Macau 01 (Jun 08 - Apr 12)

Re: Macau

Postby winston » Wed Nov 23, 2011 1:51 pm

DJ MARKET TALK: Some Macau Names Outperform; Momentum Intact -Citi

1114 [Dow Jones] Some Macau names are extending Tuesday's outperformance, with Sands China (1928.HK) 1.0% higher at HK$21.25, while SJM Holdings (0880.HK) is flat at HK$12.26, vs the HSI's 1.9% fall.

Citigroup says through Nov. 20, Macau table GGR amounted to HK$14.4 billion, up about 26% on-year.

"Although as always November is weaker than October (due to Golden Week), Macau's momentum remains robust," the house says and estimates that at the current run rate, its target of about MOP22.5 billion (or up about 30% on-year) for November could be conservative.

Citigroup adds that based on its channel checks, market share split for the month-to-date by table GGR appears to be led by SJM with 30%, Galaxy Entertainment (0027.HK) with 20%, and Sands China with 14%.

Source: Dow Jones Newswire
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Re: Macau

Postby winston » Thu Dec 01, 2011 10:29 am

Macau gaming 2012 outlook - Looking beyond Volatility II

Volatility could persist into early 2012F

Macau names have seen volatile movements over the past two months despite a relatively consistent flow of strong gaming revenue numbers due to:
1) macro uncertainties,
2) constant fear of a slowdown, and
3) profit-taking risk into the year end.

We believe long-term fundamentals remain intact for the sector as top-line growth gradually normalizes, but that the sector may be range-bound and unlikely to outperform in the short run.

Source: Nomura
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Re: Macau

Postby winston » Wed Dec 14, 2011 11:38 am

DJ MARKET TALK: Sands China, SJM More Defensive VS Peers - UOB

1107 [Dow Jones] UOB KayHian says although Macau's gaming market GGR (gross gambling revenue) growth still remains robust and the market may continue delivering decent growth next year, it believes newsflow regarding macro economic conditions will continue to cause the stocks in the sector to show high volatility over the next few months given its high-beta nature.

"Therefore, we prefer more defensive stocks within the sector, such as Sands China (1928.HK) and SJM (0880.HK)." UOB tips Sands China will outperform in near term due to capacity upgrade from new VIP lounges at Four Seasons Plaza over the next few months as well as the opening of Sands Cotai Central in 1Q12, and it also has the most balanced mass and VIP gaming contribution.

For SJM, UOB says although its medium-term earnings growth may underperform the sector average, it is cheapest in terms of EV/EBITDA and dividend yield among.

Source: Dow Jones Newswire
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Re: Macau

Postby winston » Tue Jan 03, 2012 4:27 pm

DJ Macau 2011 Gambling Revenue Up 42%, At Record MOP267.87 Billion

HONG KONG (Dow Jones)--Gambling revenue in Macau rose 25% in December from a year earlier, government statistics showed Tuesday, capping off a year of incredible growth, fuelled by players from mainland China, despite intensifying concerns about the effects of credit-tightening or an economic slowdown there.

Macau, the only place in China where casino gambling is legal, saw gambling revenue soar 42% in 2011 to a record MOP267.87 billion (US$33.47 billion).

The Chinese territory remains the largest gambling center in the world, with that figure over five times the size of the individual hauls analysts forecast the Las Vegas Strip and new Asian rival Singapore to record in 2011.

Revenue growth has been on a tear since the end of 2009 as players have continued to place bets regardless of China's tightening measures and local government policies aimed at slowing growth to a more measured pace.

Gambling revenue in the Chinese territory rose to MOP23.61 billion in December, up from MOP18.88 billion a year earlier, according to data from Macau's Gaming Inspection and Coordination Bureau.

Source: Dow Jones Newswire
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Re: Macau

Postby winston » Wed Jan 04, 2012 8:38 pm

Macau casino boom fuelled by illicit cash By Enid Tsui, FT.com

(Financial Times) -- When Macau unveiled record gambling revenues on Tuesday, the government was silent about the source of much of the cash fuelling the territory's boom: illegal money transfers from mainland China.

From pawn shops offering money withdrawal services, to underground banks using human mules to transport cash across the border, Macau tolerates the illicit methods that mainland punters use to bring money into the former Portuguese colony, which reverted to Chinese control in 1999.

Mainland tourists, who have made Macau the world's largest gambling centre, can legally bring only Rmb20,000 ($3,175) when crossing into the Chinese territory. But many gamblers bring more cash to the casino tables by using their Unionpay debit card to withdraw money -- for a fee.

