TWA #30/2026: 2Q in Action; Bad News Is Good News

研报英文原文证据摘录

TWA #30/2026: 2Q in Action; Bad News Is Good News

Idea

July 24, 2026 04:04 PM GMT

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

Equity Analyst

TWA #30/2026: 2Q in Action; Praveen.Choudhary@morganstanley.comDan Chee +852 2848-5068

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

Bad News Is Good News Morgan Stanley India Company Private Limited+

Monica Dasoju

Sands weak 2Q turned out to be clearing event. One-fourth of Equity Analyst

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

our coverage is reporting next week. There is optimism for

Morgan Stanley Asia Limited+

Macau post World Cup, HK office/retail, and better weather for Anson Lee, CFA

China RevPAR. Risks include market volatility hurting wealth Research Associate

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

affect, high oil price and rates.

Why read this note? We discuss key investor debates and prepare you for ongoing

2Q results.

One new analysis. We analyzed Sumitomo's entry into the Mumbai office market

(BKC and Worli) and mapped the return. Hong Kong/China Multi-Industry

Asia Pacific

Industry View In-Line

Key investor questions we address inside the note:

Hong Kong/Macau Gaming

Q#1: Gaming: Why did Sands/LVS stock rise despite 2Q result missing expectations? Industry View In-Line

What are lessons for other names? ASEAN Gaming

Q#2: Gaming: What are our expectations for the MGM China result (29th July), and Industry View Cautious

Hong Kong Property

is valuation compelling enough now?

Industry View Attractive

Q#3: HK Property: Residential: Why did inventory rise in 2Q26? What are our stock

Hong Kong/China Leisure & Lodging

picks going into earnings season? Asia Pacific

Q#4: China hotels: Why is RevPAR still weak, and can we find relative India Property