Ge Long Hui·2026-01-02 03:48Core Viewpoint - Morgan Stanley's research report indicates that Macau's gaming revenue is expected to grow by 15% year-on-year to MOP 20.9 billion by December 2025, reaching 91% of pre-pandemic levels, slightly below market expectations of 18% due to previous upward adjustments [1] Group 1: Revenue Projections - For the full year of 2025, gaming revenue is projected to increase by 9% to MOP 247.4 billion, surpassing the bank's previous expectation of 5% [1] - The bank maintains its forecast for 2026, expecting gaming revenue to grow by 5% to 6%, driven by a 7% to 8% increase in mass market and slot machine revenue, while VIP room revenue is anticipated to decline by 5% [1] Group 2: Profit Expectations - The bank forecasts that industry profits will grow by 6% to 7% year-on-year, which is expected to finally exceed revenue growth [1] Group 3: Stock Recommendations - In the short term, the bank remains optimistic about Sands China, while in the long term, Galaxy Entertainment is preferred, with target prices set at HKD 24.5 and HKD 50 respectively, both rated as "buy" [1]