德意志银行-7月澳门强壮但不够强壮-20170801-deutschebank-macaujuly-strongbutnotstrongenough-17页.pdfVIP

Deutsche Bank Markets Research Asia Industry Date Hong Kong Macau 1 August 2017 Consumer Hotels / Leisure / Industry Update Gaming Karen Tang July - Strong but not strong enough Research Analyst (+852 ) 2203 6141 karen.tang@ Top picks July likely the peak; Aug growth likely start moderating Wynn Macau (1128.HK),HKD16.94 Buy July GGR grew 29.2% yoy (MOP741m/day). While higher than June’s 26% yoy, Source: Deutsche Bank it is at the low-end of recent consultant estimates of 29-34% yoy. On one hand, July’s solid GGR should calm investor concerns over junket liquidity situation Companies Featured (Macau stocks fell 5% in July vs MSCI HK +4%, after a large junket sent an SMS in early July highlighting stricter Chinese govt monitoring of the Sands China (1928.HK),HKD36.25 Hold underground banking channels.) On the other hand, July is most likely the 2016A 2017E 2018E peak of