德银-澳门-酒店、休闲与博彩业-强劲的中国游客预示着良好的大众化ggr增长预期

《德银-澳门-酒店、休闲与博彩业-强劲的中国游客预示着良好的大众化ggr增长预期》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、MacauDeutscheBankMarketsResearchAsiaIndustryDateHongKong20February2018MacaoMacauConsumerIndustryUpdateHotels/Leisure/GamingCNY:StrongChinesevisitationbodeswellformassGGRgrowthKarenTangChinesevisitors+16.9%yoyoverCNYDay1-4ResearchAnalystOverthefirst4daysofChinese

2、NewYear(16-19Feb),Macau'stotalvisitationrose9.3%yoy,abovetheTouristOffice'sforecastof2-3%yoy.Moreimportantly,+852-22036141visitorsfrommainlandChinajumped16.9%yoy,accountingfor74%oftotalCompaniesfeaturedvisitation.Thisaffirmsour2018thesisonmassGGRgrowthacceleratio

3、nwhichMGMChina(2282.HK),HKD22.45BuyunderpinsourratingsforSands(Buy),MGMChina(Buy)andWynnMacau2016A2017E2018E(Buy).Thatsaid,channelcheckssuggeststrongtrafficdidnottranslateintoP/E(x)14.831.032.8strongGGRoverthepastweekasmostSuperVIPstraveledoverseastoplacesEV/EBIT

4、DA(x)13.123.717.1likeAustraliaoverthepublicholidays,preferringtocometoMacauonlyinMarchPrice/book(x)8.510.18.7toattendthelargeSpringDinnershostedbyvariousjunketoperators.SandsChina(1928.HK),HKD44.60Buy2017A2018E2019EMGMCotai:StrongstartinCNYafteropeningP/E(x)22.

5、621.518.5MGMCEO,GrantBowie,commentedthat,lessthanaweekafteropening,MGMEV/EBITDA(x)15.715.914.2CotaiisalreadyreceivingmorefoottrafficthanMGMPeninsula.OnDay3ofCNY,Price/book(x)9.210.09.1MGMCotaireceivedc.40,000visitations,morethanMGMPeninsulainpreviousWynnMacau(112

6、8.HK),HKD27.25Buyyears.Atthemoment,MGMCotaionlyhasc.165tablesonthemassgaming2016A2017E2018EfloorasVIProomsmayonlyopeninthesummer.WithoutVIPs,MGMCotai'sP/E(x)24.034.120.8rampwouldunderstandablybeslowerthanthatofWynnPalaceandSandsEV/EBITDA(x)17.320.214.9Parisian,i

7、nourview.Wereallyliketheproperty'shigh-endofferings,includingPrice/book(x)26.148.523.7thespecialVIPentrance,thequickelevatoraccesstothejunketfloorandtheSource:DeutscheBankluxuriousVIPvillasintheMGMMansion.Bysummer,weexpectthecompanytotransferanother50-60tablesfro

8、mPeninsulatoCotaifortheVIProomopening.IfMGMChinasharepricepullsbackondisappointmentsoverslowramp-up,we'drecommendinvestorstoBuyondips.Attractiverisk-rewardprofileforSands,MGM