CALL TO ACTION
There was some improvement this week from last due to a much easier comparison. DTR of HK$691 fell “only” 22% YoY but the comp was the weakest of the month (-7%). We still believe the trend is lower and while consensus GGR forecasts have dropped dramatically, EBITDA estimates remain much too high in our opinion. We fear the Street is missing the recent downturn in the grind mass which carries the highest margins of any segment.
Please see our detailed note: