Zhi Tong Cai Jing·2026-03-03 06:21Group 1 - The core viewpoint of the article is that Macau's total gaming revenue in February increased by 4.5% year-on-year to MOP 20.6 billion, surpassing the previously revised market consensus of a 1% growth [1] - Despite softer gaming revenue data from February 16 to 18, the latter part of February showed strong demand, with the average daily gaming revenue from February 23 to 28 reaching MOP 1.053 billion [1] - The firm anticipates a solid start for March, projecting a 9.7% year-on-year increase in gaming revenue to MOP 21.6 billion, which translates to an average daily revenue of MOP 696 million [1] Group 2 - The firm's forecast for March is 3% lower than the market consensus [1] - Currently, the Macau gaming sector is trading at 10.1 times the projected enterprise value to EBITDA for 2026 [1] - Galaxy Entertainment (00027) and MGM China (02282) remain the firm's top picks in the industry [1]