Galaxy Ent 0027 / Lui Chee Woo

Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Thu Oct 11, 2018 4:29 pm


Oct 8, 2018

<Research Report>M Stanley Cuts Macau 2019 GGR Growth Forecast to 5%, Downgrades GALAXY ENT

Morgan Stanley opined that weak 3Q18 results estimates indicated a potential plunge of Macau gaming stocks, despite higher visitor arrivals during Golden Week and relatively low valuation for these stocks.

The broker preferred SANDS CHINA LTD (01928.HK) to GALAXY ENT (00027.HK) in the short run.

SANDS CHINA LTD was upgraded from Equalweight to Overweight with price target down from $46 to $44, thanks to its higher mass exposure, strong 3Q18 outlook and higher dividend payout.

In contrast, GALAXY ENT was downgraded from Overweight to Equalweight with price target down from $80 to $54.5.

The broker pointed out that GALAXY ENT's a higher exposure to VIP and premium mass, will likely be affected by the decelerating 3Q18 growth in VIP revenue.

Morgan Stanley revised Macau's 2019 GGR growth forecast down to 5% (from 12%) YoY and US$39.469 billion (from US$43.159 billion).

The 2019 growth for VIP and mass revenue had also been lowered to 0% (from 11%) YoY and 9% (from 13%) YoY, respectively.

Source: AAStocks Financial News
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