According to a report released by jpmorgan on October 22nd, the gambling revenue in Macau from the 1st to the 13th of October was about 11 billion Macanese patacas, equivalent to 0.846 billion Macanese patacas per day. This means that in the second week, the daily gambling revenue was about 0.643 billion Macanese patacas, which is over 10% higher than the daily average of 0.575 billion Macanese patacas in September, despite the seasonal slowdown after the Golden Week. It is also similar to the daily average level of 0.637 billion Macanese patacas in August. With the significant rise in the stock market in late September, jpmorgan believes that it is still early to determine the positive wealth effect at the moment. However, the demand reflected so far in October suggests that the gambling revenue for the month is expected to reach 22 billion Macanese patacas, significantly higher than the previously expected range of 20 billion to 21 billion Macanese patacas a few weeks ago. The report states that this will at least limit the downside revision space for market forecasts in the fourth quarter. Based on the demand in the third quarter and the current quarter, market earnings risks, and valuations, jpmorgan's in-depth analysis shows that the uptrend in the Macau gambling industry has not yet deviated from its fundamentals. From a stock selection perspective, galaxy ent and sands china, with large market capitalization, are in the best position for sustainable returns till 2025, with excellent profit resilience and improved shareholder returns. The order of stock selection is galaxy ent and sands (tied for the first place); followed by wynn macau and mgm china (tied for second place); followed by sjm, and lastly melco int'l dev.
大行评级|摩根大通:澳门10月总博彩收入可能达到约220亿澳门元 首选银娱及金沙
Major bank rating | JPMorgan: Macau's total gambling revenue in October may reach around 22 billion Macau dollars, prefer silver entertainment and Sands.
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