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2009-6-15 01:36:00 p.m. HKT, XFNA
DJ MARKET TALK: Macq Bearish On Macau Plays; Overcapacity Eyed
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| 1321 [Dow Jones] STOCK CALL: Macquarie holds bearish view on Macau plays; broker says there is potential imbalance of demand/supply emerging which could drive up risk of overcapacity, competition. Warns possible commission wars in mass market with 14% gaming capacity addition after opening of Melco's City of Dreams. Expects no sign of market growth in near term as Guangdong province, where 60%-70% of source of gaming play in Macau, continues to suffer from weak economic growth. Keeps Melco (0200.HK), whose new property focussed on mass market, at Underperform with target HK$3.00; Downgrades Galaxy (0027.HK) to Neutral vs Outperform, leaves target unchanged at HK$2.25. (JYC) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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