Zhi Tong Cai Jing·2026-01-14 02:44Core Insights - UBS reports that due to calendar effects, the average daily gaming revenue over the past week was approximately 693 million MOP, lower than the approximately 800 million MOP in the first four days of the month [1] - Year-to-date, the average daily gaming revenue stands at a solid approximately 732 million MOP, reflecting a year-on-year growth of about 24% and a month-on-month increase of about 9%, outperforming the seasonal growth of approximately 2% from 2015 to 2019 [1] - In terms of business segments, the mass market gaming revenue daily run rate increased by 8% to 10% month-on-month, while the VIP room turnover grew by 6% to 8%, with a win rate of 2.7% to 2.9%, compared to a win rate below 3% in December [1] Market Expectations - Based on market expectations, the average daily gaming revenue for January is projected to be approximately 677 million MOP, representing a year-on-year growth of about 15%, which implies that the average daily run rate for the remaining 20 days of January needs to reach approximately 647 million MOP [1] Valuation Metrics - The gaming sector is currently trading at 8.8 times the estimated enterprise value/EBITDA for 2026, which is 0.6 standard deviations below its two-year average [1] - UBS prefers Galaxy Entertainment (00027) and Wynn Macau (01128) as its top picks in this sector [1]