Macau’s concessionaires printed their best combined gaming revenue result in 20 quarters in the December 2024 quarter, but a sector-wide rally of their relentlessly depressed stocks remains unlikely, according to investment bank JP Morgan.
In a Thursday note previewing the upcoming 4Q24 results season, JP Morgan analysts DS Kim, Mufan Shi and Selina Li observed that Macau names are still viewed as “show me” stocks meaning a clear catalyst is needed to spark them back to life.
Nevertheless, they remain positive about results season given that DICJ figures showed a 6% year-on-year and 3% quarter-on-quarter jump in GGR in Q4, including an all-time high for mass gaming revenues.
