Zhi Tong Cai Jing·2026-03-09 04:12Group 1 - The gaming stocks have declined across the board, with New World Development down 6.02% to HKD 3.75, Sands China down 5.48% to HKD 16.73, MGM China down 4.84% to HKD 11.8, and Galaxy Entertainment down 4.42% to HKD 36.36 [1] - Morgan Stanley reported that after including February data, the total gaming revenue (GGR) for the first two months of the year increased by 14% year-on-year, recovering to 86% of pre-pandemic levels, consistent with strong growth momentum from the second half of last year [1] - UBS maintains a positive outlook on the Macau gaming industry, citing solid demand year-to-date, which strengthens confidence in the sustainability of gaming revenue growth for the year [1] Group 2 - UBS forecasts a 5% year-on-year growth in GGR for the year, with growth concentrated in the first half at approximately 8%, while the growth rate for the second half is expected to slow to about 3% [1] - Morgan Stanley suggests that the GGR performance in March will not catalyze stock prices as investor focus has shifted to profit margins and EBITDA growth, despite observing initial signs of quarterly improvement [1]