Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

Galaxy Entertainment Group / Equity Bottom-Up

<ul>
<li>Forward valuations are difficult while the pandemic lingers but Galaxy's 1Q21 results auger well for an accelerating recovery from 3Q21 to 2Q22.</li>
<li>Isolated Covid flareups in Guangdong and Hong Kong remain the last barrier to speedy recovery of revenues and arrivals. Vaccination rates hold the key and vary by nation.</li>
<li>GEG's forward revenue profile is bullish as it can gain market share now both in mass as well as a new thrust at premium mass sector business with its Raffles expansion.</li>
</ul>


Forward valuations are difficult while the pandemic lingers but Galaxy's 1Q21 results auger well for an accelerating recovery from 3Q21 to 2Q22.
Isolated Covid flareups in Guangdong and Hong Kong remain the last barrier to speedy recovery of revenues and arrivals. Vaccination rates hold the key and vary by nation.
GEG's forward revenue profile is bullish as it can gain market share now both in mass as well as a new thrust at premium mass sector business with its Raffles expansion.


Asia Gaming Outlook Second Half: Our Top Pick Is Galaxy Entertainment Group Poised for Big Gains

<ul>
<li>The passage of Japan Integrated Casino Resort legislation in 2016 initially targeted the 2020 Olympics for launch of properties. Now, even 2027/29 is earliest feasible debut.</li>
<li>The projected US$25b Japan marker would have cannibalized existing Macau revenues considering that pre-pandemic, Japan welcomed 9.5m Chinese tourists--without casinos.</li>
<li>Macau operators have an ongoingUS$8.5b investment in expansion there. A possible opening of Japan in the originally envisioned years is no longer operative.</li>
</ul>


The passage of Japan Integrated Casino Resort legislation in 2016 initially targeted the 2020 Olympics for launch of properties. Now, even 2027/29 is earliest feasible debut.
The projected US$25b Japan marker would have cannibalized existing Macau revenues considering that pre-pandemic, Japan welcomed 9.5m Chinese tourists--without casinos.
Macau operators have an ongoingUS$8.5b investment in expansion there. A possible opening of Japan in the originally envisioned years is no longer operative.


Interminable Delays in Japan Casinos Have Reduced Cannibalization Threat to Macau's Long Term Growth

