智通财经网·2026-01-02 07:51Core Viewpoint - Morgan Stanley forecasts that Macau's gaming revenue will 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 Q4 2025, gaming revenue is expected to increase by 15% year-on-year and 6% quarter-on-quarter to MOP 66.1 billion, marking a six-year high and exceeding both the bank's and market's expectations of 9% year-on-year growth [1] - For the full year of 2025, gaming revenue is projected to grow by 9% to MOP 247.4 billion, surpassing the bank's previous expectation of 5% [1] Group 2: Future Outlook - For 2026, the bank maintains its forecast for Macau's gaming revenue to grow by 5% to 6%, driven by a 7% to 8% increase in mass market and slot machine revenues, while VIP room revenues are expected to decline by 5% [1] - The bank anticipates industry profits will grow by 6% to 7% year-on-year, finally expected to outpace revenue growth [1] Group 3: Stock Recommendations - In the short term, the bank remains optimistic about Sands China (01928), while in the long term, Galaxy Entertainment (00027) is preferred, with target prices set at HKD 24.5 and HKD 50 respectively, both rated as "Buy" [1]