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<Research>Citi Expects Casino Stocks' Industry EBITDA to Rise 13% YoY Last Qtr w/ GALAXY ENT Showing Largest Improvement
Recommend 16 Positive 17 Negative 10 |
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Citi has released a report expecting the industry EBITDA for casino stocks to have risen by 13% YoY to USD2.246 billion last quarter on the strength of a 15% YoY increase in quarterly GGR, while the industry EBITDA margin will increase by half a percentage point YoY to 27.5%. Specifically, it is very likely that GALAXY ENT (00027.HK) and MGM CHINA (02282.HK) would report the largest QoQ market share improvements. While SANDS CHINA LTD (01928.HK) would also log an increase in its market share, SJM HOLDINGS (00880.HK) would show the largest QoQ market share loss in the industry because of the closure of satellite casinos. WYNN MACAU (01128.HK)'s market share is likely to have remained flat QoQ. The table below shows Citi's latest investment ratings and target prices for casino stocks in order of its preference: Stock│Investment Rating│Target Price GALAXY ENT (00027.HK)│Buy│HKD54 WYNN MACAU (01128.HK)│Buy│HKD8.05→HKD7.9 SANDS CHINA LTD (01928.HK)│Buy│HKD26.5→HKD24.25 MGM CHINA (02282.HK)│Buy│HKD20→HKD18.25 Melco Resorts & Entertainment (MLCO.US)│Buy│USD13→USD12 SJM HOLDINGS (00880.HK)│Sell│HKD2.3→HKD2.23 AAStocks Financial News |
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