<ul>
<li>The recent plunge and overnight recovery of casino stocks were evidence of a larger fear that has spooked some global markets: building post pandemic inflationary pressures.</li>
<li>Even though China's inflation rate is expected to rise only to 2% next year some investors have begun to worry about contagion from other nations.</li>
<li>The US inflation rate for the 12 months through April jumped to 4.2% in the CPI, raising fears that fiscal and monetary stimulus could dampen pandemic recovery.</li>
</ul><a target="_blank"></a> Casino sector stocks were rattled last week as investors began to worry that inflationary pressures could trigger labor and supply shortages that would damage operating margins dramatically. High margins going forward will be sustained because of operating cuts made during the pandemic that did not impair service or customer experience. Key gaming stocks with a large Asia presence were also hit. The dip of these selected stocks since March went against far more bullish outlooks for both the Macau and US gaming markets seeing accelerating revenue recovery as the pandemic pressures began to ease. We contacted several buy side institutions we know who had reduced their positions in these stocks over the last two months. We wanted to know if the decisions to lighten their holdings in these stocks was related to growing inflation fears. Out of six institutions, all said that concerns about inflationary pressures building post pandemic was among the several key considerations in those moves. Overall they remained bullish on the sector awaiting 2Q21 earnings results as the next measure of improving gaming consumer sentiment. They cited concerns about labor costs rising in the US and cost of goods in both US and Asian casinos in food cost inflation and other factors. I asked whether they believed that inflation could cool, or stop revenue recovery in the coming quarters through early 2022. All believed it was a factor. But history proves quite the opposite as we shall note later in this insight.<section class="figure"><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/206/506/original/21341.jpg?1621162448" class="editor-image img-responsive" data-smartkarma-image-id="206506"></figure></section>Above: A percentage of severe job cuts could remain in place in casinos, but investors worry that it could cause worker shortages later and drive up the price of labor in service industries.</section> Recent trading levels of selected gaming stocks Wynn Resorts Ltd:March 17: US$140APRIL 29: US$129May 11: US$128May 13: US$120 Wynn Macau:March 17: HK$16.260April 19: HK$15.080May 10: HK$13.600 Las Vegas SandsMarch 11: US$63.16April 28:US $61.46May 13: $54.78May 14: US$57.89 Galaxy Entertainment Group Ltd (0027HK)March 17: HK$78.250May 10: HK$66.950May 14: HK$62.100 Las Vegas as a Petrie Dish for Macau It has been our long held contention that even powerful inflationary pressures do not damage the prospects of gaming stocks. Our view is based on the operating history of casinos during inflationary periods. Given the clear differences of time, gaming cultures, economic activity there are still several useful parallels for us to compare Las Vegas during a rampant inflation period (1976-1980) in the US and today’s clearly more complex and larger world economy. We begin with the baseline, simple adage of economic truths about the causes of inflation: Too much money chasing too few goods. Hence, the price of goods rises rapidly out of shortages or disruptive factors such as commodity prices that spike sharply increasing pass along producer costs. The basic “goods” of a casino are of course, the intangibles of entertainment experiences. But the actual “goods” paid by the consumer, are the gaming chips. And in the larger inflating economy, consumers will see prices of such things as food, clothing, etc rising, yet gaming consumers will still see the same prices of the casino “goods” i.e., chips bought, remain fixed. Whether inflation, recession, depression, or prosperity, a twenty -five dollar chip still costs twenty five dollars  and is not raised to twenty eight dollars to reflect inflation. In the area of cost of goods such as food for dining outlets, or supplies, casinos operate multiple dining outlets priced from popular, low cost food, all the way to gourmet rooms. So a dining experience is always available at an affordable price. Furthermore, a given amount of dining is comped for players so cost per se, isn’t an inhibiting factor in a decision to “buy” in a sense. Because gaming trips are periodic, not commuting, rising costs of transportation also do not apply to casino customers. The Las Vegas during a period of rampant inflation noted below had these characteristics in common with Macau today—as an example: It was a national monopoly. The only US state legally able to conduct casino gambling was Nevada. Macau enjoys that status re: China today. Las Vegas had a large concentration of gaming properties appealing to a diverse consumer profile. From low cost, low limit mass gaming halls, to mid-range properties, all the way