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Fly News Breaks for March 6, 2019
Mar 6, 2019 | 14:06 EDT
Credit Suisse analyst Kenneth Fong said he remains constructive on the Macau gaming sector in the medium-term, given he sees recent China liquidity measures, strong visitation following the bridge opening and a lack of new supply until 2020 as earnings drivers. However, given that the sector has rallied 20% year-to-date, he believes it is "time to take some chips off the table," as his note to investors is titled. He downgraded Studio City (MSC) to Underperform from Neutral and lowered his rating on Sands China (SCHYY) downgraded to Neutral from Outperform, suggesting that investors wait for better opportunities to enter. Fong also lowered his top-line GGR growth forecast for 2019 to 1% from 8% on a slower first half and recovery into the second half.
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