HK's SJM leads rise in Macau gaming stocks on recovery optimism

Sands China

21/03/2023 07:32

** SJM Holdings  0880.HK  leads gains in Macau gaming
stocks, rising as much as 3% to HK$3.75
    ** Jefferies says Macau remains the preferred holiday
destination for Mainland China and Hong Kong, given ease of
travel and lower transportation costs while international air
ticket prices remain high
    ** Average daily visitor arrivals in February stood at
56,919, the highest since January 2020, and reflects strong
pent-up demand - Jefferies
    ** "We believe the full thrust in earnings from pent-up
demand in Macau remains to be seen" - Jefferies 
    ** Macau government says visitor arrivals totalled 1.59 mln
in February, up 143.1% year-on-year
    ** Mainland China visitors up 64.8% to 1.003 mln, while Hong
Kong visitors jumped 11 times to 523,271
    ** Shares of Wynn Macau  1128.HK , Galaxy  0027.HK , MGM
China  2282.HK , Melco International  0200.HK  and Sands China
 1928.HK  rise between 1.3% and 2.1%
    ** Citi says solid gross gaming revenue (GGR) print
continues to be supported by pent-up demand, and the positive
GGR momentum is expected to continue in the near-term
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises
1.3%, and the Hang Seng Index  .HSI  climbs 1%
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))