大行评级｜高盛：预期澳门全年赌收按年增长9%，将金沙中国列为首选

Core Viewpoint - Goldman Sachs reports that Macau gaming companies attribute the recent strong performance in Gross Gaming Revenue (GGR) to a combination of major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, leading more mainland travelers to choose Hong Kong and Macau as destinations [1] Group 1: Industry Performance - The overall industry anticipates strong growth momentum to continue for the remainder of the year, with hotel bookings nearly full for the Golden Week [1] - Goldman Sachs projects that Macau's total gaming revenue will grow by 9% year-on-year in 2025, implying a year-on-year growth of 14% from September to December this year, and a growth of 7% in 2026 [1] Group 2: Company Recommendations - Sands China is the top pick for Goldman Sachs, as the stock price has not fully reflected its ability to regain market share and potential for dividend growth, despite short-term risks from recent promotional adjustments and reinvestment rates affecting third-quarter profit margins, with a target price of HKD 24.8 and a "Buy" rating [1] - Galaxy Entertainment is also favored, with expectations of increased market share driven by the new hotel Capella and major events, receiving a target price of HKD 55.9 and a "Buy" rating [1] - MGM China is noted for its attractive valuation, expected to maintain a market share of 15% to 16%, with a dividend yield of 5.1%, and potential to absorb some gaming volume from the upcoming closure of satellite casinos, assigned a target price of HKD 20.4 and a "Buy" rating [1]