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Morgan Stanley: Upgrades galaxy ent to "Outperform" with a target price of HK$50.7.
According to a research report released by Morgan Stanley, galaxy ent (00027) experienced a 50% year-on-year increase in mid-term gambling revenue during the October gold cycle, surpassing competitors such as mgm china (02282), mgm resorts international, and wynn macau (01128). In response, the bank slightly raised the target price of galaxy ent by approximately 0.2%, from 50.6 Hong Kong dollars to 50.7 Hong Kong dollars, with a rating of "outperform the market". The report points out that galaxy ent's total gambling revenue has recovered to 71% of the 2019 level, with VIP, mid-term gambling, and slot machine revenue recovering to 17%, 115%, and 104% respectively. In addition, non-gambling.
galaxy ent (0027.HK): Overall income recovery stability is steadily improving. It is worth looking forward to the cultivation of new properties for customer attraction.
Core point 24Q3 Net profit of 10.668 billion Hong Kong dollars, +11% year-on-year. Adjusted EBITDA is 2.94 billion Hong Kong dollars, +6% year-on-year. Normalized adjusted EBITDA after normalization is 3.105 billion Hong Kong dollars.
GALAXY ENTERTAINMENT GROUP LIMITED(00027.HK):3Q24 RESULTS IN-LINE
HSBC: Maintains 'shareholding' rating on galaxy ent (00027) with target price raised to 48 Hong Kong dollars.
The ultra-luxury hotel JW Marriott will be completed in mid-2025, and the fourth phase of Galaxy Macau will be completed in 2027, which may benefit the company.
Dahua maintains its rating: Slightly lowers galaxy ent's target price to 46 Hong Kong dollars, lowering EBITDA forecasts for the next two years.
GeLongHui on November 8th | Dahua Jixian released a report, galaxy ent's EBITDA in the third quarter fell quarter-on-quarter, affected by increased reinvestment and operational expenses related to Macau. However, due to the strong performance during the golden week, galaxy ent's market share in gambling revenue in October has remained stable at over 20%. At the same time, the performance of the retail business has also improved, especially in the luxury goods retail sector. Therefore, maintaining a "buy" rating for galaxy ent, with the target price slightly reduced by 4% to HK$46. Dahua Jixian has lowered galaxy ent's EBITDA forecast for the next two years by 3% and 2% respectively, with revenue forecasts being lowered by 3% each to reflect the company's poor win rate in the third quarter.
"Dah Sing" Leon: Silver Entertainment (00027.HK) third-quarter profit margin has surprises.
Lyon's report stated that Galaxy Entertainment (00027.HK) experienced a 3% quarterly decline in adjusted EBITDA in the third quarter to 3.1 billion yuan, surpassing market and the bank's expectations, mainly due to better gross margin. Despite the quarterly revenue decline, Galaxy's net cash increased by 9% to 27.4 billion yuan, accounting for 18% of its current market cap. The company also revamped its entertainment business strategy, focusing more on players, which should help maintain its market share, especially during the off-season. The bank maintains Galaxy Entertainment's 'outperform the market' rating and a target price of 46.5 yuan. (vc/w)~
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