Macau casino stocks have lost almost a third of their value this year, sparking speculation over whether a bottom is near.
Shares of Hong Kong-listed casino operators Sands China, Wynn Macau, Melco Crown and Galaxy Entertainment Group have plunged between 28 and 34 percent so far this year reflecting a host of concerns from a drop in VIP visitors to a recent smoking ban.
"If you look at technical charts and dividend yields, the stocks are almost a screaming buy," Michael Ting, analyst at CIMB told CNBC. "But buying into this sector is not a valuation thing, it depends on industry fundamentals which continue to deteriorate."
Gambling revenues in the southern Chinese territory has slowed sharply in recent months as Beijing's anti-corruption drive and falling housing prices in the mainland sap demand from big-spending customers.
Gross gambling revenue from Macau's 35 casinos fell 11.7 percent in September on year to $3.21 billion, and Ting isn't confident there will be a turnaround in the sector anytime soon, pointing to disappointing Golden Week revenues.