德意志银行-澳门研究-macau summer rally into 2q results；lift forecasts-20170713-deutschebank.pdfVIP

Deutsche Bank Markets Research Asia Industry Date Hong Kong Macau 13 July 2017 Consumer Hotels / Leisure / Forecast Change Gaming Karen Tang Summer rally into 2Q results; lift Research Analyst (+852 ) 2203 6141 forecasts karen.tang@ Key Changes Stocks now priced in too sharp of a slowdown in 2H Company Target Price Rating Macau stocks fell 5% over the past 2 weeks on concerns that the new facial 0027.HK 52.00 to - recognition feature on ATMs would hurt GGR. After checking with junket 53.20(HKD) operators and casino managers, we conclude that GGR weakness in the last 0880.HK 8.50 to 8.80(HKD) - week of June was only a temporary blip due to low VIP play during President Source: Deutsche Bank Xi’s visit to HK. In fact, GGR/day already rebounded strongly last week. While we agree with consensus that GGR growth should decelerate in 2H, we think Top picks stocks have now priced in too sharp of a slowdown. Macau stocks are now Wynn Macau (1128.HK),HKD17.62 Buy pricing in GGR growth to slow sharply from 22% yoy in