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01928 SANDS CHINA LTD
RTNominal up22.050 +0.350 (+1.613%)
Research Report

07/09/2020 18:01

{I-bank focus}Goldman constructive on Macau gaming sector

[ET Net News Agency, 7 September 2020] Goldman Sachs stays constructive on the Macau
sector as a whole and expects a gradual recovery in visitations and GGR to benefit from
the resumption of IVS (Individual Visit Scheme) applications across China on 23 September
and diversion of traffic from other countries where travel restrictions are still in
place.
The research house expects more divergence in price-performance by individual stock and
prefers casino operator with (1) greater exposure to mass-market versus VIP - the latter
could be affected by the ongoing crackdown on illegal gambling activities and tightened
junket liquidity; (2) new projects in the pipeline to capture the continued mass-market
and non-gaming revenue recovery.
Goldman revised its Macau GGR forecast, now expecting VIP/mass-market to fall -50%/10%
in 4Q, adding up to a -67% total GGR decline for FY2020. For 2021, it modeled US$31.9bn,
-12% below the US$36bn achieved in 2019, with mass-market catching up while VIP continues
to lag at -30% below the 2019 level.
Goldman also revised its target prices and ratings for the players in the industry as
follows:
Name Rating Target Prices
----------------------------------------------------------------
SJM Holdings (00880) Buy HK$12.90 from HK$11.30
MGM China (02282) Neutral HK$11.50 from HK$10.70
Wynn Macau (01128) Neutral from Buy HK$15.90 from HK$18.20
Galaxy Ent (00027) Buy HK$74.80 from HK$66.00
Sands China (01928) Buy HK$41.40 from HK$41.00
Melco Int'l (00200) Buy HK$20.90 from HK$21.00
(KL)

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