Galaxy Ent 0027 / Lui Chee Woo

Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Wed Aug 14, 2019 5:23 pm

not vested

Good luck in 2Q19

2Q19 adjusted EBITDA was flat yoy at HK$4.3bn, 6% above our forecast due to a favourable win rate.

We estimate that GEG lost market share on a yoy basis in mass and VIP, but its market share loss stabilised during the quarter on a quarterly basis.

We lower our TP multiple to 14x FY19F EV/EBITDA from 16x previously.

Maintain Add as the stock is already at its recent technical low valuations. [/quote]

Source: CIMB

https://brokingrfs.cimb.com/tCanuHMr4_k ... Y99mg2.pdf
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Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Wed Aug 14, 2019 5:23 pm

not vested

Good luck in 2Q19

2Q19 adjusted EBITDA was flat yoy at HK$4.3bn, 6% above our forecast due to a favourable win rate.

We estimate that GEG lost market share on a yoy basis in mass and VIP, but its market share loss stabilised during the quarter on a quarterly basis.

We lower our TP multiple to 14x FY19F EV/EBITDA from 16x previously.

Maintain Add as the stock is already at its recent technical low valuations. [/quote]

Source: CIMB

https://brokingrfs.cimb.com/tCanuHMr4_k ... Y99mg2.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Wed Aug 14, 2019 5:23 pm

not vested

Good luck in 2Q19

2Q19 adjusted EBITDA was flat yoy at HK$4.3bn, 6% above our forecast due to a favourable win rate.

We estimate that GEG lost market share on a yoy basis in mass and VIP, but its market share loss stabilised during the quarter on a quarterly basis.

We lower our TP multiple to 14x FY19F EV/EBITDA from 16x previously.

Maintain Add as the stock is already at its recent technical low valuations. [/quote]

Source: CIMB

https://brokingrfs.cimb.com/tCanuHMr4_k ... Y99mg2.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Thu Aug 15, 2019 3:54 pm

not vested

Brokers' Latest TPs, Views on GALAXY ENT (00027.HK) (Table)

Brokers│Ratings│Target prices (HKD)
Credit Suisse│Outperform│72.8
Citigroup│Buy│69.5
Daiwa│Buy│67.2
JPMorgan│Overweight│65
HSBC Global Research│Buy│65
Goldman Sachs│Buy│61.6
UBS│Buy│58.3
CICC│Neutral│54.8
Morgan Stanley│Equalweight│50

----------------------------------------

Brokers│Views
Credit Suisse│2Q EBITDA beat on VIP luck; core operation sturdy
Citigroup│2Q results beat driven by luck
Daiwa│2Q adjusted EBITDA beat Daiwa forecast, consensus
JPMorgan│2Q results solid
HSBC Global Research│Growth driven by core mass
Goldman Sachs│2Q results beat; mass-mkt performance resilient with effective cost control
UBS│2Q results in-line
CICC│2Q results driven by luck, strong construction biz
Morgan Stanley│Mkt share maintained

Source: AAstocks.com
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Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Wed Oct 02, 2019 11:48 am

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Good prospects despite near-term volatility

2019 should be unexciting along with slower macro conditions.

Recent demonstrations in HK have also affected visitation, including the PRC visitors who normally go to Macau via HK.

Medium-term prospects could stay positive, supported by China’s rising per capita income and the increasing demand for leisure & entertainment.

Galaxy’s ongoing expansion of its integrated resorts to include more MICE facilities & new hotel rooms should also beef up operating capacity and performance.

Initiate coverage with a BUY on 12-month horizon; TP HK$62.48

Source: DBS

https://researchwise.dbsvresearch.com/R ... iebdkfhgbh
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Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Fri Nov 08, 2019 7:00 am

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Galaxy normalized income higher, VIP gambling revenue drop deepens

Galaxy Entertainment reported today adjusted earnings before interest, taxes, depreciation, and amortization in the third quarter was up by 6 percent on-year to HK$4.1 billion, but dropped by 5 percent quarter-on-quarter

Revenue fell by 2 percent on-year to HK$12.7 billion.

Revenue was down by 4 percent quarter-on-quarter.

