Ge Long Hui·2026-03-03 03:30Group 1 - The core viewpoint of the article is that Macau's gaming revenue showed a year-on-year increase of 4% in February, reaching 20.6 billion MOP, with an average daily revenue of 737 million MOP, which exceeded market and Morgan Stanley's expectations [1] - The report attributes the subdued performance during the Lunar New Year to timing factors, indicating that this year's peak was later than in previous years rather than a sign of weak demand [1] - The report suggests that the GGR performance in March will not catalyze industry stock prices, as investor focus has shifted towards profit margins and EBITDA growth [1] Group 2 - Morgan Stanley expresses a favorable outlook on Galaxy Entertainment, setting a target price of 52 HKD, followed by Sands China and MGM China with target prices of 22 HKD and 18 HKD respectively, all rated as "overweight" [1] - Wynn Macau has a target price of 8 HKD and is also rated as "overweight," while SJM Holdings and Melco International Development are rated as "underweight," with target prices of 2 HKD and 3.5 HKD respectively [1]