Macau Gaming Stocks Not Incorporating Cyclicality and Policy Risks; Shares Overvalued
After an average 82% run-up in share price since the fourth quarter of 2016 for the six narrow-moat Macau gaming names we cover, we think the Macau...
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Macau Update: Strong Mass Visitations During Holiday; VIP Rolling Re-Accelerated Post CNY
Macau gaming benefits from robust Chinese consumer and business sentiment, and wealth accumulation especially among the rich and beyond. Using the...
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MGM Cotai’s Early Performance Appears Strong; MGM China 4Q Results Beat Our Estimate
Narrow-moat MGM China Holdings Ltd (2282 HK)'s fourth-quarter revenue was 5% higher than our estimate, while adjusted EBITDA beat our estimate by...
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Macau Gaming: Soaring GGR Driven by Inflow of Junket Liquidity
During the 3rd week in January, the estimated average daily GGR soared to ~857 mm MOP, up 5% week-over-week and 62% year-on-year. Â The jump in the...
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Macau Gaming: Limited Impact from Capital Outflow Control; VIP Supported by Ample Junket Liquidity
Positive VIP Growth MomentumContrary to some sell side analysts’ commentary we are seeing limited impact from latest headline of scrutiny around...
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