Galaxy Ent 0027 / Lui Chee Woo

Re: Galaxy Entertainment's 0027

Postby winston » Thu Jul 17, 2014 9:19 am

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Galaxy Entertainment – Hopeful revaluation will take place in 2H14
Rating: Accumulate
Closing price: 62.95
Target price: 72.00

In 2014Q1, the revenue increased to 20.2 billion HKD, with a 33% increase yoy, and EBITDA has grown by the adjusted growth rate of 38%, which primarily benefited from the adjusted 44% growth yoy of EBITDA of Macao Galaxy and 26% of EBITDA of Star World Hotel Macao;

The gaming revenue data is increasingly weakening in Macao, but the continued growth of the inbound tourists and the structural changes of the betting customers, the proceed growth of Macao's gambling is expected to hit bottom in the future months;

Galaxy Entertainment will launch two important projects in 2015, including Macao Galaxy's Phase 2 Project and the refurbishment of Golden City Comprehensive Buildings, both are intended to be launched in the first-half of 2015;

We expect that the opening of the Galaxy Phase Two will attract the second coming rapid growth of the business. GEG has excellent management implementation capacity and relatively high assets quality, as well as a strong momentum for medium and long term profit growth.

We give GEG “Accumulate” rating, with 12m TP at HK$72, 20.4x expected P/E ratio in 2015.

Source: Phillips
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Re: Galaxy Entertainment's 0027

Postby winston » Tue Aug 19, 2014 5:53 pm

Galaxy 2nd Quarter Earnings Beat Estimates on Mass Market By Vinicy Chan

Galaxy Entertainment Group Ltd. (27), the Macau casino operator that made Lui Che Woo a billionaire, reported second-quarter earnings that beat analyst estimates as mass-market gamblers offset a slowdown in high rollers’ wagers.

Adjusted earnings before interest, taxes, depreciation and amortization for the three months ended June rose 15 percent to HK$3.5 billion ($452 million) a year ago. That compared with the HK$3.4 billion average of 16 analyst estimates compiled by Bloomberg.

Sales climbed 25 percent to HK$38.4 billion in the first six months of the year, the company said in a filing to Hong Kong stock exchange. Net profit attributable to shareholders rose 29 percent to HK$6 billion in the first half.


http://www.bloomberg.com/news/2014-08-1 ... arket.html
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Re: Galaxy Entertainment's 0027

Postby winston » Wed Aug 20, 2014 3:53 am

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Blue skies for Galaxy as profit rockets 29pc

Macau casino operator Galaxy Entertainment Group (0027) posted a 29 percent increase in first-half net profit to HK$6 billion, boosted by its flagship resort in the former Portuguese enclave.

Galaxy said net profit for the second quarter was HK$6 billion from HK$4.6 billion a year earlier.

Two special dividends of 70 HK cents and 45 HK cents were declared and will be paid on July 31 and October 31.

Second quarter revenue growth slowed for Macau gaming operators due to lingering impact from the football World Cup that diverted massive bets away from the gambling hub, while Beijing's anti-graft campaign continues to squeeze the high-roller VIP segment.

Operators also have been affected by higher labor costs for casino workers. Despite the negative outlook for the industry in the short term, analysts view Galaxy positively as the company is set to be the first casino to open a new resort in Macau in 2015.

Chairman Lui Che-woo said the firm will enhance the employee benefits package by about 20 percentas it hires 8,000 more staff, partly for the new project, boosting payroll by 50 percent.

Deputy chairman Francis Lui Yiu-tung said: "The recruitment is expected to start preparation by the end of the year and the firm will support government policy to ensure locals' priority to have jobs."

VIP gaming, despite its current weak performance, can achieve double-digit growth of revenue in the long term, he said.

The annual salary of employees will rise by 5 percent, and those who work over three years will be given the firm's shares. Galaxy shares rose 3.43 percent to HK$61.90 yesterday.


Source: The Standard HK
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Re: Galaxy Entertainment's 0027

Postby winston » Fri Aug 29, 2014 11:26 am

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<Post Result>Latest ratings & target prices of GALAXY ENT (00027.HK)
Aug 22, 2014

GALAXY ENT (00027.HK) reported interim net profit had jumped 28.5% yearly to $5.97 billion.

