小摩：澳门第四季博彩收入或同比增长15%至16%

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for the first 21 days of December reached 14.65 billion MOP, averaging approximately 697 million MOP per day, indicating a significant increase in daily gaming revenue driven by normalized win rates and luck factors [1] Group 1: Revenue Performance - The average daily gaming revenue for December so far has increased nearly 20% compared to last December's average of 587 million MOP [1] - The daily gaming revenue for the past week reached 700 million MOP, up from 650 million MOP the previous week [1] Group 2: Future Projections - The bank's previous forecasts for December and Q4 gaming revenue growth of 15% and 13% respectively have further upside potential, with current data suggesting Q4 gaming revenue could grow by 15% to 16% year-on-year and 6% to 7% quarter-on-quarter [1] Group 3: Industry Valuation and Stock Recommendations - The gaming sector is currently undervalued, and with improved earnings visibility and an increase in gamblers, there is significant potential for revaluation in the coming quarters [1] - In the short term, the bank is optimistic about Sands China (01928) due to expected dividend increases and improvements in market share and profits for Q4 [1] - In the long term (over 12 months), Galaxy Entertainment (00027) is favored for its solid value and long-term growth potential [1] - The bank continues to recommend avoiding Melco International (00200) and Austar International (00880) [1]