Nomura Securities on Gaming & Lodging Stocks: Macau May Gaming Revenues Should Set Record
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Rating Summary:
27 Buy, 12 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 20 | Down: 16 | New: 33
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Nomura Securities on Gaming & Lodging Stocks: Macau May Gaming Revenues Should Set Record
Analyst, Harry C. Curtis, said, "The first 13 days of May gaming revenues imply ~MOP28bn for the month vs. our estimate of MOP29bn (up ~19% YoY). Whether the month comes in at MOP28b or MOP29b, it will be a new monthly record."
"We characterize overall demand since the opening of Sands Cotai as strong but not above expectations. This result should not be unexpected, as Sands Cotai’s VIP tables (~150 tables) will not be fully operational until the end of May."
"As for the stocks, we think they should continue to consolidate after outperforming strongly year to date. However, we continue to believe that Las Vegas Sands (NYSE: LVS), Wynn Resorts (Nasdaq: WYNN) and MGM (NYSE: MGM) should be bought, in particular accumulated on weakness, given strong free cash flow yields. In the coming 12 months, we think free cash flow should increase as demand growth in Macau outpaces supply growth by a wide margin."
Analyst, Harry C. Curtis, said, "The first 13 days of May gaming revenues imply ~MOP28bn for the month vs. our estimate of MOP29bn (up ~19% YoY). Whether the month comes in at MOP28b or MOP29b, it will be a new monthly record."
"We characterize overall demand since the opening of Sands Cotai as strong but not above expectations. This result should not be unexpected, as Sands Cotai’s VIP tables (~150 tables) will not be fully operational until the end of May."
"As for the stocks, we think they should continue to consolidate after outperforming strongly year to date. However, we continue to believe that Las Vegas Sands (NYSE: LVS), Wynn Resorts (Nasdaq: WYNN) and MGM (NYSE: MGM) should be bought, in particular accumulated on weakness, given strong free cash flow yields. In the coming 12 months, we think free cash flow should increase as demand growth in Macau outpaces supply growth by a wide margin."
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