<div id="readability-page-1"><div>JPM released a research report noting that Macau May GGR rose 7% YoY to MOP22.6 billion, implying average daily revenue of MOP729 million, above market expectations of a 5% YoY increase to MOP22.3 billion. The bank stressed that although May data beat expectations, the sector may still find it difficult to fully shake off the impact of a growth lull in the short term. As the comparison base becomes higher, future GGR comparisons will be more challenging. In addition, the FIFA World Cup to be held from June 11 to July 19 may temporarily divert the time and spending of premium players, potentially putting pressure on GGR data over the next two months.JPM added that it maintains its forecast for flat GGR in June and July this year (i.e., YoY change within plus or minus 2%), and expects low single-digit growth for the rest of the year except for September, which benefits from a low base due to a super typhoon last year. Nevertheless, the bank believes the market has largely priced in the growth slowdown, leaving limited room for further valuation downside. It expects the industry outlook to become clearer by August to September this year, when the base will be relatively low, and some operators such as GALAXY ENT (00027.HK) +0.340 (+1.063%) Short selling $46.98M; Ratio 13.648% may raise dividends at the interim results.JPM reiterated its &#34;Neutral/Selective&#34; investment strategy on the Macau gaming sector, not chasing rallies but also not ignoring its low valuations and solid shareholder returns. Its sector top pick remains GALAXY ENT (00027.HK) +0.340 (+1.063%) Short selling $46.98M; Ratio 13.648% (rating &#34;Overweight&#34;), mainly on optimism over the opening of its Phase 4 project next year. It also favors high-yield names including WYNN MACAU (01128.HK) +0.250 (+4.417%) Short selling $16.35M; Ratio 26.340% and SANDS CHINA LTD (01928.HK) +0.250 (+1.572%) Short selling $59.17M; Ratio 24.845% (both rated &#34;Overweight&#34;), with dividend yields exceeding 8% and 6%, respectively. The banks preference order for the sector remains unchanged: GALAXY ENT &gt; SANDS CHINA LTD = WYNN MACAU &gt; MGM CHINA (02282.HK) +0.800 (+7.286%) Short selling $12.04M; Ratio 16.390% = Melco Resorts &amp; Entertainment Limited (MLCO.US) &gt; MELCO INT'L DEV (00200.HK) +0.090 (+2.338%) Short selling $2.19M; Ratio 16.936% &gt; SJM HOLDINGS (00880.HK) +0.010 (+0.518%) Short selling $5.45M; Ratio 29.059% . (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-01 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</div></div>

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JPM reports Macau May GGR rose 7% YoY to MOP22.6 billion, beating expectations, but warns of a short-term growth lull due to high comparison bases and the FIFA World Cup diverting premium players. The bank forecasts flat GGR for June-July and low single-digit growth later in the year. Maintaining a 'Neutral/Selective' stance, JPM names Galaxy Entertainment its top pick, favoring it over Wynn Macau and Sands China based on valuation and dividend yields.

JPM: Macau May GGR Beats; Short-term Still in Growth Lull, GALAXY ENT Top Pick