JPMorgan's research report stated that due to the low season and lower VIP room win rate, Macau's total gambling revenue was MOP9.7 billion in the first 16 days of this month, reflecting a drop in daily gambling revenue to MOP530 million level. The bank said that it did not believe that stopping small food service in casinos last week would have any substantial impact on total gambling revenue, but it believed that illegal currency exchange activities have clearly decreased due to recent news. The bank stated that it will maintain its June total gambling revenue forecast of MOP17.5-18 billion.

JPMorgan said that even if industry demand recovers unexpectedly and policies seem favorable, the valuation of Macau casino stocks is still cheap. The bank believes that there will be no strong factors prompting a re-rating in the short term, and investors can focus on long-term bullish factors.

The bank's preference ranking for Macau casino stocks is MGM China and Wynn Macau, both with a target price of HKD18.5 and HKD11 and both rated "shareholding". Next is Sands China, with a target price of HKD26 and a rating of "shareholding"; followed by Galaxy Entertainment, with a target price of HKD43 and a rating of "neutral"; then Aoba (00880.HK), with a target price of HKD3.3 and a rating of "neutral"; finally, Melco International Development, with a target price of HKD5 and a rating of "shareholding". The bank also gave Melco Resorts and Entertainment a target price of $10 and a rating of "shareholding".