Galaxy Macau adjusted EBITDA was HK$3.2 billion, up by 7 percent year-on-year and down by 2 percent quarter-on-quarter.

StarWorld Macau adjusted EBITDA was HK$828 million, down by 11 percent year-on-year and down by 12 percent quarter-on-quarter.

Broadway Macau adjusted EBITDA was HK$2 million versus HK$9 million in the third quarter of 2018 and HK$6 million in second quarter 2019.

Group total gross gambling revenue fell by 10 percent on-year to HK$14.3 billion. It was down by 6 percent quarter-on-quarter.

Mass gross gambling revenue was HK$7.3 billion, up by 11 percent year-on-year and up by 1 percent quarter-on-quarter.

VIP gross gambling revenue was HK$6.4 billion, down by 26 percent year-on-year and down by 13 percent quarter-on-quarter.

Electronic gross gambling revenue was HK$641 million, up by 3 percent year-on-year and up by 6 percent quarter-on-quarter.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 1107&sid=2
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Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Fri Nov 08, 2019 10:57 am

Galaxy Entertainment (27 HK)
3Q19: Slightly Beat Expectations


Galaxy’s 3Q19 results slightly beat consensus estimate.

Continuing earlier trends, core-mass’ resilience only partially offset the softness in premium-mass and VIP segments.

Similarly, EBITDA growth accelerated, thanks to faster-growing massmarket which contributed to margin expansion.

Meanwhile, key project deadlines (Phase 3&4) remain unchanged.

Maintain HOLD and target price of HK$57.00.

We like Galaxy for the longer-term outlook although its major market-share catalyst will kick in
only in 2021.

Entry price: HK$52.00.

Source: UOBKH

https://research.uobkayhian.com/content ... aea6506129
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Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Fri Nov 08, 2019 11:17 am

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Best gaming stock for longer term investors

3Q19 adjusted EBITDA of HK$4.1bn (+6% yoy), was in line with our forecast where positive luck factor had a HK$184m impact on EBITDA.

The near-term premium gaming outlook still remains challenging.

We maintain our Add call with an SOP-based target price of HK$60.23.

Risks to our view are slower-than-expected sector revenue growth.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... CB49E38802
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Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Fri Feb 28, 2020 9:21 pm

not vested

Galaxy Entertainment (27 HK)
4Q19: Results In-line, Low Visibility For 2020


Galaxy remains in cash-flow burn mode, in our view, as incremental GGR from casino reopening is unlikely to offset daily opex, which remains high as the company continues to retain all staff at full pay.

Management was unable to offer much visibility as performance post-reopening remains modest on minimal traffic and occupancy.

Galaxy’s 4Q19 results slightly beat consensus estimates, but this is largely a nonevent.

Maintain HOLD and target price of HK$51.00.

Entry price: HK$46.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 428fa8fe6a
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Re: Galaxy Ent 0027 / Lui Chee Woo

Postby winston » Sat May 16, 2020 7:45 am

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Galaxy Entertainment (0027) is expected among the first batch to benefit from a recovery in the casino industry.

For the Macau casino operator, Tam predicts Galaxy Entertainment management had said the possibility of delaying the opening of Galaxy Macau phase three to mid-2021 from early 2021, depending on the coronavirus development, and the number of rooms and villas for phase three and four had been revised to 3,500 this quarter from 4,000 previously.

Tam thinks this means more focus on higher-quality and larger rooms, which is in line with the current market trend and competitors’ strategies.

The analysts maintained Galaxy’s fair value estimate at HK$62 per share, saying the shares are undervalued as its long-term growth has not been priced in.

"Galaxy should be one of the first operators to benefit from the recovery led by the higher-end segments," says Tam.

"Galaxy had a 48 percent VIP revenue exposure in 2019, just 1 percent lower than the VIP leader Wynn Macau (1128).

Galaxy is our best idea, due to its strong balance sheet, the opening of Galaxy Macau phase three and four starting 2021, the development of non-gaming facilities, and its ownership by Chinese businessmen amid license renewal in 2022 and escalating tension between the United States and China."

Source: The Standard
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