Gaming, Lodging and Real Estate: TWA #27/2026: Opportunities Beyond Tech

研报英文原文证据摘录

Gaming, Lodging and Real Estate: TWA #27/2026: Opportunities Beyond Tech

Idea

July 5, 2026 08:13 PM GMT

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

Equity Analyst

TWA #27/2026: Opportunities Praveen.Choudhary@morganstanley.comDan Chee +852 2848-5068

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

Beyond Tech Morgan Stanley India Company Private Limited+

Monica Dasoju

HK property fundamentals (price/rent) are strong, and less Equity Analyst

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

perceived risk of a Fed hike could help as well. Similarly, India

Morgan Stanley Asia Limited+

developers and mall operators are seeing upticks with higher Anson Lee, CFA

beta on the Sensex, which is benefitting from lower oil prices. Research Associate

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

We highlight key investor debates.

Although HK fundamentals (price/rent) remain robust, much of the cyclical

upturn appears to be in the price. We expect 1HF26 earnings to be weak. We believe

relative outperformance will be driven by companies taking "value up" initiatives.

We rank Swire Properties, Link REIT and Jardine ahead of CKH, CKA and SHKP. The Hong Kong/China Multi-Industry

market continues to attribute weaker Macau GGR to the impact of the World Cup, Asia Pacific

Industry View In-Line

but we think other issues (weaker macro and competition) are keeping things at bay

Hong Kong/Macau Gaming

despite very attractive valuations. We see more downside to consensus EBITDA Asia Pacific

forecasts for 2026. We expect India developers and mall operators to report strong Industry View In-Line

ASEAN Gaming

sales (and pre-sales) in 1QF27. Asia Pacific

Industry View Cautious

Why read this note? We answer these relevant questions: Hong Kong Property