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JPMorgan Predicts 2% to 5% Year-on-Year Growth in Macau's February Gambling Revenue, Recommends Galaxy Entertainment Group Etc.

GALAXY ENT to release FY2025 earnings report on February 26, 2026, during market hours (BJT), forecast revenue HKD 48.78 B, EPS HKD 2.4394

Galaxy Entertainment Launches New Hotel Capella

Morgan Stanley Downgrades Macau Gaming Sector's Q4 2025 Forecast and Provides Individual Stock Ratings

Morgan Stanley Report: Macau's VIP Table Revenue Up 45% in Q4

Citibank Releases Q4 2025 Profit Preview for Macau Gaming Stocks

CLSA cuts Wynn Macau target price, raises Galaxy Entertainment target price

Goldman Sachs Report: Galaxy Entertainment's Market Share Grew Quarter-on-Quarter in Q4 2025

JPMorgan Predicts Macau's Gambling Industry Revenue Growth and Recommends Stocks

Morgan Stanley Adjusts Ratings and Target Prices for Macau's Gaming Companies

Shareholding Structure of Galaxy Entertainment Group Limited

Guotai Junan Maintains Buy Rating on Galaxy Entertainment with Target Price

XYZ International Gives Galaxy Entertainment a Buy Rating

Morgan Stanley Predicts 4Q Revenue Growth in Macau Gambling Industry and Upgrades Profit Forecasts

JPMorgan Sees Upside in Macau's Gaming Industry, Raises Target Price for Sands China

Mr. Kuo from Harbour Bay Family Office Recommends Buying Shares of Jian Bei Miao Miao and Galaxy Entertainment

CLSA: Macau's November Gaming Revenue Exceeds Expectations, Strong Start to December Expected

First Shanghai Maintains Buy Rating for Galaxy Entertainment, Target Price at HK$50.06

Cinda Lang Securities expects Galaxy Entertainment to maintain a 60% dividend payout ratio

Huatai Securities and Goldman Sachs Maintain Buy Rating on Galaxy Entertainment

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CHINA INFO TECH

AGTECH HOLDINGS

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Citi released a research report indicating that the Macau gaming industry has had a strong start, with high-end mass market performance continuing to strengthen and average betting amounts reaching record highs. It is expected that February's gaming revenue will grow by 1% to MOP 20 billion. Citi is optimistic about Galaxy Entertainment and has given it a buy rating with a target price of HKD 54. Other ratings for Macau gaming stocks include buy for MGM China at HKD 18.25, buy for Sands China at HKD 23, buy for Wynn Macau at HKD 7.55, sell for SJM Holdings at HKD 2.23, and buy for Melco Resorts at USD 10.5

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"Big Banks" Citigroup: Macau's gaming industry starts strong, most optimistic about Galaxy Entertainment

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The Macao government announced today (23rd) that it allows Galaxy Entertainment, Melco Resorts & Entertainment (Macao) Limited, and SJM Holdings to engage in currency exchange operations at designated gaming locations under their respective management, at their own risk. This directive will take effect the following day

Roundhill Sports Betting & iGaming ETF

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Macau continues to approve Galaxy Entertainment, SJM Holdings, and Melco Resorts & Entertainment to engage in foreign exchange business

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Citigroup expects Macau's gaming revenue to reach MOP 20 billion in February this year, a year-on-year increase of 1%. During the first seven days of the Lunar New Year golden week, the number of visitors to Macau reached 1.2125 million, with mainland visitors accounting for 76.9%. The bank believes that the visitor trend in Macau is positive and aligns with the predictions of the tourism bureau. It is expected that the average daily gaming revenue from February 19 to 23 will be MOP 1.1 billion, while the average daily gaming revenue on other days will be around MOP 750 million

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Citi expects Macau's February gaming revenue to reach MOP 20 billion, a year-on-year increase of 1%

Citi has lowered its forecast for Macau's February gaming revenue to MOP 20 billion, leading to a general decline in gaming stocks. Sands China fell 2.5%, currently at HKD 18.53; Galaxy Entertainment fell 1.16%, currently at HKD 42.58; MGM China fell 1.46%, currently at HKD 13.53; SJM Holdings fell 1.23%, currently at HKD 2.41; Wynn Macau fell 0.34%, currently at HKD 5.92

Citigroup lowers gambling revenue forecast to MOP 20 billion, casino stocks generally decline, Sands China falls 2.5%

Macquarie released a research report indicating that Macau's average daily gaming revenue last week is expected to be MOP 543 million, a decrease of 13% compared to the previous period, mainly due to seasonal slowdown before the Lunar New Year and the VIP room win rate being below normal levels. The firm is optimistic about Galaxy Entertainment, Sands China, and MGM China, particularly noting that Sands China's market share has rebounded to a two-year high and declared a dividend of 50 cents, demonstrating healthy cash flow and an optimistic business growth outlook

