U.S. Equities: Mixed Signals Punctuate Muted Outlook
While the S&P 500 has hit marginal new highs, price action of the S&P 500 and the price and RS of several Sectors/subsectors is similar to...
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MGM China (2282 HK): An MGO Based on the Chain Principle Is Not a Sure Thing
The triggering of an MGO based on the chain principle is not guaranteed, and the potential offer would be well below the last close. Nevertheless,...
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Weekly Update (IAC/MGM, OCTV, HOH.V)
Healthcare’s relative performance to the S&P 500 is at a historic low. According to Bank of America, the sector’s relative forward P/E now sits at...
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Macau Gaming: Strong Labor Day Holiday GGR
Our checks indicate that during the first 5 days in May, Macau GGR reached ~1 billion MOP, up by HDD (high-double-digits) year-over-year. This was...
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Macau’s Transforming from VIP Centric to Mass Gaming Driven by Rising Mass Bet Budget
We are turning positive on Macau gaming from previously neutral due to 1) the completion of a shift to a mass-led growth, thanks to rising average...
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