Nomura Securities on Gaming and Lodging: Asia Gaming Trip Update
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Price: $45.97 +1.10%
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 10 | Down: 9 | New: 13
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 10 | Down: 9 | New: 13
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Nomura Securities on Gaming and Lodging: Asia Gaming Trip Update
Analyst, Harry Curtis, said, "We spent the last week visiting casinos and their managements in Macau and Singapore. The timing was good since investor fear has increased due to worries over a hard landing in China and softer than expected initial results at Sands Cotai (SCC). The positive view we have had on the markets’ fundamentals hasn’t changed in the slightest. The recent correction in Las Vegas Sands (NYSE: LVS), Wynn (Nasdaq: WYNN), and MGM (NYSE: MGM) is a buying opportunity, in our view. They now trade at ~9-10% free cash flow yields with at least 40% upside potential to our 12 month price targets."
"In our view, catalysts are, 1) better-than-expected ramp in Macau post the weaker SCC openings, 2) a strong policy response by Beijing to China’s recently disappointing economic growth trends, and 3) the potential for strong cash returns to casinos’ shareholders in 2012."
Analyst, Harry Curtis, said, "We spent the last week visiting casinos and their managements in Macau and Singapore. The timing was good since investor fear has increased due to worries over a hard landing in China and softer than expected initial results at Sands Cotai (SCC). The positive view we have had on the markets’ fundamentals hasn’t changed in the slightest. The recent correction in Las Vegas Sands (NYSE: LVS), Wynn (Nasdaq: WYNN), and MGM (NYSE: MGM) is a buying opportunity, in our view. They now trade at ~9-10% free cash flow yields with at least 40% upside potential to our 12 month price targets."
"In our view, catalysts are, 1) better-than-expected ramp in Macau post the weaker SCC openings, 2) a strong policy response by Beijing to China’s recently disappointing economic growth trends, and 3) the potential for strong cash returns to casinos’ shareholders in 2012."
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