汇丰银行-澳门博彩业-macau gaming：liquidity controls may hurt share prices；stay selective-20170717-hsbc

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1、Flashnote17July2017MacauGamingEQUITIESHOTELS,RESTAURANTS&LEISURELiquiditycontrolsmayhurtshareprices;stayselectiveHongKongTopjunketwarnedclientsofpotentialbankingissuesCharleneLiu*HeadofGamingResearch&HealthcareAnalyst,AsiaCapitalflightcontrolisaknownrisk;tooearlyto

2、telltheimpactTheHongkongandShanghaiBankingCorporationLimited,SingaporeBranchcharlene.r.liu@hsbc.com.sgStayselective;preferGalaxy(27HK,Buy)ondefensive+6566580615operationsandattractivevaluation,2Q17resultsacatalystAlexisYan*AssociateTheHongkongandShanghaiBankingCorporati

3、onLimitedTopjunketwarnedclientsofpotentialbankingissues:USgamingnamescamealexis.x.yan@hsbc.com.hk+85229966570underpressureonFridaynight–droppingonaverage2%–followingmediareportsclaimingthatoneofMacau’stopjunketoperatorsalertedclientsofpotentialbanking*Employedbyanon-USaf

4、filiateofHSBCSecurities(USA)Inc,andisissues.AnarticleinBenzingaon14Julysaysthatthejunketoperatorremindedclientsnotregistered/qualifiedpursuanttoFINRAregulationsinaclosednetworkSMStransmissiontobemorecarefulwhenutilisingChinesebanksfortransactionsastheycouldbetargetedbylo

5、calauthoritiesinChina’songoingcrackdownoncapitalflight.Accordingtothearticle,thejunketoperatorissuedthealertafteroneormoreaccountswerefrozenduetosuspicioustransactions.Capitalflightcontrolsareaknownrisk;tooearlytotelltheimpact:CapitaloutflowrestrictionsimposedbyChina’sgo

6、vernmentarepartofanongoingefforttostemcapitalflightfromthecountry.Fromthisperspective,thefreezingofbankaccountsduetosuspiciousactivityisaknownrisk.Wethinkthejunketoperatorinvolvedmayhaveissuedthisalerttoclients,asitisconcernedthatsomeplayersmayuserecentreportsofcapitalou

7、tflowrestrictionsasanexcusetodelayrepayments,ashappenedtwoyearsago.Byremindingclientsoftheseissuesproactively,thejunketoperatormaybehopingtopreventhistoryfromrepeatingitself.Basedonourobservations,thecrackdownoncapitalflighthassofarhadnodiscernibleeffectontheperformanceo

8、fthegamingsector.However,itwillprobablytakeanother1-2weekstogaugetheimpactofthislatestnews;itispossible