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<Research>UOB Kay Hian Upgrades MO Gaming to Overweight; Top Pick GALAXY ENT (00027.HK)
Recommend 30 Positive 72 Negative 19 |
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Macau's gross gambling revenue (GGR) in September dropped 13% MoM to MOP17.3 billion, recovering to 78% of the 2019 level, according to a report issued by UOB Kay Hian. The MoM decline in GGR can be attributed to the off-season impact, adverse weather, and fewer weekends. UOB Kay Hian upgraded the industry from Equalweight to Overweight, and selected GALAXY ENT (00027.HK) as its top pick in the industry in light of its high-end positioning, market share growth momentum, stringent cost management, and strong financial status, all of which could support higher shareholder returns. The broker maintained the TP for GALAXY ENT at $48, with a Buy rating. AAStocks Financial News |
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