The group also declared special dividend of $0.45 per share.

The followings are the latest ratings and target prices of GALAXY ENT by 12 brokers:

Name of broker / Rating / Target price (HK$)
Barclays: Overweight; $85.4
Jefferies: Buy; $84.1
Deutsche Bank: Buy; $80
BOCI: Buy; $78.16 (reduced from $81.33)
Bank of America Merrill Lynch: Buy; $78.1 (reduced from $78.7)
Standard Chartered: In-Line $74.6
Goldman Sachs: Buy; $73.3 (reduced from $75.5)
Credit Suisse: Outperform; $73
HSBC: Overweight; $72
JP Morgan: Neutral; $71.7 (reduced from $73.6)
Citibank: Buy; $71
UBS: Neutral $64.6

Source: AAStocks Financial News
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Re: Galaxy Entertainment's 0027

Postby winston » Wed Nov 12, 2014 5:59 am

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Gaming tables winners for Galaxy by Jennifer Li

Galaxy Entertainment Group (0027) saw earnings before interest, taxes, depreciation and amortization in the three months to September 30 rise 1percent from a year back to HK$3.3 billion, driven by solid increase in VIP and mass traffic at Galaxy Macau.

Chaired by Lui Che-woo, the gaming company recorded HK$17.3 billion revenue in the third quarter, up 6 percent from a year back, including that from Galaxy Macau jumping 11 percent to HK$11.1 billion.

Galaxy's total gaming revenue grew 6.5 percent, as turnover from VIP clients climbed 5 percent to HK$11.8 billion and that from the mass segment jumped 12 percent. Revenue from electronic games rose 6 percent.

EBITDA margin of Galaxy Macau under Hong Kong Financial Reporting Standards reached 22 percent, down one percentage point from the second quarter. That of StarWorld was flat at 16 percent.

The firm said it is virtually debt free after 10 years of development, with HK$11.5 billion cash on hand.

The group expects Phase 2 of Galaxy Macau to be completed by mid-2015, adding 1,350 five-star hotel rooms. The current 2,700 rooms are at full occupancy.

President Xi Jinping visits Macau next month, and analysts expect mainland gambler numbers to drop.

SJM Holdings (0880) chief executive So Shu-fai also expects visitor numbers to drop next month.

Galaxy shares rose 2.55 percent to HK$52.35, while SJM Holdings slid 1.96 percent to HK$15.04.

Source: The Standard HK
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Re: Galaxy Entertainment's 0027

Postby winston » Tue Jan 06, 2015 7:43 pm

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GALAXY ENT downgraded to Neutral on low visibility in VIP - BofA ML

Bank of America Merrill Lynch, in the latest research report, downgraded GALAXY ENT (00027.HK) -1.800 (-4.322%) Short selling $220.08M; Ratio 20.666% 's rating to Neutral from Buy and trimmed its target price to $48.3 from $63.2, implying a 2016 estimated P/E of 14x and PEG of 13x.

Galaxy has relatively high business exposure to VIP (71% of revenue and 25% of EBITDA). However, the research house believe visibility of the outlook of Macau VIP market remains low.

Also, China's ongoing anti-graft campaign may still exist impacts on the industry performance.

Source: AAStocks Financial News
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Re: Galaxy Entertainment's 0027

Postby winston » Fri Jan 09, 2015 5:52 am

Thousands escape Macau casino blaze

Thousands of building workers were moved out of the Galaxy Macau casino construction site yesterday morning,after a fire broke out on an exterior wall on the roof of its new 36-story building.

Fire services received a call at 11.05am and sent nine firetrucks with 38 firefighters, who were on the scene at 11.10am.

A fire services spokesman said the fire was under preliminary control at 11.15am.

"They had some welding operations in place and we believe during or perhaps after the work, sparks ignited some decorative material on the outer wall of the building," he said.

The fire did not spread to the interior of the building, which is part of the casino's HK$16 billion phase two expansion and scheduled to open later this year.

"We evacuated about 6,000 workers from the nearby construction site and there were no injuries reported," the spokesman said.

