J.P. Morgan forecasts Macau January GGR to be at least USD 2.2B
Thursday 18 de January 2024 / 12:00
⏱ 1 min read
(Macau).- Macau’s gross gaming revenue (GGR) for January is expected to range between MOP17.5 billion (US$2.2 billion) and MOP18 billion, meeting market expectations, brokerage J.P. Morgan said.
In a Monday note, analysts DS Kim, Mufan Shi and Selina Li highlighted the continuous “solid momentum”, citing that GGR for the first 14 days of January could have reached MOP8.6 billion. The figure translates to a robust daily run-rate of MOP614 million, surpassing the MOP599 million per day reported in December.
The analysts noted that last week’s daily GGR stood at MOP600 million, which was lower than the impressive New Year holiday print of MOP630 million but still regarded as “pretty solid and respectable against seasonality”.
Mass GGR has recovered to 105-110 per cent of pre-Covid level, while VIP segment GGR has remained stable at around 20 per cent of 2019 level, their recent estimate suggests.
While GGR is projected to experience a seasonal slowdown before the Chinese New Year holiday, the analysts expect that Macau’s January GGR will hit a range of MOP17.5 billion to MOP18 billion, which still satisfies market expectations in their eyes.
Macau gaming operators will start reporting fourth quarter earnings in late January, and J.P. Morgan predicts that industry EBITDA will grow 8 to 9 per cent quarter-on-quarter to reach 85 per cent of the pre-Covid level.
Investors is likely to scrutinise operating expenses and promotions or reinvestments, given the modest margin disappointments reported for the third quarter.
J.P. Morgan remains constructive on Macau stocks, primarily based on a valuation call and the surprisingly “resilient and solid demand” despite the challenging macroeconomic conditions.
Categoría:Reports
Tags: Sin tags
País: Macao
Región: Asia
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