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<Research>M Stanley Projects Double-Digit Growth in 4Q25/ 1Q26 GGR; Top Picks MGM, Galaxy
Recommend 0 Positive 12 Negative 2 |
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Macau's 4Q25 GGR is estimated to grow by 17% YoY, with industry EBITDA forecasted to increase by 15% YoY, topping street consensus, Morgan Stanley said in its research report. The broker continued to list MGM CHINA (02282.HK) and GALAXY ENT (00027.HK) as top picks, anticipating that 4Q25 results will drive market upward revisions in earnings forecasts. Currently, Morgan Stanley predicted that the GGR will maintain double-digit growth for 4Q25 and 1Q26, with casino valuations underpinned by potential DPS increases. Morgan Stanley expected the 4Q25 property EBITDA for gaming operators to gain by 15% QoQ and 6% YoY. Despite high opex, margins are likely to improve. The broker rated GALAXY ENT as Equal-weight, thanks to its lower dividend yield and higher EV/EBITDA multiple, with the target price reduced from HKD44 to HKD43. Meanwhile, SANDS CHINA LTD (01928.HK) is striving for more market share and potential DPS doubling, receiving an Overweight rating with a target price maintained at HKD23. AASTOCKS Financial News Website: www.aastocks.com |
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