Macquarie: Macau's gaming revenue slows due to seasonal factors, optimistic about Galaxy Entertainment, Sands China, and MGM China

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The upcoming week in Hong Kong will feature several corporate earnings releases. Notable companies include HSBC Holdings PLC, Baidu Inc, Hong Kong Exchanges and Clearing Ltd, Galaxy Entertainment Group Ltd, CLP Holdings Ltd, Sun Hung Kai Properties Ltd, Trip.com Group Ltd, Xinyi Glass Holdings Ltd, and Xinyi Solar Holdings Ltd. Earnings will be released at various times, with some before market opens and others after market close. EPS estimates can be accessed through Workspace.

- The article outlines the upcoming corporate earnings releases for various companies listed in Hong Kong.  
- Key earnings announcements include HSBC, Baidu, Hong Kong Exchanges and Clearing Ltd, and Galaxy Entertainment, scheduled between February 25 and February 27, 2026.  
- The diary specifies that times are indicated as AMC, BMO, DBH, or NTS, and mentions that EPS estimate figures can be accessed through Workspace.

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Hong Kong corporate earnings week ahead

JP Morgan released its latest investment ratings and target prices for gaming stocks. Galaxy Entertainment is rated as overweight, with a target price of HKD 52; Sands China is overweight, with a target price of HKD 22; MGM China is overweight, with a target price of HKD 18; Wynn Macau is overweight, with a target price of HKD 8; Melco Resorts & Entertainment is rated neutral, with a target price of USD 6.4; Amax Holdings is rated underweight, with a target price of HKD 2; and New Macau International is rated underweight, with a target price of HKD 3.5

Morgan Stanley's investment ratings and target prices for Macau gaming stocks (Table)

JP Morgan expects that Macau's total gaming revenue in February will grow by 2% to 5%, reaching MOP 20.1 billion to MOP 20.7 billion, with an average daily gaming revenue of MOP 720 million to MOP 740 million. The report indicates that gaming revenue in the first half of February was MOP 8.8 billion, with an average daily revenue of MOP 587 million, due to seasonal factors and low win rates in VIP rooms leading to a slowdown in revenue. The bank recommends that investors focus on individual stocks, with Galaxy Entertainment as the top pick, and gives it an "overweight" rating

Morgan Stanley expects Macau's gaming revenue to increase by up to 5% in February, reaching MOP 20.7 billion, with Galaxy Entertainment as the top pick

The Macao Tourism Industry Council expects an average of 160,000 to 170,000 visitors per day during the Lunar New Year holiday, with hotel booking rates exceeding 90%. Galaxy Entertainment stated that demand during the holiday is strong, with hotels nearly fully booked and high restaurant reservations. Hotel room rates and overall consumption are expected to grow steadily, and gaming revenue will also benefit from the increase in travelers. Senior gaming intermediaries predict that daily gaming revenue during the Spring Festival will rise to 800 million, with overall gaming revenue expected to reach 22 billion to 23 billion

Industry estimates that the average daily visitors to Macau during the Lunar New Year holiday will be between 160,000 and 170,000. Galaxy Entertainment: Hotels are nearly fully booked

During the Lunar New Year period, hotel occupancy rates in Macau are close to full capacity, with some hotel room prices exceeding six times those in the off-season. The average daily number of tourists is expected to reach between 158,000 and 175,000. According to forecasts, Macau's casino revenue is expected to reach or exceed the levels seen during last year's Golden Week in November, with an average daily gaming revenue projected at MOP 1.1 billion. Multiple factors have contributed to the recovery of the tourism market, with hotel occupancy rates expected to exceed 90%

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Macau hotels are nearing full capacity for the Spring Festival, with the most expensive night costing 9,000 yuan, six times more than on weekdays, and gaming revenue expected to exceed last year's Golden Week

Wynn Macau shares fell 5.1% to HK$5.8, marking the largest drop since November 21. Despite a revenue increase to $371.3 million in Q4 2025, Citi lowered its target price from HK$7.90 to HK$7.55, maintaining a "buy" rating. Jefferies also rated it "buy," noting that sales and adjusted EBITDA met estimates. Rivals like Galaxy and Sands China saw declines between 0.7% and 5.6%. Year-to-date, Wynn Macau is down 1.5%, while the Hang Seng Index is up 3.6%.