up to luxury properties like Caesars Palace, opened in 1966 with average RevPars related to room rates, etc. way above the town’s average. Today, Macau visitors have the same choice. Budget conscious players can book inexpensive rooms, dine cheaply and play low limit games to their heart’s content. Premium mass and VIP players have their choice of the most posh accommodations in the town and are mostly comped. There is a distinct mentality present in the characteristics of gamblers that crosses age, ethnicity, economic lines as distinguished from that segment of the general population of countries who do not gamble. The psychology of players who arrived in Las Vegas back in the day, is not substantially different from those who visit Macau today. That mind set is distinct. It is perfectly comfortable with the idea that one arrives at a casino hoping to win, and more likely willing to lose in exchange for a unique, entertaining escape from the pressures of everyday life. Proof of casino resiliency to all but one macro trend In 1990, the Research in Business Economic Journal published a Robert Morris University study of the impact of macro- economic fluctuations on casino revenues in various markets.They studied GDP variables, recessions ,booms, inflations mild and severe and the misery index. In all these cases they found only one factor that posted a statistically notable move: GNP. Other than that, all the macro trends, including inflationary pressures registered virtually no provable statistical impact on gaming revenues.<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/206/510/original/56913726_7.png?1621162714" class="editor-image img-responsive" data-smartkarma-image-id="206510"></figure><div class="content-caption">Inflation fears may rattle stocks but reality suggests more stability thus far in pandemic endgame months.</div></section>Going forward, follow up studies revealed that severe recessions, such as that of the 2007/09 global financial crisis which battered GDPs globally, did take a bite out of gaming revenue in most markets. But by contrast, inflation did not materially impact win. Because casinos are able to adjust such key operating factors as the number of games open and staffed, hours of operation in dining outlets and of course, room rates to reflect flexible demand, they can endure severe recessions to a degree. But there is clearly damage. In the stagflation era of 1976-1980, when inflation ran rampant over the globe and economic activity had materially slowed, the Las Vegas gaming market reached its first landmark, winning US$1b from players that year in the teeth of macro inflationary pressures. Three major resorts also opened that year. In the heavily impacted          global recession year of 2009, Las Vegas gross gaming revenue fell to US$5.5B from $6.1b in 2008—which also was impacted by the financial crisis that began in 2007. At the same time, Macau reported 2009 GGR of US$14.921b, up from US $13.2b in 2008, an increase of US$1.3B. But even in that macro -economic downturn, the momentum in both markets quickly resumed growth. In the pre-pandemic base year of 2019, Macau posted a US$37.7b GGR, while Las Vegas had US$6.5B IN GGR. During the interim years both markets experienced macro shock waves on their way to recovery. In the US, the aftermath of a deep recession with a large component of unemployment. In Macau, the massive regulatory crackdowns from Beijing that hit GGR in 2015 hard. Yet in both cases, an inherent resilience to bearish macros events was demonstrated. And we believe that inflationary fears that now appear to have begun spooking the markets in general and specifically, taken a bite out of valuations in the casino sector, are unwarranted. In the US, fears spring out of investors’ concerns about monetary and fiscal stimulus driving up prices. In Asia, despite the relatively low inflation rate in China, there are indications that the market’s worry about bond yields are a stalking horse for worse news on the inflation front to come. Overall, we believe concern over inflation is not a reason to turn bearish on the casino sector. The bear narrative that may still loom over the Macau sector is a lingering lack of conviction that despite steady gains in arrivals and revenues, full recovery is still too far off to reflect itself in conviction buying. As a result we continue to believe that despite the downward trend of the last 90 days, the sector is reaching a highly attractive entry point for those still on the sidelines. If we discount the threat of inflationary pressures, and remain unconvinced that Asia gaming markets in particular, have a long haul ahead before they return to robust growth, we still have inherent value here that militates against a bear outlook. By contrast we think the Macau recovery is steady and underway as already shown by 1Q21 results of revenue increases for Macau centric stocks like Galaxy and Wynn Resorts Ltd. We expect an even more robust earnings profile to show up in 2Q21 performance particularly in the Macau facing sector.<section class="figure"></section>


