<div id="readability-page-1" class="page"><div>JPMorgan Chase &amp; Co. published a research report stating that, based on industry checks, Macau's GGR for the first 25 days of May this year reached MOP17.9 billion, implying average daily GGR of MOP716 million. Average daily GGR last week fell about 5% week-on-week to MOP656 million, in line with expectations. The bank continues to forecast May GGR to grow 2-4% YoY, with growth in June and July expected to stabilize thereafter.However, although Macau gaming stocks delivered better-than-expected results in 1Q, the sector has still seen a pullback. The bank believes that the entry threshold for buying gaming stocks is currently very low, but the sector has yet to bottom out, as the market is pricing in a visible slowdown in GGR in the coming months in advance.The bank said investors need not rush to buy and maintained a &#34;Neutral/Selective&#34; stance on the sector. For investors focusing on medium-term opportunities, yield plays such as GALAXY ENT (00027.HK) -0.300 (-0.949%) Short selling $100.10M; Ratio 34.552% , WYNN MACAU (01128.HK) 0.000 (0.000%) Short selling $16.01M; Ratio 39.405% and SANDS CHINA LTD (01928.HK) -0.040 (-0.265%) Short selling $49.14M; Ratio 32.640% offer value. The top pick order remains GALAXY ENT, SANDS CHINA LTD, WYNN MACAU, MGM CHINA (02282.HK) +0.050 (+0.482%) Short selling $10.05M; Ratio 21.018% , Melco Resorts &amp; Entertainment Limited (MLCO.US) , MELCO INT'L DEV (00200.HK) 0.000 (0.000%) Short selling $2.12M; Ratio 15.029% and SJM HOLDINGS (00880.HK) -0.020 (-1.081%) Short selling $5.12M; Ratio 31.006% .Stock | Investment Rating | TP GALAXY ENT (00027.HK) -0.300 (-0.949%) Short selling $100.10M; Ratio 34.552% | Overweight | HKD52 SANDS CHINA LTD (01928.HK) -0.040 (-0.265%) Short selling $49.14M; Ratio 32.640% | Overweight | HKD22 WYNN MACAU (01128.HK) 0.000 (0.000%) Short selling $16.01M; Ratio 39.405% | Overweight | HKD7.5 MGM CHINA (02282.HK) +0.050 (+0.482%) Short selling $10.05M; Ratio 21.018% | Neutral | HKD13.2 Melco Resorts &amp; Entertainment Limited (MLCO.US) | Neutral | USD6 SJM HOLDINGS (00880.HK) -0.020 (-1.081%) Short selling $5.12M; Ratio 31.006% | Underweight | HKD2 MELCO INT'L DEV (00200.HK) 0.000 (0.000%) Short selling $2.12M; Ratio 15.029% | Underweight | HKD3.5(sl/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-26 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</div></div>

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JPMorgan forecasts Macau's May GGR to grow 2-4% YoY, with current GGR at MOP17.9 billion. Despite better-than-expected 1Q results, gaming stocks face a pullback. The bank advises a 'Neutral/Selective' stance, highlighting GALAXY ENT as a top pick for medium-term opportunities. Other stocks like SANDS CHINA and WYNN MACAU are also recommended, but caution is advised as the sector may not have bottomed out yet.

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SJM HOLDINGS

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

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JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

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JPM Continues to Expect Macau May GGR to Grow 2-4% YoY; GALAXY ENT  Top Pick in Sector