德银-澳门-酒店、休闲与博 彩业-VIP在2017Q4的良好表现令人惊讶.pdfVIP

Macau Deutsche Bank Markets Research Asia Industry Date China Macau 17 January 2018 Hong Kong Consumer Industry Update Hotels / Leisure / Gaming Mass surprised; +ve for Sands Karen Tang Mass surprised by outgrowing VIP sequentially in 4Q1 Gaming Bureau (DICJ) released VIP vs mass GGR split for 4Q17 this afternoon. Research Analyst To the markets surprise, mass-table GGR growth sharply accelerated to 17% yoy +852-2203 6141 (12% qoq) from 7% in 3Q17, the fastest yoy growth since 2Q14. In contrast, VIP GGR growth sharply decelerated to 22% yoy (5% qoq) from 35% yoy in 3Q17. For Top picks Wynn Macau (1128.HK),HKD24.40 Buy the first time since 1Q14, mass outgrew VIP sequentially (12% qoq vs 5% qoq). Source: Deutsche Bank This points to potential positive surprise in the 4Q17 results for Sands (Buy), MGM China (Buy) and SJM (Hold) given their high mass exposure. This may also be Companies featured Galaxy (0027.HK),HKD62.20 Buy good for Wynn Macau (Buy) as it might have grabbed more premium mass share. 2016A 2017E 2018E