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1、AsiaPacificGamingDeutscheBankMarketsResearchAsiaIndustryDateAustralasia5February2018JapanAsiaPacificGamingConsumerIndustryUpdateHotels/Leisure/Gaming2018Outlook-ChinesedemandstayingstrongKarenTangToppicks:WynnMacau,GentingMalaysia&BloomberryTheAsia-Pacificgamingmarketsaree
2、nteringits2ndyearofGGRrecovery.WeResearchAnalystforecastAsia-PacificGGRtogrow15%toUS$55.1bnin2018F,upfrom13%+852-22036141growthin2017.Bycountry,weexpectMacauandPhilippinestoremainstrongJeffreyNgwith2018GGRgrowthat17%and25%,respectively.WeexpectGGRrecoveriesResearchAnalys
3、tinMalaysia,KoreaandAustraliaonthebackofhighergamingspendperChinese+65-64235139player.SingaporeistheonlyplacewhereweforecastaGGRmarketcontraction.Inthe2ndyearofanupcycle,weprefercompaniesthatcanliftgamingspendperMarkWilson,CFAChineseplayerasthisgivescompaniesstrongopera
4、tingleverage,andthereforeResearchAnalystmarginexpansionpotential.OurAsiagamingtoppicksfor2018,namelyWynn+61-2-8258-1564Macau(Buy),GentingMalaysia(Buy)andBloomberry(Buy),allbenefitfromthistrend.AaronSalvadorDeutscheRegisPartners,Inc.Limitednewsupply:MGMCotai,OkadaManilar
5、ampupandGENMthemeparkResearchAnalystOverthepasttwoyears,fivenewcasinosopenedinAsia,includingtwoinMacau,+63-2-8946636oneinManila,oneinSeoulandoneinCambodia.For2018,weexpectonlyonecasinoopening,namelyMGMCotai.WeexpectnewfacilitiestohelpboostAnthonyEl-KhourypropertyEBITDAfo
6、rWynnPalace(newF&Bofferings),OkadaManila(newhotelResearchAnalysttowerin1Q18)andGentingMalaysia(newindoorthemeparkin1Q18andFox+61-2-8258-1679Studiooutdoorthemeparkin4Q18).Thesenewfacilitiesshouldincreasebothvisitationsandspendpervisitor.ToppicksBloomberryResortsBuy(BLOOM.
7、PS),PHP12.30Sectorvaluationslightlyabovehistoricalaverage;risksIn2017,theAsia-Pacificgamingsectorsawsharepricesup42%onaverage.WynnMacau(1128.HK),HKD26.95BuyAfterlastyear'ssharepricerally,thesector's12mfwdEV/EBITDAisnow7%GentingMalaysia(GENM.KL),MYR5.51BuySource:DeutscheB
8、ankabovehistoricalaverage(Fig10).Whilevaluationisnotcheap,weseeupsideinsharepricesasstocksoftentradeathigherpr