The recent plunge and overnight recovery of casino stocks were evidence of a larger fear that has spooked some global markets: building post pandemic inflationary pressures.
Even though China's inflation rate is expected to rise only to 2% next year some investors have begun to worry about contagion from other nations.
The US inflation rate for the 12 months through April jumped to 4.2% in the CPI, raising fears that fiscal and monetary stimulus could dampen pandemic recovery.
 Casino sector stocks were rattled last week as investors began to worry that inflationary pressures could trigger labor and supply shortages that would damage operating margins dramatically. High margins going forward will be sustained because of operating cuts made during the pandemic that did not impair service or customer experience. Key gaming stocks with a large Asia presence were also hit. The dip of these selected stocks since March went against far more bullish outlooks for both the Macau and US gaming markets seeing accelerating revenue recovery as the pandemic pressures began to ease. We contacted several buy side institutions we know who had reduced their positions in these stocks over the last two months. We wanted to know if the decisions to lighten their holdings in these stocks was related to growing inflation fears. Out of six institutions, all said that concerns about inflationary pressures building post pandemic was among the several key considerations in those moves. Overall they remained bullish on the sector awaiting 2Q21 earnings results as the next measure of improving gaming consumer sentiment. They cited concerns about labor costs rising in the US and cost of goods in both US and Asian casinos in food cost inflation and other factors. I asked whether they believed that inflation could cool, or stop revenue recovery in the coming quarters through early 2022. All believed it was a factor. But history proves quite the opposite as we shall note later in this insight.Above: A percentage of severe job cuts could remain in place in casinos, but investors worry that it could cause worker shortages later and drive up the price of labor in service industries. Recent trading levels of selected gaming stocks Wynn Resorts Ltd:March 17: US$140APRIL 29: US$129May 11: US$128May 13: US$120 Wynn Macau:March 17: HK$16.260April 19: HK$15.080May 10: HK$13.600 Las Vegas SandsMarch 11: US$63.16April 28:US $61.46May 13: $54.78May 14: US$57.89 Galaxy Entertainment Group Ltd (0027HK)March 17: HK$78.250May 10: HK$66.950May 14: HK$62.100 Las Vegas as a Petrie Dish for Macau It has been our long held contention that even powerful inflationary pressures do not damage the prospects of gaming stocks. Our view is based on the operating history of casinos during inflationary periods. Given the clear differences of time, gaming cultures, economic activity there are still several useful parallels for us to compare Las Vegas during a rampant inflation period (1976-1980) in the US and today’s clearly more complex and larger world economy. We begin with the baseline, simple adage of economic truths about the causes of inflation: Too much money chasing too few goods. Hence, the price of goods rises rapidly out of shortages or disruptive factors such as commodity prices that spike sharply increasing pass along producer costs. The basic “goods” of a casino are of course, the intangibles of entertainment experiences. But the actual “goods” paid by the consumer, are the gaming chips. And in the larger inflating economy, consumers will see prices of such things as food, clothing, etc rising, yet gaming consumers will still see the same prices of the casino “goods” i.e., chips bought, remain fixed. Whether inflation, recession, depression, or prosperity, a twenty -five dollar chip still costs twenty five dollars  and is not raised to twenty eight dollars to reflect inflation. In the area of cost of goods such as food for dining outlets, or supplies, casinos operate multiple dining outlets priced from popular, low cost food, all the way to gourmet rooms. So a dining experience is always available at an affordable price. Furthermore, a given amount of dining is comped for players so cost per se, isn’t an inhibiting factor in a decision to “buy” in a sense. Because gaming trips are periodic, not commuting, rising costs of transportation also do not apply to casino customers. The Las Vegas during a period of rampant inflation noted below had these characteristics in common with Macau today—as an example: It was a national monopoly. The only US state legally able to conduct casino gambling was Nevada. Macau enjoys that status re: China today. Las Vegas had a large concentration of gaming properties appealing to a diverse consumer profile. From low cost, low limit mass gaming halls, to mid-range properties, all the way up to luxury