Brokerage JP Morgan Securities is apparently less optimistic on Macau unlike its regional peers in the financial industry.

JP Morgan said on Monday that it is predicting Macau’s GGR to sputter in the coming months as positive catalysts in the sector runs out.  From a bullish stance, JP Morgan has given a neutral outlook on the stocks of Macau gaming operators.

“We think investors will focus more on the individual operator’s execution and resulting earnings revision potential, making stock calls increasingly more important,” DS Kim and Sean Zhuang, analysts from JP Morgan, said in its note on Monday.

JP Morgan has issued its forecast despite the good news that the former Portuguese enclave’s VIP gambling market grew twice as fast as the mass market casino revenue in the first quarter of this year.