Ge Long Hui·2025-11-03 08:47Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for October reached 24 billion MOP, representing a year-on-year increase of 16% and a month-on-month increase of 32%, marking the strongest gaming performance in six years, exceeding market expectations by 11% to 12% [1] Group 1: Short-term Outlook - The bank anticipates that the growth rate may slow to 8% to 10% in November due to a tougher comparison base compared to October [1] - Wynn Macau is viewed positively in the short term due to attractive valuation and high leverage [1] Group 2: Mid-term Outlook - Sands China is favored in the mid-term as there is an opportunity to increase dividends in February next year, and it is expected to continue expanding market share in Q4 of this year [1] Group 3: Long-term Outlook - Galaxy Entertainment is seen as a long-term investment opportunity due to its value advantage and long-term growth potential [1] - All mentioned stocks are rated as "Overweight" with target prices set at HKD 8, HKD 24.5, and HKD 48.5 respectively [1]