Gaming, Lodging and Real Estate: TWA #20/2026: Macau Trip; Jardine; Genting

Research evidence excerpt

Gaming, Lodging and Real Estate: TWA #20/2026: Macau Trip; Jardine; Genting

IdeaM

Investment Summary and Stock Ideas

ITEM DETAILS

Stock ideas (+) JMH (OW)/PT at US$90.00: We recently initiated coverage on Jardine Matheson at Overweight with a price target of US$90.00.

A new CEO, Hongkong Land’s successful transformation template and potential asset recycling could drive a further re-rating. Stub

value at negative US$6/share remains compelling. Key catalysts include the June investor day, TSR targets, dividend growth and

potential corporate actions. Valuation remains attractive at a 26% discount to NAV and 0.7x P/B, despite improving operations.

(+) Link REIT (OW)/PT at HK$44.00: We recently upgraded Link REIT to OW (from EW). We are encouraged by strong Hong Kong

retail sales, with 1Q26 +12.1% YoY. Link REIT is a retail proxy and could benefit from this recovering trend. We believe a strong stock

market and rising residential market could drive retail sales growth and eventually result in positive rental reversion. We expect

announcement of a new CEO in the next three to six months to act as a positive catalyst. Link REIT is trading at 6.4% forward

dividend yield, highest among our coverage. We expect Link REIT to rise relative to HSI in the near term (see positive RTI).

Investor Gaming: What needs to happen for Macau stocks to perform? How was the May holiday GGR? Who gained share in April? Which do

queries we prefer between Sands China and Galaxy? Why is MS negative on the Industry when valuation is so attractive?

HK Property and Conglomerates: How much of the capital recycling and new CEO story is already in the price for JMH stock? Why

is CKH stock still performing even though port deal is stalled? Are we seeing a retail recovery and should be buying LINK (mass) or