Lyon released a report, predicting that Macau's gambling revenue will moderately grow by 4% year-on-year to 29.3 billion dollars this year, which is 2% lower than market forecasts. The firm believes that, apart from the changes in market share of the gambling revenue, whether the Macau gambling stocks will return more cash to Shareholders during this moderate growth will be the focal point of its attention.

The firm estimates that the Macau gambling stocks will record a quarterly growth of 5% in EBITDA for the fourth quarter of last year, reaching 2.017 billion dollars, with expectations that EBITDA profit margins will remain flat quarter-on-quarter.

Lyon indicated that the Gambling Industry's EV/EBITDA this year is 9.3 times. Sands China (01928.HK) and GALAXY ENT (00027.HK) remain its top choices.

At the same time, the Target Price of GALAXY ENT was slightly lowered from 46.6 yuan to 46.5 yuan, and the Target Price of Melco Resorts (MLCO.US) was reduced from 8.1 dollars to 7.6 dollars to reflect the changes in the market value of its listed holdings (Wynn Resorts and Studio City). The Target Prices for other Macau gambling stocks remain unchanged, as detailed in another table.