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1、MacauDeutscheBankMarketsResearchAsiaIndustryDateChina2November2017HongKongMacauConsumerIndustryUpdateHotels/Leisure/GamingSouthboundinterestreturning...KarenTangSouthboundaddedWynnMacau,MGMChina&SandsChinarecentlyResearchAnalystSouthboundflowsaremainlandChinesebuyingHKlistedstoc
2、ks.FortheoverallHKmarket,southboundflowsaccountfor16%ofgrossHKcashmarketturnover.+852-22036141ForMacaustocks,SouthboundwasanetsellerfromJunetoAugustbecauseCompaniesfeaturedSouthboundfavoriteSJM(0880.HK,Hold)disappointedinits1H17results.AfterGalaxy(0027.HK),HKD53.10Holdthesummer,
3、SouthboundreturnedasanetbuyerofthesectorinSeptember-2016A2017E2018EOctober,initiallyaddingWynnMacau(1128.HK,Buy)andMGMChina(2282.HK,EV/EBITDA(x)10.114.713.0Buy)andrecentlyaddingSandsChina(1928.HK,Hold),whilereducingnetSJM(0880.HK),HKD6.70HoldpositionsinGalaxy(27.HK,Hold).Clickh
4、ereforFig3-4.2016A2017E2018EEV/EBITDA(x)5.314.015.0OctobernetbuyingbySouthboundinvestorsSandsChina(1928.HK),HKD36.75HoldForthemonthofOctober,asapercentageofturnover,Southbound'snetbuying2016A2017E2018EwashighestforWynnMacau(2.4%ofturnover),followedbySJM(2.0%ofEV/EBITDA(x)15.316
5、.315.3turnover)andSandsChina(1.3%ofturnover).Onanabsolutebasis,Southbound'sWynnMacau(1128.HK),HKD20.00BuynetbuyingwasstrongestforSandsChina(Fig3-4).2016A2017E2018EEV/EBITDA(x)17.315.913.3ChangingSouthboundinterestsMGMChina(2282.HK),HKD17.58BuyTherehasbeenafewclearchangesinSouth
6、boundinterestrecently.InOctober,2016A2017E2018ESJMandSandsChinasawnetSouthboundinflowsfollowing3-5monthsofEV/EBITDA(x)13.120.714.1outflows.Ontheotherhand,ShunTaksawbigSouthboundnetoutflows,ShunTak(0242.HK),HKD3.36Holdaccountingfor24%ofthestock'sturnoverinOctober,afterthreemonthsof
7、2016A2017E2018Einflows.ForMGMChina,afterfourmonthsofnetSouthboundinflowsfromJuneEV/EBITDA(x)4.94.11.6toSeptember(totalingc.US$33mnetbuying),SouthboundnowaccountsforSource:DeutscheBank3.6%ofMGMChina'sfree-float-marketcap,upsharplyfrom1.3%holdingjustfivemonthsago(Fig8).LargestMacauho
8、ldingsbysouthbound?StillShunTakandSJMAsofOctober27th,S
