Galaxy Ent 0027 / Lui Chee Woo

Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Wed Feb 04, 2009 3:44 pm

DJ MARKET TALK: Galaxy Rally Overdone; Fund-Raising Overhang - CS

Credit Suisse says Galaxy Entertainment's (0027.HK) strong run since announcing US$170 million bond repurchase "overdone."

Keeps Neutral call, but raises target price to HK$1.12 vs HK$1.00, mostly reflecting valuation gain from bond repurchase.

Says cash flow from StarWorld, plus existing cash on hand of about HK$5.6 billion would not be enough to satisfy outstanding capex of HK$7.5 billion for Cotai Mega Resorts, not to mention outstanding debt of HK$5.5 billion, thus believes Galaxy will need to raise more capital in 2009, which will be major overhang. Galaxy +2.5% at HK$1.25 midday

Source: Dow Jones Newswire
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Re: Galaxy Entertainment's 0027

Postby winston » Thu Apr 16, 2009 11:36 am

DJ Galaxy Entertainment:Gaming License Writedown May Hurt 08 Pft

HONG KONG (Dow Jones)--Macau casino operator Galaxy Entertainment Group Ltd. (0027.HK) said Wednesday it expects to make another writedown of the value of its gaming licence, which would hurt its 2008 results. 'As a result of an accounting exercise to reassess the recoverable amount of the group's assets as at Dec. 31 2008, it is expected that the intangible assets will have a further non-cash write-down for accounting purposes,' Galaxy said in a statement.

It didn't give details on the size of the writedown. Galaxy's first-half net loss widened to HK$7.43 billion from HK$267.8 million in the same period a year earlier, mainly due to an impairment on financial assets. The company wrote down the carrying value of its gaming licence by HK$8.2 billion to HK$5.8 billion as of June 30.

Galaxy is scheduled to report its 2008 results April 24. Macau's casino operators have been hurt by a decline in gaming revenue and visitors. Since the middle of 2008, Beijing has tightened restrictions on visits to Macau by mainland Chinese in an apparent attempt to stop gambling and money laundering by mainland civil servants.

Last month, Galaxy's peer, Melco International Development Ltd., said it swung to a 2008 net loss of HK$2.36 billion from a net profit of HK$2.69 billion in 2007
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Re: Galaxy Entertainment's 0027

Postby winston » Thu May 21, 2009 8:43 am

Galaxy sees early signs of recovery in Macau By Sui-Lee Wee

HONG KONG (Reuters) - Macau casino operator Galaxy Entertainment Group (0027.HK) said it could take on new debt to fund its HK$10 billion ($1.29 billion) mega-casino complex amid early signs of recovery for the struggling market.

http://www.reuters.com/article/reutersE ... QC20090520
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Re: Galaxy Entertainment's 0027

Postby winston » Fri Jul 31, 2009 6:52 am

Not vested.

Galaxy first-half profit soars 86pc

Casino operator Galaxy Entertainment (0027) said first-half earnings surged 86 percent year-on-year as it maintained a strong market share despite growing competition in Macau's gaming industry.

Galaxy's earnings before interest, taxation, depreciation, amortization and non-recurring items stood at HK$496 million in the six months ended June 30.

Second-quarter Ebitda grew for the third quarter in a row to HK$264 million.

"Throughout the second quarter of 2009, Galaxy maintained its market share at 12 percent despite significant new gaming supply entering the market," the company said yesterday.

Galaxy repurchased HK$210 million debt in the second quarter, leaving it with HK$5.4 billion cash in hand as at June 30.

"Galaxy continues to outperform the market, with StarWorld [Galaxy's flagship casino hotel in Macau] generating four consecutive quarters of Ebitda growth," said Francis Lui, deputy chairman of Galaxy Entertainment Group.

The stock closed 1.4 percent lower yesterday at HK$2.17.

KATHY WANG, The Standard HK
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Re: Galaxy Entertainment's 0027

Postby winston » Wed Sep 23, 2009 3:47 pm

Not vested.

DJ MARKET TALK: CS Raises Galaxy Target To HK$4.15 From HK$1.85

1516 [Dow Jones] STOCK CALL: Credit Suisse raises Galaxy Entertainment (0027.HK) target price to HK$4.15 from HK$1.85 on factoring in Cotai Mega Resorts contributions, raising target FY10 EV/EBITDA multiple to 12X from 10.5X on general increase in risk appetite, interest in Macau gaming sector.

Raises FY09, FY11 EPS forecasts 10%, 58%; tips FY10 loss per share of HK$0.07. Notes stock reacted positively to news company agreed to land premium for CMR site, but adds, uncertainties persist on capex budget, opening schedule; keeps at Neutral.

