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<Research>M Stanley Prefers GALAXY ENT/ SANDS CHINA LTD; MO Dec GGR Misses
Recommend 8 Positive 17 Negative 10 |
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In December 2025, Macau's GGR came in at MOP20.9 billion (around USD2.61 billion), up 14.8% YoY but down 1% QoQ, falling short of market expectations, according to a report from Morgan Stanley. Macau's GGR for 4Q25 grew by 15% YoY or 5.6% QoQ to MOP66.1 billion (around USD8.26 billion). The 4Q25 EBITDA is expected to have risen by more than 10% YoY. Regarding stock selection, Morgan Stanley preferred GALAXY ENT (00027.HK) and SANDS CHINA LTD (01928.HK). Contrarily, it downgraded MGM CHINA (02282.HK) to Equalweight and kept SJM HOLDINGS (00880.HK) as Underweight. MGM CHINA may stage a comeback in the short term after a grave underperformance in December. AAStocks Financial News |
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