Nomura Securities on Gaming & Lodging: Feb. MTD Macau Gaming Revenues
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Price: $47.03 +2.31%
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Nomura Securities on Gaming & Lodging: Feb. MTD Macau Gaming Revenues
Analyst, Harry C. Curtis, said, "Feb MTD Data Indicate Strong Trends Continue. We believe the first 12 days of Feb Macau gaming revenues imply MOP23-24b (or ~16% -20% YOY). Note: Chinese New Year fell in Feb 2011 vs. Jan 2012, so the two months should be viewed in conjunction for YOY comparison. The implied Feb data, in conjunction with Jan, imply ~25-28% YOY increase for the Jan-Feb period (vs. our +25% estimate). Market share data came in below. LVS continues to show improved market share from junket tables added in Jan, and the continued ramp of junket tables added in Nov."
"We remain constructive on Las Vegas Sands (NYSE: LVS), MGM (NYSE: MGM) and Wynn Resorts (Nasdaq: WYNN) (all Buy rated) for several reasons: 1) positive supply/demand imbalance; 2) strong revenue growth in both VIP and Mass, despite PBOC tightening in 2011, with prospect of modest easing in 2012; 3) opening in 2012 of “good supply” (Sands Cotai); and 4) valuations that look attractive (7-8% yield) on 2012-2013 free cash flow for LVS and WYNN."
Analyst, Harry C. Curtis, said, "Feb MTD Data Indicate Strong Trends Continue. We believe the first 12 days of Feb Macau gaming revenues imply MOP23-24b (or ~16% -20% YOY). Note: Chinese New Year fell in Feb 2011 vs. Jan 2012, so the two months should be viewed in conjunction for YOY comparison. The implied Feb data, in conjunction with Jan, imply ~25-28% YOY increase for the Jan-Feb period (vs. our +25% estimate). Market share data came in below. LVS continues to show improved market share from junket tables added in Jan, and the continued ramp of junket tables added in Nov."
"We remain constructive on Las Vegas Sands (NYSE: LVS), MGM (NYSE: MGM) and Wynn Resorts (Nasdaq: WYNN) (all Buy rated) for several reasons: 1) positive supply/demand imbalance; 2) strong revenue growth in both VIP and Mass, despite PBOC tightening in 2011, with prospect of modest easing in 2012; 3) opening in 2012 of “good supply” (Sands Cotai); and 4) valuations that look attractive (7-8% yield) on 2012-2013 free cash flow for LVS and WYNN."
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