Expects release of further details on CMR development, financing plan for outstanding capex, debt repayment to help rerate stock. Notes management indicates will finalize plan by end-year.

Adds, Galaxy's flagship casino has shown substantial improvement in profitability, should strengthen confidence in execution ability of CMR project, which will become more substantial earnings contributor going forward. Tips further upside in near-term.

Source: Dow Jones Newswire
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Re: Galaxy Entertainment's 0027

Postby Muhajir » Thu May 26, 2011 4:18 pm

Reuters Insider - Macau's Gaming Revenues May Top $35 Bln This Year: Galaxy

HONG KONG, May 26 (Reuters) - The Chinese gamblinghub of Macau is set to extend its winning streak, with industry revenues on course for almost a 50 pct gain on last year's record haul, says Galaxy boss Francis Lui.

Time/Date: 07:45 GMT - Thu, 26 May 2011
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Re: Galaxy Entertainment's 0027

Postby winston » Fri Sep 30, 2011 2:39 pm

not vested.

DJ MARKET TALK: Credit Suisse Cuts Galaxy Target To HK$17 Vs HK$21.40Sep 15

1632 [Dow Jones] STOCK CALL: Credit Suisse cuts Galaxy Entertainment's (0027.HK) target price to HK$17.00 from HK$21.40, after switching to a more conservative valuation multiple of 10X FY12E EV/EBITDA from the previous 12.5X.

"Despite the addition of the more-mass-market-focused Galaxy Macau, Galaxy is still the most high-roller-focused casino operator in Macau and thus relatively more vulnerable to the potential market slowdown."

The house adds, while Galaxy Macau's performance since opening in mid-May has been better than expected, with lower-than-expected cannibalization from its sister casino, StarWorld, it expects StarWorld's growth to slow on continuing cannibalization and challenges from Sands China's (1928.HK) sites 5&6's first phase, which is set to open in late 1Q12 or early 2Q12.

The stock price has sharply outperformed the market and peers year-to-date, the house notes, adding that the majority of the potential earnings upside has been priced-in, as shown by its 11% valuation premium vs peers.

It keeps a Neutral call.

Source: Dow Jones Newswire
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Re: Galaxy Entertainment's 0027

Postby winston » Fri Oct 21, 2011 11:01 am

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Galaxy Entertainment Group [27 HK] - Neutral :
Strong 3Q11. Still our beta hedge( HKD14.14 / PT: HKD21.00 )


Galaxy reported strong 3Q EBITDA at HK$1.8bn, up 62% q-q, due to full quarter contribution from Galaxy Macau (GM).

Despite strong win rate (StarWorld: 3.2% & GM: 3.1%) both casinos’ EBITDA were hurt by hold rate differential of its turnover based/revenue share VIP commission programme.

Having rose >50% in 2 wks, some investors profit-take into results. But we go on to see value in Galaxy at 8.8x 12F EBITDA & earnings’ upside for GM from margin & mass win rate.

Given its “still” VIP centric earnings’ stream, Galaxy can be a good beta hedge to our core holding of mass market play, Sands China.

Source: Nomura
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Re: Galaxy Entertainment's 0027

Postby winston » Fri Oct 21, 2011 11:26 am

Not vested. I trust my eyes and their casinoes were not that busy when I was there ...

DJ MARKET TALK: Citi Raises Galaxy Target To HK$24 Vs HK$22

1102 [Dow Jones] STOCK CALL: Citigroup raises Galaxy Entertainment's (0027.HK) target price to HK$24.00 from HK$22.00 and maintains its Buy call.

It says since Galaxy Macau's opening, Galaxy Entertainment's share of the overall Macau gaming market has risen from 13% in April to 19% on average in 3Q (with share of VIP rollings rising from about 12% in April to nearly 23% in 3Q on average, according to its channel checks).

"As the only casino operator with new supply this year and now the second-largest operator by GGR (gross gambling revenue), Galaxy remains one of our top Asian gaming picks." The stock rebounds 1.7% to HK$14.38.

Source: Dow Jones Newswire
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Re: Galaxy Entertainment's 0027

Postby winston » Fri Mar 16, 2012 8:07 am

not vested

Galaxy Earnings Miss Estimates, Won’t Pay Dividend By Vinicy Chan

Galaxy Entertainment Group Ltd. (27) posted annual profit that missed analyst estimates and said it won’t pay a dividend as it boosts spending on casino development. The shares fell.

The Hong Kong-listed casino operator’s net income more than tripled to HK$3 billion ($387 million) in 2011, according a statement to the local stock exchange today, missing the HK$3.1 billion average of 10 analyst estimates compiled by Bloomberg News.

The board doesn’t recommend the payment of a final dividend for the year ended December, it said.

http://www.businessweek.com/news/2012-0 ... new-resort
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