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港股概念追踪|澳门11月入境旅客同比上升9.6% 澳门板块景气度有望进一步提升(附概念股)

Hong Kong Stock Concept Tracking | The number of inbound visitors to Macau in November increased by 9.6% year-on-year. The sector's prosperity in Macau is expected to further improve (with related stocks attached).

Zhitong Finance ·  Dec 20, 2024 01:50

In November, the number of inbound travelers to Macau exceeded 2.83 million, an increase of 9.6% year-on-year.

According to the data from the Statistics and Census Service of Macau on December 19, the total number of inbound travelers in November reached 2,832,041, marking a year-on-year increase of 9.6%, recovering to 97.3% of the level from the same period in 2019. However, overnight travelers (1,548,454) and staying travelers (1,283,587) increased by 14.1% and 4.6% year-on-year, respectively. The average length of stay for travelers remained at 1.2 days, with the average length of stay for staying travelers increasing by 0.1 days to 2.3 days.

In terms of source markets, the number of travelers from mainland China increased by 11% year-on-year to 1,965,651, including an increase of 6% in individual travelers (927,890). Travelers from the Greater Bay Area's nine cities in the CNI Zhujiang Index increased by 13.7% to 962,497. The ten newly added individual travel cities saw an 8.5% year-on-year increase to 40,440, primarily from Xi'an, Harbin, and Taiyuan.

CITIC SEC Research Reports indicate that as the Spring Festival peak season comes to an end, competition in the Macau Gambling Industry will continue to remain high, but overall it is stabilizing. With comprehensive stimulation from domestic demand policies, the bullish outlook for the Macau Gambling sector is expected to further enhance. In terms of valuation, after the recent favorable policies related to the economy, visas, and holidays helped drive stock prices up, the overall EV/EBITDA valuation of the Macau Gambling Industry has risen to 9x, yet it remains below 1-2 standard deviations of the industry's historical average valuation center. In terms of the symbol, it is suggested to short-term prioritize stocks with high profit realization.

Related Hong Kong stocks in the Macau sector include:

GALAXY ENT (00027), WYNN MACAU (01128), SANDS CHINA (01928), MGM CHINA (02282), SJM HOLDINGS (00880), and MELCO INT'L DEV (00200), among others.

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