According to a research report released by Morgan Stanley, based on third-party data, the estimated Macau gambling revenue in November ranges from 16.9 billion to 17.9 billion Macau patacas, with a year-on-year increase of 5% to 12% and a monthly decrease of 14% to 19%. For Galaxy Entertainment Group (00027.HK), the market share in October increased by 4 percentage points to 21% monthly, making it the only Macau gaming company with market share growth during the period. Management attributed this to a concert by movie star Andy Lau during the National Day Golden Week.

The bank pointed out that the gambling revenue trend in November weakened due to seasonal factors, while the recovery of inbound tourists met expectations. As of November 10th, the number has exceeded 30 million people, reaching 91% of the Macau government's annual target. However, retail remains weak. Third-quarter total tourist spending decreased by 6% year-on-year to 18.4 billion Macau patacas, with per capita shopping expenditure dropping by 18.6% year-on-year, especially among visitors from the mainland, with a decrease of 20%. This is believed to be due to the weak macroeconomic situation and subdued consumer sentiment in the mainland.

Morgan Stanley's ratings and target prices for major Macau gaming stocks are as follows:

Stocks | Rating | Target price (HKD)

Galaxy Entertainment Group (00027.HK) | Outperform | HK$50.7

Sands China (01928.HK) | Outperform | HK$26.4

MGM China (02282.HK) | Outperform | HK$17.3

Wynn Macau (01128.HK) | Outperform | HK$8.9

Melco Resorts and Entertainment (MLCO.US) | Outperform | $10

Wynn Macau (00880.HK) | Neutral | $2.6