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Analysts Give Warning on Macau Stocks

19 November 2004

MACUA – As reported by the China Standard: "Investors have been advised to tread warily around Macau plays, with analysts warning that many of the small listed firms joining the foray into property, hotel and gambling businesses have already made unsustainable price gains.

"`The recent sharp rise of Macau-related stocks seems quite unreasonable,'' Delta Asia Financial Group head of research Conita Hung said.

"…`Investors should note that any stocks with a single plan to expand into Macau now have gone up but some of them haven't even begun the start-ups. Such concept-driven rises will not last long and investors should cut losses when the market turns down,' Tung Tai Securities associate director Kenny Tang said. `Companies such as Melco and Emperor are making real gambling businesses in Macau and they will benefit from the industry growth.'…"

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