properties like Caesars Palace, opened in 1966 with average RevPars related to room rates, etc. way above the town’s average. Today, Macau visitors have the same choice. Budget conscious players can book inexpensive rooms, dine cheaply and play low limit games to their heart’s content. Premium mass and VIP players have their choice of the most posh accommodations in the town and are mostly comped. There is a distinct mentality present in the characteristics of gamblers that crosses age, ethnicity, economic lines as distinguished from that segment of the general population of countries who do not gamble. The psychology of players who arrived in Las Vegas back in the day, is not substantially different from those who visit Macau today. That mind set is distinct. It is perfectly comfortable with the idea that one arrives at a casino hoping to win, and more likely willing to lose in exchange for a unique, entertaining escape from the pressures of everyday life. Proof of casino resiliency to all but one macro trend In 1990, the Research in Business Economic Journal published a Robert Morris University study of the impact of macro- economic fluctuations on casino revenues in various markets.They studied GDP variables, recessions ,booms, inflations mild and severe and the misery index. In all these cases they found only one factor that posted a statistically notable move: GNP. Other than that, all the macro trends, including inflationary pressures registered virtually no provable statistical impact on gaming revenues.Inflation fears may rattle stocks but reality suggests more stability thus far in pandemic endgame months.Going forward, follow up studies revealed that severe recessions, such as that of the 2007/09 global financial crisis which battered GDPs globally, did take a bite out of gaming revenue in most markets. But by contrast, inflation did not materially impact win. Because casinos are able to adjust such key operating factors as the number of games open and staffed, hours of operation in dining outlets and of course, room rates to reflect flexible demand, they can endure severe recessions to a degree. But there is clearly damage. In the stagflation era of 1976-1980, when inflation ran rampant over the globe and economic activity had materially slowed, the Las Vegas gaming market reached its first landmark, winning US$1b from players that year in the teeth of macro inflationary pressures. Three major resorts also opened that year. In the heavily impacted          global recession year of 2009, Las Vegas gross gaming revenue fell to US$5.5B from $6.1b in 2008—which also was impacted by the financial crisis that began in 2007. At the same time, Macau reported 2009 GGR of US$14.921b, up from US $13.2b in 2008, an increase of US$1.3B. But even in that macro -economic downturn, the momentum in both markets quickly resumed growth. In the pre-pandemic base year of 2019, Macau posted a US$37.7b GGR, while Las Vegas had US$6.5B IN GGR. During the interim years both markets experienced macro shock waves on their way to recovery. In the US, the aftermath of a deep recession with a large component of unemployment. In Macau, the massive regulatory crackdowns from Beijing that hit GGR in 2015 hard. Yet in both cases, an inherent resilience to bearish macros events was demonstrated. And we believe that inflationary fears that now appear to have begun spooking the markets in general and specifically, taken a bite out of valuations in the casino sector, are unwarranted. In the US, fears spring out of investors’ concerns about monetary and fiscal stimulus driving up prices. In Asia, despite the relatively low inflation rate in China, there are indications that the market’s worry about bond yields are a stalking horse for worse news on the inflation front to come. Overall, we believe concern over inflation is not a reason to turn bearish on the casino sector. The bear narrative that may still loom over the Macau sector is a lingering lack of conviction that despite steady gains in arrivals and revenues, full recovery is still too far off to reflect itself in conviction buying. As a result we continue to believe that despite the downward trend of the last 90 days, the sector is reaching a highly attractive entry point for those still on the sidelines. If we discount the threat of inflationary pressures, and remain unconvinced that Asia gaming markets in particular, have a long haul ahead before they return to robust growth, we still have inherent value here that militates against a bear outlook. By contrast we think the Macau recovery is steady and underway as already shown by 1Q21 results of revenue increases for Macau centric stocks like Galaxy and Wynn Resorts Ltd. We expect an even more robust earnings profile to show up in 2Q21 performance particularly in the Macau facing sector.          

