Halister News

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.

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DOWNGRADES

• International Fresh Farm Products
  • Long-term rating cut to D from B+
  • Cites delays in debt servicing due to stretched liquidity position

• Shilpi Cable Technologies
  • Long-term rating cut to BB from BBB+ at ICRA
  • Cites petition filed by an overseas creditor under Insolvency and Bankruptcy Code

--PRATISH NARAYANAN

Economic Release Details: {THG PQY Index ECOD} --SUNIL JAGTIANI

Economic Release Details: {CNRSCYOY Index ECOD} --JEFF KEARNS

Economic Release Details: {CNFAYOY Index ECOD} --JEFF KEARNS

Economic Release Details: {CHVAIOY Index ECOD} --JEFF KEARNS

(Bloomberg) -- Macau gross gaming revenue is expected to grow more than 16% in the second quarter and 10 percent for all of 2017 from a year ago, Bernstein analysts led by Vitaly Umansky write in a note Monday.

• Target prices raised for five out of six Macau operators based on changes to forecasts and model rolling forward.

• Top picks in the sector are:
  • Wynn Macau, PT raised to HK$19.50 from HK$16.50 on May 5
  • Melco Resorts & Entertainment, PT raised to $24.50 from $21.50
• Market-Perform ratings maintained on:
  • Galaxy, PT raised to HK$44.50 from HK$39.50
  • MGM China, PT raised to HK$18 from HK$16
  • Sands China, PT raised to HK$34 from HK$33
  • SJM, PT raised to HK$6.50 from HK$6
• Positive outlook on Macau gaming industry maintained; valuations have largely caught up with near and medium-term prospects, in light of continued risks the sector faces tied to China policy, regulatory impact on Macau and unsustainable drivers that have revitalized VIP
• BI Macau (China) Gaming Market Index up 17% this year, Melco Resorts & Entertainment +39% on year, Wynn Macau +30%, Galaxy Entertainment +20%, SJM +18%, MGM China +4.7%, Sands China +2.4%
• NOTE: Macau’s New ATM Rules Suggest Gaming Vulnerability: JPMorgan

To contact the reporter on this story: Daniela Wei in Hong Kong at jwei74@bloomberg.net To contact the editors responsible for this story: K. Oanh Ha at oha3@bloomberg.net Divya Balji