No guests from the nearby existing Galaxy Macau casino buildings were moved out.

A spokeswoman for Galaxy Entertainment Group, which operates Galaxy Macau, said all construction workers were safely moved out and the blaze was a minor one.

"Galaxy Entertainment Group is working closely with relevant parties for further investigation related to the fire," she said.

Source: The Standard HK
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Re: Galaxy Entertainment's 0027

Postby winston » Mon Jan 12, 2015 4:53 pm

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Galaxy (0027.HK; Buy; 12-m target price: HK$65.30)

Galaxy attributed the weak VIP and premium mass GGR momentum to China’s antigrafting effort. Although management said they are unable to make a call on the timing of any policy relaxation, they remain confident on Macau’s long-term growth prospects and still target the completion of Grand Waldo in 1Q15 and Galaxy Macau Phase 2 in mid-2015.

They also clarified that they have not reclassified any of Galaxy’s tables from premium mass to VIP, but said some tables in the direct VIP areas (Jinmen) are for cash plays only. J

In response to investors’ concerns that Galaxy Macau Phase 2 may not drive much incremental traffic and gaming revenue as it may only be seen as an extension of Phase 1, management said that insufficient hotel rooms have forced them to turn away customers. The addition of 1,350 more rooms and other non-gaming facilities (i.e., 0.7mn sq. ft. retail space, 50-100 F&B outlet, 3,000-seat arena) at Phase 2 would help them to address the unserved demand and bring in additional non-gaming revenue. It has pre-let pretty much all of its retail space, with 25-30% leased to new brands that do
not yet have any presence in Macau.

Staff recruitment for Phase 2 has started. Consistent with its usual practices, it plans to give out formal job offers 90 days before the opening and bring the staff on board six weeks beforehand, leaving sufficient time for training to ensure a smooth opening.

With Galaxy’s successful experience of launching Phase 1 (i.e., it gained 8% market share within two quarters vs. 4% for Sands Cotai Central) and its strong junket relationships, we see less risk of poor execution and market disappointment. Management mentioned that they have already secured sufficient junkets to fill up the new VIP rooms at Phase 2, for example.

Galaxy will unveil the detailed plans for Grand Waldo in coming weeks. The property will be complementary to the adjacent Galaxy Macau and branded as a family-oriented destination with a wide selection of F&B offerings. Galaxy is also working on the design for its Hengqin project and will commence its construction soon. Though not ruling out overseas expansion, management put the priority on the existing project pipeline in Macau/Hengqin which they believe would offer them a more attractive cash return.

Source: GS
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Re: Galaxy Entertainment's 0027

Postby winston » Tue Jan 27, 2015 3:44 pm

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Francis Lui expects Macau gaming revenue to revive in 2H15
Jan 23, 2014

Macau's gross gaming revenue (GGR) dropped for seven months in December 2014 when compared to the year-ago period, and the market expected that the situation will remain tough this year.

Deputy Chairman of GALAXY ENT (00027.HK) Francis Lui said it is estimated that with the opening of the Galaxy Macau Phase 2 and Broadway Macau, as well as the completions of other new projects within the sector, the gaming revenue will start to recover in the second half of the year.

Source: AAStocks Financial News
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Re: Galaxy Entertainment's 0027

Postby winston » Wed Mar 18, 2015 9:11 pm

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GALAXY ENT (00027.HK) investment ratings & TPs (Table)

GALAXY ENT (00027.HK) +0.750 (+2.232%) Short selling $96.01M; Ratio 19.714% is scheduled to announce its 2014 results tomorrow (19 March).

Based on 7 brokers' estimates, the company's FY14 net profit will range from $10.13 billion to $11.383 billion, +0.8% to 13.2% from a year ago.

The following is the ratings and target prices set by 7 brokers:

Broker/ Investment Rating/ Target Price (HK$)
Goldman Sachs/ Buy/ 58.9
Citigroup/ Buy/ 46
JP Morgan/ Overweight/ 44.5
HSBC/ Neutral/ 39.9
Credit Suisse/ Neutral/ 39.1
Deutsche Bank/ Sell/ 30
Macquarie/ Underperform/ 28.2


Source: AAStocks Financial News
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