Macau Gaming Undervalued for Long-Term Investors Amid Weak Sentiment
Despite fears around a trade war and China's economic slowdown, the narrow-moat Macau gaming market’s competitive positioning and demand remain strong, and we believe the current weak sentiment presents a good buying opportunity for long-term investors. Our fair value estimate for Sands China is now HKD 45 per share (versus HKD 42 prior), for Galaxy Entertainment HKD 58 per share (versus HKD 54), for Melco Resorts $21 per share (versus $22), for MGM China HKD 20 per share (versus HKD 21.50 per s...Galaxy Entertainment is an investment holding company, engaged in operation in casino games of chance or games of other forms, as well as the provision of hospitality and related services in Macau. In addition, Co. manufactures, sells and distributes construction materials through its Construction Materials Division across Mainland China, Hong Kong and Macau. Co.'s segments include gaming and entertainment, and construction materials.
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