智通财经网·2026-03-03 05:46Group 1 - The core viewpoint of the article is that Macau's gaming revenue showed a positive trend in February, with a year-on-year increase of 4% to MOP 20.6 billion, exceeding market expectations [1] - The average daily revenue for February was MOP 737 million, with the last week of the month seeing a significant increase to approximately MOP 1 billion, driven by strong demand from high-end customers [1] - The first two months of the year saw a 14% year-on-year growth in gaming revenue, recovering to 86% of pre-pandemic levels, consistent with strong growth observed in the second half of the previous year [1] Group 2 - Morgan Stanley believes that the gaming revenue performance in March will not catalyze stock prices in the industry, as investor focus has shifted to profit margins and EBITDA growth [1] - The report highlights that while there are initial signs of quarterly improvement, a selective approach is recommended for investments [1] - Among the companies analyzed, Galaxy Entertainment (00027) is favored with a target price of HKD 52, followed by Sands China (01928) and MGM China (02282) with target prices of HKD 22 and HKD 18 respectively [1] Group 3 - Wynn Macau (01128) has a target price of HKD 8 and is rated as "buy," while SJM Holdings (00880) and Melco International Development (00200) are rated as "sell" with target prices of HKD 2 and HKD 3.5 respectively [1]