Credit Suisse's Kenny Lau revised investment ratings on several Macau Casino & Gaming operators late Tuesday night. The analyst upgraded SJM to Outperform while downgrading shares of Galaxy Entertainment and MGM China to Neutral.
Lau's note came ahead of third-quarter earnings results from the players within this sector. He advised sticking with "mass and high-roller." The analyst's gross gaming revenue growth estimate for 2013 was raised from 15.8 percent to 16.5 percent and the 2014 growth estimate was raised from 13.9 percent to 14.1 percent. Lau lowered his 2015 estimate for gross gaming sales growth from 15.8 percent to 15.5 percent.
The analyst believes "the next Macau gaming stock outperformers should
own some of these attributes:
Market News and Data brought to you by Benzinga APIs- below-sector-average valuation;
- EBITDA growth momentum; and
- exposure to the improving high-roller segment.
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