Markets Could Fall, but Not the Sky: Trends Show Casino Sector Resilient to Inflationary Pressures

Managing Director

Elan Gore

TMI Data Science

TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade & traditional media.  Our proprietary software, TMI Machine, is a text-mining platform designed with the buy-side & capital markets professional in mind, text-mining the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income & individual equities.  TMI provides custom leading indicators and systematic trading strategies, operating at the nexus of linguistics & statistics drawing on vast experience in investment banking and hedge fund settings in senior quantitative and fundamental roles.  

TMI Data Science was founded by Elan Gore, an award-winning Senior Global Basic Materials Equity Analyst & China Economist with 15 years of experience in North American hedge funds & institutional managers; and Alessandro Porrino, Ph.D., an Algorithmic Trading Analyst and Programmer with 10 years of front-office experience ranging from complex FX option pricing to auto-hedging strategies at Bank of America Merrill Lynch and Standard Chartered.  Mr. Gore holds an MBA in Finance from New York University Stern School of Business, and Mr. Porrino holds a Ph.D. in Systems Engineering from Brunel University London.

Cross Asset Strategy

<ul>
<li>Our indicators have seen a surge in coverage of Macau in the context of the Digital RMB, starting with Macau Chief Executive Ho Lat Seng's mid-April plan to amend legislation in order to accommodate the e-RMB rollout; sentiment on the Macau gaming sector appears to be pulling back as a result</li>
<li>While the long-standing crackdown on VIP junkets has been a factor for Macau's casino operators throughout the previous cycle, rollout of the Digital RMB may also suppress growth in the important premium mass segment</li>
<li>Defensives vs. cyclicals relative sentiment recovered from a multi-year low of -3.5x STDEVs in mid-March to near-neutral readings last week, as the bond rally and flattening yield curve led a few high-profile strategists to call for more defensive positioning; but this phenomenon has now decisively peaked out without any significant thematic reversal, on refreshed expectations of rising yields and action in the commodity complex</li>
<li>European recovery indicators have made new post-pandemic highs, aided by improvement in sentiment on the pace of vaccinations, with implications for EUR/USD</li>
</ul><div class="content-highlight">TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary tools text-mine the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. </div>


Our indicators have seen a surge in coverage of Macau in the context of the Digital RMB, starting with Macau Chief Executive Ho Lat Seng's mid-April plan to amend legislation in order to accommodate the e-RMB rollout; sentiment on the Macau gaming sector appears to be pulling back as a result
While the long-standing crackdown on VIP junkets has been a factor for Macau's casino operators throughout the previous cycle, rollout of the Digital RMB may also suppress growth in the important premium mass segment
Defensives vs. cyclicals relative sentiment recovered from a multi-year low of -3.5x STDEVs in mid-March to near-neutral readings last week, as the bond rally and flattening yield curve led a few high-profile strategists to call for more defensive positioning; but this phenomenon has now decisively peaked out without any significant thematic reversal, on refreshed expectations of rising yields and action in the commodity complex
European recovery indicators have made new post-pandemic highs, aided by improvement in sentiment on the pace of vaccinations, with implications for EUR/USD
TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary tools text-mine the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. 

TMI Snapshots:  Macau, Defensives Vs. Cyclicals, Europe's Recovery

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) continue to hold above critical support levels and market dynamics remain largely positive. Until this changes, we believe global equities are headed higher in the coming weeks and months. Additionally, we are reiterating our overweight recommendations on small-caps and value as we believe outperformance from these areas is likely to continue.

Major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) continue to hold above critical support levels and market dynamics remain largely positive. Until this changes, we believe global equities are headed higher in the coming weeks and months. Additionally, we are reiterating our overweight recommendations on small-caps and value as we believe outperformance from these areas is likely to continue.

Global Equity Strategy: Small-Caps and Value Stocks Remain in Focus

Hong Kong

Galaxy Entertainment Group Limited, through its subsidiary, operates casino, hotel and other entertainment facilities in Macau. The company also manufactures sells and distributes construction materials.

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Galaxy Entertainment Group (27 HK)

Asia Gaming Outlook Second Half: Our Top Pick Is Galaxy Entertainment Group Poised for Big Gains

Galaxy's 1Q21 results indicate a trend that will accelerate post pandemic across the broad segments of customers, including increase in both mass...

Howard J Klein

Interminable Delays in Japan Casinos Have Reduced Cannibalization Threat to Macau's Long Term Growth

The continuing delay in Japan casinos gives Macau operators a much longer competition free runway post pandemic through almost a decade ahead. This...

Howard J Klein

Markets Could Fall, but Not the Sky: Trends Show Casino Sector Resilient to Inflationary Pressures

US markets were rattled by inflation numbers that showed the CPI spike to 4.2%. This spooked the markets and the casino sector dipped considerably....

Howard J Klein

TMI Snapshots: Macau, Defensives Vs. Cyclicals, Europe's Recovery

Our text analytics see negative sentiment on Macau's gaming operators due to e-RMB progress despite positive reopening data; a return to...

Elan Gore

Global Equity Strategy: Small-Caps and Value Stocks Remain in Focus

We are reiterating our overweight recommendations on small-caps and value as we believe outperformance from these areas is likely to continue.

Vermilion Research

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