According to JPMorgan's report, Macau announced last Friday (9th) that it plans to criminalize money changers, but still has not imposed any penalties on users. JPMorgan pointed out that the valuation of casino stocks is currently very cheap, but because the demand for the second half of the year is uncertain and the consumption desire in mainland China is not strong, relying solely on the valuation cannot drive stock prices higher. The bank continues to recommend MGM China as its top pick with a target price of HKD 18.5 and a “buy” rating. The bank stated that the company is the only Macau stock without market consensus on downside risk. The company also trades at the lowest P/E ratio and has the highest dividend yield in Macau. In addition, the bank also pointed out that Macau's August gaming revenue recorded MOP 7.1 billion in the first 11 days or an average of MOP 0.645 billion per day, proving that last week's gaming revenue continued to improve to an average of MOP 0.657 billion per day, reflecting stable demand from mass consumers during the summer, which is better than the daily average of MOP 0.59 billion and MOP 0.6 billion in June and July.