertainment and Yin Yu, with target prices of HKD 7.8 and HKD 46.1, respectively. Both are rated as "Buy".