<div id="readability-page-1"><div>Jefferies said in a report that, based on its understanding and industry checks, although inbound visitors to Macau rose by a low single-digit percentage during the Golden Week holiday, GGR in the first 10 days of May was flat YoY, reflecting potentially tougher comparison bases heading into 2H. In this environment, the broker believes the market continues to favor WYNN MACAU (01128.HK) +0.020 (+0.348%) Short selling $5.42M; Ratio 15.533% and GALAXY ENT (00027.HK) +0.720 (+2.246%) Short selling $134.16M; Ratio 19.190% given their industry-leading execution in the premium mass segment. GALAXY ENT will announce its 1Q results today (12th). The broker expects solid performance, forecasting 1Q adjusted EBITDA to rise 5% to 3.5 billion, with an EBITDA margin of 27%. It also expects quarterly GGR to grow 18%, while revenue is projected to increase 17% to 16.7 billion.The broker estimates Macaus full-month May GGR to range between MOP21.7 billion and MOP23.3 billion, implying YoY growth of 2% to 10%, which it views as slightly negative for the sector.Jefferies noted that WYNN MACAUs 1Q revenue and EBITDA met its expectations, though revenue was 4% below market consensus. Management was positive about performance during the May Day holiday. The broker added that SJM HOLDINGS (00880.HK) -0.010 (-0.508%) Short selling $11.01M; Ratio 26.766% delivered 1Q revenue in line with its forecast, while adjusted EBITDA met its estimate and exceeded market expectations by 5%. SJM HOLDINGS management is prioritizing market share gains in 2Q, with market share rising from 9.6% in 1Q to a double-digit level.The broker maintains its preference for the premium mass segment, believing that GALAXY ENT and WYNN MACAU demonstrate the strongest execution in this area. Although both trade at valuations above the industry average, it believes growth visibility and management capability are more important than relative valuation.</div></div>

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Jefferies anticipates GALAXY ENT's 1Q adjusted EBITDA to rise 5% to 3.5 billion, with an EBITDA margin of 27%. The report notes that while inbound visitors to Macau increased slightly during Golden Week, GGR for early May was flat YoY, indicating tougher comparisons ahead. Jefferies expects quarterly GGR to grow 18% and revenue to increase 17% to 16.7 billion. The broker favors GALAXY ENT and WYNN MACAU for their strong performance in the premium mass segment, despite their higher valuations compared to industry averages.

GALAXY ENT to Report Results Today; Jefferies Expects 1Q Adjusted EBITDA +5%