Seaport Lowers Asia Gaming Stock Targets but Calls Macau and Singapore Deeply Undervalued

Seaport Research Partners has reduced its price targets for several major Asia-focused gaming operators amid macroeconomic uncertainty and a softer-than-expected recovery in China. Analyst Vitaly Umansky noted that Macau’s earlier GGR rally may have led to “overly cautious” market reactions, pushing valuations to levels he considers unjustified. Despite the downgrade, Seaport maintains a positive long-term view on the region, arguing that Macau’s fundamentals remain sound and that the current share prices already factor in much of the downside risk.

While trimming forecasts, Seaport emphasized that both Macau and Singapore continue to be undervalued compared to global peers. Macau gaming stocks are trading about 24 percent below their pre-pandemic multiples, at roughly 9× EV/EBITDA, suggesting potential upside for investors willing to tolerate China-related risk. The firm added that sentiment may shift once steady visitation and premium-mass demand are confirmed in coming quarters.

Seaport also highlighted Las Vegas Sands Corp. as a top pick, citing its strong position through Marina Bay Sands in Singapore. The company’s Macau operations may experience temporary margin pressure due to promotional reinvestment, but its Singapore property remains a “structurally advantaged, cash-rich asset.” Other analysts, including Morningstar and Credit Suisse, echoed the view that regional gaming equities—particularly those with diversified exposure—are undervalued, even as short-term headwinds weigh on investor confidence.