Macau Gaming:Look ahead,the tide is still going strong

Regulatory risk is low amid steady and healthy gaming revenuegrowth, at 13x FY18 EV/EBITDA, valuation is undemanding

    Fundamentals remain intact, strength in property market,strong junket liquidity collectively help to sustain growth

    Continue to favour Galaxy into 2Q17 results; upgrade SandsChina to Buy from Hold on improving prospects into 2H17