not vested
Feb 26, 2016
<Research Report>C Suisse Rates GALAXY ENT at Outperform with Target Lifted to $37
Credit Suisse stated that GALAXY ENT (00027.HK)'s EBITDA in the fourth quarter of 2015 rose 18% quarterly to $2.5 billion, above the market expectations of $2.3 billion. That was mainly attributable to the better cost control and leverage.
The broker lifted GALAXT ENT's earnings forecast in FY2016-2017 by 3%-12%. The target price was raised to $37 from $35.7. The rating was maintained at Outperform. The stock was also Credit Suisse's sector top pick.
In Credit Suisse's opinion, GALAXY ENT performed well in different ascepts. In spite of competitions from new projects, its VIP, mass and slot machines still recorded a quarterly growth of 9%, 8% and 5%. EBITDA margin also improved to 18.6%.
GALAXY ENT was considered as the sector top pick to reflect its potential rise in earnings. Its 2016 EBITDA is likely to reach $9.7 billion, against the consensus of $9.3 billion.
Source: AAStocks Financial News