Gaming, Lodging and Real Estate: TWA #24/2026: Weaker Macro; Stock Picking Is Key

研报英文原文证据摘录

Gaming, Lodging and Real Estate: TWA #24/2026: Weaker Macro; Stock Picking Is Key

Idea

June 12, 2026 06:54 PM GMT

Morgan Stanley Asia Limited+MGaming, Lodging and Real Estate | Asia Pacific Praveen K Choudhary

Equity Analyst

TWA #24/2026: Weaker Macro; Praveen.Choudhary@morganstanley.comDan Chee +852 2848-5068

Dan.Chee@morganstanley.com +852 2239-1227

Stock Picking Is Key Morgan Stanley India Company Private Limited+

Monica Dasoju

Despite risks of regulation and rates, we see stock-specific Equity Analyst

Monica.Sharma@morganstanley.com +91 22 6118-1154

catalysts. India developers with strong pre-sales could perform.

Morgan Stanley Asia Limited+

HK /Macau stocks are facing weaker sentiment from capital Anson Lee, CFA

outflow regulation, yet we prefer Macau names with market Research Associate

Anson.Lee@morganstanley.com +852 2239-7435

share gains in 2Q26.

Inside this report, we answer these investor questions:

Q#1: Gaming: Which operators have gained share in Macau in 2Q? Is it enough for

relative outperformance?

Hong Kong/China Multi-Industry

Q#2: Gaming: Do we expect Macau GGR to surprise on the downside in June? Why? Asia Pacific

Industry View In-Line

Q#3: HK Property: Stocks have underperformed due to China capital outflow Hong Kong/Macau Gaming

Asia Pacific

concerns. Did we see slowdown on the ground? Who gained share in 5M26 sales? Industry View In-Line

ASEAN Gaming

Q#4: Conglomerates: What did we learn from the expert call on Australia's Asia Pacific

Diagnostic Imaging Market, which has implications for Jardine Matheson (due to Industry View Cautious

Hong Kong Property

recent acquisition of I-MED)?

Industry View Attractive

Q#5: India Residential: How is 1QF27 pre-sales tracking? Could launches drive

Hong Kong/China Leisure & Lodging