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1、MacauDeutscheBankMarketsResearchAsiaIndustryDateChina15November2017HongKongMacauConsumerIndustryUpdateHotels/Leisure/GamingConcessionbiddingprocess-moreclaritybymid-2018KarenTangPolicyAddresshintsatmoreclarityonconcessionbiddingprocessbymid-2018ResearchAnalystMacau'sChie
2、fExecutivehasdeliveredthe2018PolicyAddress.Asinpreviousyears,heurgedgamingoperatorstodiversifyandtosupportlocalSMEs.Butthis+852-22036141year,healsohighlightedtheneedtoreviewthelegislativeframeworkregardingToppicksthegamingconcessionbiddingprocess.Afterspeakingtolegislati
3、veexperts,WynnMacau(1128.HK),HKD21.65BuywebelieveitwilltakeMacau'sLegislativeAssembly12-24monthstodebate,Source:DeutscheBankvoteandpassthenewlawsgoverningthenextgamingconcessions.IfthisCompaniesfeatureddragsbeyondSJM/MGM'sconcessionexpiryinMarch2020,thenMacau'snextGalaxy
4、(0027.HK),HKD56.45HoldChiefExecutive,tobeelectedinDec2019,mayextendthecurrentconcessions,2016A2017E2018Eprovidingtimeforthelegislativeprocesstofinish.ClickFig1toseethetimelineP/E(x)18.725.121.9ofthepreviousgamingconcessionlegislativeprocessin2000-02.EV/EBITDA(x)10.116.014
5、.2Price/book(x)3.14.53.9TighterjunketregulationshavelittleimpactonVIPGGR,inourviewSJM(0880.HK),HKD6.32HoldAtagamingconference,theHeadofGamingBureau(DICJ)saidtheregulator2016A2017E2018EplanstoliftstandardsforjunketoperatorsbeginninginJanuarywhentheysubmitP/E(x)13.118.018.
6、6theirlicensesforannualrenewal.Thismayincludeclosermonitoringofjunkets'EV/EBITDA(x)5.313.314.3creditrecordsandofthepracticeoftakingtemporarydepositsfromunqualifiedPrice/book(x)1.41.41.4localcitizens.WebelievesuchregulationswouldhavelittleimpactonVIPGGRWynnMacau(1128.HK),H
7、KD21.65Buyin2018.Overthepast3years,consolidationhaslefttheTop5junketscontrolling2016A2017E2018Eover85%oftheVIPmarket.TheseTop5junketshavestrongbalancesheetsandP/E(x)24.027.919.9arelikelytobebetteratcopingwithregulations(Fig3).Indeed,weexpecttheEV/EBITDA(x)17.317.013.8new
8、waveofjunketroomopeningtosupportVIPGGRin2018(Fig4).Price/book(x)26.138.722.8SandsChina(1928.HK),HKD37.4
