Macau GGR, MTN, KO, NKE, Aldi: MORNING UPDATE

研报英文原文证据摘录

Macau GGR, MTN, KO, NKE, Aldi: MORNING UPDATE

Briggs Barton - Specialist Sales - US Consumer AC North America Specialist Sales J P M O R G A Nbriggs.barton@jpmorgan.com

J.P. Morgan Securities LLC 22 June 2026

Macau GGR, MTN, KO, NKE, Aldi

Briggs Barton

+1 212 622 2677

briggs.barton@jpmorgan.com

MORNING UPDATE

Futures are mixed and semis are rallying overseas following a strong finish to last week and a weekend of back and

forths on Iran that ended with things "on track". Fairly quiet morning in Consumer on the headline/newsflow front.

On the sector/company specific front - Macau GGR for June week 3 is out and demand still looks lackluster, MTN is

facing activist pressure (shares were +11% on Fri), KO goes to court this week to appeal their tax issue, and CCL reports

tmrw AM (we think along with VIK, CCL has been the more favored long in Cruise recently).

Elsewhere, two FT article to call out: (1) NKE CEO Elliot Hill from yday talking about the turnaround (disccuses opptys

but also signals taking longer than expected), and (2) Article on Aldi aggresively ramping their store count (KR was very

weak post earnings last week and dragged peers down with it as competition remains a key sector concern).

NEWS - DESK COLOR - JPM RESEARCH

MACAU GGR Update = Still Lackluster

GGR for the first 21 days of June tracked MOP13.2B or MOP628m/day, per our checks. Last week’s run-rate edged up +2% w/w

to ~MOP600m/day, but was still 15-20% lower than May’s (MOP729m/day), reflecting the greater-than-estimated drag from

the FIFA World Cup and June’s slow seasonality. As discussed last week, the month could see over 10% y/y declines in

GGR if this run-rate persists, which would be well below what we had expected entering the month (LDD% declines).

Note HERE.