"There is no risk. We pretend to sell the customer an expensive watch or a piece of jewellery, charge the amount in renminbi to the debit card, and then give him the equivalent amount in Macau patacas or Hong Kong dollars as if the customer had decided to return the object for an immediate cash refund," says the manager of a pawnshop up the street from the Grand Lisboa casino, Macau's oldest casino owned by Stanley Ho, the gambling tycoon.

The manager says the cardholder's records will register the transaction as a purchase. Unionpay, which was formed by China's big banks, says it bans such transactions, but the company declined to comment on the fact that the practice remained widespread. The company said it no longer released data on how much cardholders spent in Macau.


http://edition.cnn.com/2012/01/03/busin ... index.html
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Re: Macau

Postby winston » Thu Jan 05, 2012 4:06 pm

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DJ MARKET TALK: Macquarie Prefers Sands China, Melco Crown

1533 [Dow Jones] Macquarie says the surprise in December's Macau gambling revenue trend is "the significant growth that is coming through in mass market, while VIP is starting to show signs of fatigue."

It thinks that the soft VIP performance may be driven by lower velocity of money (ie, credit extension by junkets) while mass market remains a structural story, benefiting from rising consumption trends and better infrastructure.

The house adds, from an operator perspective, Sands China (1928.HK) continues to ramp its business up in mass as well as VIP, setting itself up well for the launch of Cotai Central in 2Q11.

While Melco Crown (6883.HK) has been losing share, it thinks this has to do with some refit out of VIP facilities and should start to rectify itself after Chinese New Year.

Sands and Melco Crown remain Macquarie's key picks in Macau Gaming.

Source: Dow Jones Newswire
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Re: Macau

Postby winston » Wed Jan 11, 2012 2:46 pm

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DJ MARKET TALK: Macau Gambling Revenue Growth Remains Strong - Citi

1127 [Dow Jones] Citigroup says based on its channel checks, Macau total GGR (gross gambling revenue) through the first eight days of January amounted to MOP6.8 billion, equivalent to a run-rate of MOP850 million/day.

"The daily run rate is almost as strong as the record-high of MOP866 million/day set in October last year."

At the current run rate, it believes full January GGR could reach MOP26 billion (or +42% on-year and +12% on-month).

Separately, Nomura believes the first eight days of January Macau GGR imply MOP24.5 billion full-month figure; it adds that the strength in Sands China (1928.HK) could be due to combination of incremental roll from the junket addition in November and above-average hold for the week, but cautions investors not to extrapolate the narrow data.

Sands China is up 1.1% at HK$23.35 on top of its 3.4% gain Tuesday.

Source: Dow Jones Newswire
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Re: Macau

Postby winston » Fri Jan 27, 2012 7:19 am

Junkets piling into Macau's VIP gaming sector

The number of officially licensed VIP gambling junket agents in Macau rose to a record 219 companies and individuals last year, up 13 per cent from 2010.

Source: SCMP
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Re: Macau

Postby winston » Fri Jan 27, 2012 11:27 am

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DJ MARKET TALK: Sands China Sets 52-Week High; SJM More Defensive

1047 [Dow Jones] Most Macau names rise more to add to Thursday's rally, with Sands China (1928.HK) and Melco Crown (6883.HK) setting 52-week highs.

Apart from broad market strength, investors are punting on the expectation that Macau's gambling revenue will set yet another record in January; the data is expected next week.

Haitong International says among Macau plays, Sands China will have new casino start operation; despite the stock trading at sector-high valuation of 20X FY12 prospective P/E, it expects speculating interest will remain keen on the stock.

On the other hand, SJM Holdings (0880.HK) is trading at a sector-low 12X P/E, together with net cash position, makes the stock "a more defensive play." SJM is up 1.3% at HK$14.44 on top of its 8.4% jump Thursday.


Source: Dow Jones Newswire
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Re: Macau

Postby winston » Mon Jan 30, 2012 11:33 am

Macau Gaming – dividend is the new theme

• We expect GGR growth to decelerate to 12% yoy in 2012, with much of the market growth captured by Sands China’s new Cotai project. VIP growth 8%, and mass market 21%.

• We expect no earnings growth for most casinos, expect Sands China. Therefore, dividend will be a new theme.

After analyzing the cash flow profiles and future capital needs of individual operators, we believe SJM/Galaxy have the greatest financial strength to raise/start dividend payouts in 2012.


Source: GS
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