BUZZ-Wynn Macau falls most in near 3 months after Q4 results, Citi cuts TP

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Hong Kong stocks ADR is expected to open 17 points lower this morning, reporting at 27,249 points. The relative stock prices and the premium situation of Hong Kong stocks to the American Depositary Receipts are as follows: CKH HOLDINGS HKD 63.795 (premium 0.40%), CLP HOLDINGS HKD 76.773 (premium -0.49%), HK & CHINA GAS HKD 6.691 (premium 12.99%), WHARF HOLDINGS HKD 26.816 (premium 1.06%), HSBC HOLDINGS HKD 139.817 (premium -0.01%), Power Assets Holdings HKD 63.639 (premium -3.60%), PCCW HKD 5.964 (premium 3.12%), HENDERSON LAND HKD 32.523 (premium 1.34%), SHK PPT HKD 130.17 (premium -0.28%), NEW WORLD DEV HKD 10.945 (premium -1.96%), SWIRE PACIFIC A HKD 82.011 (premium 1.14%), BANK OF E ASIA HKD 14.463 (premium 9.80%), GALAXY ENT HKD 44.25 (premium -1.65%), HANG LUNG PPT HKD 9.944 (premium -0.74%), Geely Automobile HKD 19.095 (premium -11.29%), CITIC HKD 12.728 (premium 0.57%), CATHAY PAC AIR HKD 12.617 (premium 2.24%)

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The Hong Kong stock ADR is expected to open 17 points lower this morning, reporting at 27,249 points

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The "Capella" hotel under Galaxy Entertainment has officially opened, offering 95 high-end suites and villas designed specifically for premium guests. Guests can enjoy 24-hour private butler service. The villas in the hotel come in two-bedroom and four-bedroom layouts, covering nearly 700 square meters, equipped with facilities such as indoor gardens and lounges. The prestigious two-bedroom and prestigious suites start from 128 square meters, featuring private pools and marble bathrooms

AdvisorShares Hotel ETF

Galaxy Entertainment's "Capella" hotel officially opens, offering 95 suites and villas

The report from Citigroup points out that investors are concerned whether MGM China will increase its dividend rate to cope with higher franchise and brand usage fees. The firm believes that the expected threshold for raising the dividend rate is not high and mentions that MGM China has already distributed two special dividends in 2024. Citigroup maintains a "outperform" rating on the stock, with a target price of HKD 20.9, and lists it as one of its preferred stocks alongside Galaxy Entertainment

In "The Big Banks," Citigroup expects investors to pay attention to whether MGM China will increase its dividend payout ratio

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The Hong Kong stock ADR is expected to open 250 points higher this morning, reporting at 27,278 points. The relative stock prices and the premium situation of Hong Kong stocks to the American Depositary Receipts are as follows: CK Hutchison (-0.01%), CLP Holdings (-1.07%), HK & China Gas (2.64%), Wharf Holdings (3.45%), HSBC Holdings (-1.76%), POWER ASSETS (-0.28%), PCCW (1.81%), HENDERSON LAND (0.28%), SHK PPT (-0.74%), NEW WORLD DEV (13.61%), SWIRE PACIFIC A (0.26%), BANK OF E ASIA (7.76%), GALAXY ENT (4.18%), HANG LUNG PPT (0.79%), Geely Automobile (-13.09%), CITIC Limited (-0.42%), CATHAY PAC AIR (2.29%)

POWER ASSETS

Hong Kong stocks ADR expect the Hang Seng Index to open 250 points higher this morning, reporting at 27,278 points

Hot trading industry trends on August 7 and related Hong Kong semiconductor stocks. Hong Kong semiconductor stocks opened lower in early trading but then surged strongly, with Innoscience gaining over 11%, and industry leader SMIC rising over 3%. Core logic: On the news front, on August 1, Innoscience officially responded to rumors of collaboration with NVIDIA. The announcement stated that the company has recently partnered with global AI technology leader NVIDIA to jointly promote the large-scale implementation of the 800VDC (800-volt direct current) power architecture in AI data centers. Clear signals of a cyclical bottom: Global semiconductor inventory reduction is nearing its end...

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Apple

Hot Trades in Hong Kong Stocks (8.7)｜ Chip Stocks Rebound Strongly, Apple Supply Chain Follows; Xiaomi and Pharmaceuticals Retreat Under Pressure

BP-GEG @EC2606A(23720.HK)

"Big Banks" Citigroup: Macau's gaming industry starts strong, most optimistic about Galaxy Entertainment

Macau continues to approve Galaxy Entertainment, SJM Holdings, and Melco Resorts & Entertainment to engage in foreign exchange business

Citi expects Macau's February gaming revenue to reach MOP 20 billion, a year-on-year increase of 1%

Citigroup lowers gambling revenue forecast to MOP 20 billion, casino stocks generally decline, Sands China falls 2.5%

Macquarie: Macau's gaming revenue slows due to seasonal factors, optimistic about Galaxy Entertainment, Sands China, and MGM China