Ge Long Hui·2026-01-02 08:02Core Viewpoint - Morgan Stanley reported that Macau's gaming revenue in December last year was 20.9 billion MOP, representing a year-on-year growth of 14.8% but a quarter-on-quarter decline of 1%, which was below market expectations [1] Group 1: Industry Performance - For the full year of 2025, Macau's gaming revenue is projected to reach 247 billion MOP, reflecting a year-on-year growth of 9% and achieving 85% of the 2019 levels [1] - The enterprise value to EBITDA ratio for Macau gaming stocks is currently at 8.5 times, compared to the 15-year average of 12.8 times, indicating that the sector remains attractive [1] Group 2: Company Preferences - Morgan Stanley has a preference for Silver Lake Entertainment and Sands China [1] - MGM China significantly underperformed in December but may have short-term rebound opportunities, with its rating downgraded to "in line with the market" [1] - The rating for SJM Holdings is maintained at "underweight" [1]