The 2014 All-Asia Research Team: Gaming & Lodging, No. 3: Kam Chung (Kenneth) Fong, Kai Tong (Cusson) Leung & team
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The 2014 All-Asia Research Team: Gaming & Lodging, No. 3: Kam Chung (Kenneth) Fong, Kai Tong (Cusson) Leung & team

Kam Chung (Kenneth) Fong, Kai Tong (Cusson) Leung & team CLSA First-place appearances: 0


Total appearances: 5


Team debut: 2009 Landing in third place for a second consecutive year is the J.P. Morgan crew under the guidance of Kam Chung (Kenneth) Fong and Kai Tong (Cusson) Leung, which follows 11 regional gaming and lodging companies. The sector bested the broader regional market by 21.6 percentage points over the 12 months through late April, jumping 25.4 percent, but these researchers are somewhat cautious going forward. Although a weakening Chinese macro environment hasn’t affected Macau and its resorts yet, says Leung, “a hard landing or serious liquidity issue may affect gross gaming revenue, especially on the VIP side.” They do see a winning bet in Wynn Macau, pointing to solid demand for the Las Vegas–style integrated luxury hotel and casino’s services, strong expectations around first-quarter results and the potential for an earnings upgrade. Their price objective on Wynn Macau’s stock is HK$42; it was trading at HK$33.60 in late April. This year, Leung also leads a group that merits a runner-up position in coverage of Hong Kong.


See also Kam Chung (Kenneth) Fong's profile in the 2013 All-Asia Research Team and Kai Tong (Cusson) Leung's profile in the 2013 All-Asia Research Team.



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