---
title: "UBS lowers target price for Macau gaming stocks, upgrades Sands China Ltd. to \"Buy,\" maintains a 5% revenue growth forecast for this year's gaming revenue"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/278310461.md"
description: "UBS lowers target prices for gaming stocks, maintains a positive outlook on the Macau gaming industry, predicting a 5% growth in total gaming revenue this year. It expects growth of about 8% in the first half and a slowdown to 3% in the second half. The high-end market will continue to drive growth, with profit margin pressures gradually easing. The ratings for Sands China and MELCO INT'L DEV have been upgraded from \"Neutral\" to \"Buy,\" with target prices lowered to HKD 20.4 and HKD 5.3, respectively"
datetime: "2026-03-09T02:20:59.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278310461.md)
  - [en](https://longbridge.com/en/news/278310461.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278310461.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/278310461.md) | [繁體中文](https://longbridge.com/zh-HK/news/278310461.md)


# UBS lowers target price for Macau gaming stocks, upgrades Sands China Ltd. to "Buy," maintains a 5% revenue growth forecast for this year's gaming revenue

The UBS research report maintains a positive outlook on the Macau gaming industry, as the solid demand from the beginning of the year strengthens confidence in the sustainability of this year's gaming revenue growth. It maintains a forecast of a 5% year-on-year growth in total gaming revenue (GGR) for this year, with growth expected to be concentrated in the first half of the year, showing an approximate year-on-year growth of 8%, while the growth rate in the second half is expected to slow to about 3%.

At the same time, the bank expects the high-end market to continue driving growth, benefiting from expanded marketing measures, enhanced supporting services, and optimized reinvestment strategies. With demand growth remaining unchanged, coupled with a stabilizing competitive environment and increasing emphasis on cost and reinvestment optimization, it believes that margin pressure should gradually ease.

The bank has lowered its EBITDA forecast for 2026 by 2%, due to increased operating expenses in the fourth quarter of last year, but expects this year's margins to remain generally stable, driving the industry's adjusted EBITDA year-on-year growth to accelerate to about 6% (flat year-on-year last year).

The bank has comprehensively adjusted the target prices for gaming stocks downward (see another table for details). It has upgraded the ratings for Sands China (01928.HK) and Melco International Development (00200.HK) from "Neutral" to "Buy," with target prices lowered to HKD 20.4 and HKD 5.3, respectively. The industry favorites are Melco Resorts & Entertainment (MLCO.US) and Sands China, with the former's target price set at USD 9.4, also rated as "Buy."

### 相关股票

- [MELCO INT'L DEV (00200.HK)](https://longbridge.com/zh-CN/quote/00200.HK.md)
- [SANDS CHINA LTD (01928.HK)](https://longbridge.com/zh-CN/quote/01928.HK.md)

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