Galaxy Ent 0027 / Lui Chee Woo

Re: Galaxy Entertainment's 0027

Postby winston » Tue Nov 10, 2015 9:36 am

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Oct 22, 2015

GALAXY ENT (00027.HK) has been granted 100 gaming tables for its "Broadway Macau" and "Galaxy Macau" Phase II.

Half of the tables can be put into operations immediately while the rest of them can start operations from January 2016.

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

Postby winston » Tue Nov 10, 2015 9:38 am

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Oct 11, 2015

<Research Report>Deutsche Maintains GALAXY ENT(00027.HK) at Hold with Target Lifted to $21

Deutsche Bank, in its report, said that GALAXY ENT(00027.HK) 3Q adjusted EBITDA rose 13% over the preceding quarter to $2.1 billion, in line with estimates.

Over the past two to three months, the group had converted some junket VIP rooms into premium mass lounges where smoking is allowed.

Table's minimums are in the range of $2,000 to $10,000 which is likely to grow the premium mass segment.

The research house raised the target price of GALAXY ENT from $20 to $21 and maintained the rating at Hold.

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

Postby winston » Wed Nov 11, 2015 10:09 am

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Capital Group Raises Stake in GALAXY ENT (00027.HK)

The Capital Group purchased another 43.089 million shares of GALAXY ENT (00027.HK) on 5 November 2015 at the average price of $26.731 per share, involving $1.15 billion, according to HKEX.

The shareholding of the Capital Group rose from 4.63% to 5.64%.

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

Postby winston » Mon Nov 16, 2015 1:01 pm

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Capital Group Adds Stake in GALAXY ENT (00027.HK)

The Capital Group Companies, Inc. purchased another 4.719 million shares of GALAXY ENT (00027.HK) on 10 November 2015 for the average price of $25.328 per share, involving $120 million, and its shareholding rose from 5.99% to 6.11% accordingly, the HKEX data showed.

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

Postby winston » Fri Dec 18, 2015 6:36 pm

C Suisse: 4 Major Reasons to Buy GALAXY ENT; Target Kept at $37.6

Credit Suisse, in its research report, listed four key reasons to buy GALAXY ENT (00027.HK) -0.150 (-0.633%) Short selling $67.17M; Ratio 21.805% .

Its target price was set at $37.6 and the investment rate was reiterated at Outperform, being the top pick in the industry.

Firstly, the group has stable fundamentals, with an increasing market share of 24-24.5% from 22.1% in 3Q15.

Secondly, GALAXY ENT's EBITDA in the fourth quarter can reach $2.3 billion, up 10% quarterly.

Thirdly, GALAXY ENT has an attractive valuation. In a more conservative forecast model, the stock is still trading at 9x 16E EBITDA.

Last but not least, the industry's decline in gaming revenue is narrowing, especially for the mass.

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

Postby winston » Mon Feb 01, 2016 3:55 pm

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Francis Lui: Worst Days for Macau's Casinos Are Over

GALAXY ENT (00027.HK)'s vice chairman Francis Lui mentioned that the number of Macau's VIP rooms decreased from more than 300 to more than a hundred only.

It was a case of survival of the fittest and he believed the worst days for Macau's casinos were over.

In addition, several projects would be completed in Macau in the second half of 2016.

In his opinion, as long as the casinos can provide featured and diversified services, the market competitions are still reasonable.

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

Postby winston » Thu Feb 25, 2016 1:53 pm

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GALAXY ENT (00027.HK) 2015 Net Profit Down 60%; Special Div. 15 Cents

GALAXY ENT (00027.HK) announced that its net profit for 2015 amounted to $4.161 billion, down 60% yearly, in line with the market estimates (range from $4.146 billion to $5.972 billion).

Underlying profit per share was 97.8 cents. No final dividend was declared (2014: Nil dividend) but a special dividend of 15 cents was declared.

The company stated that the net profit receded year-on-year as there was a non-recurring charges of $1.2 billion such as $0.8 billion of pre-opening costs and a significant increase in depreciation and amortization post the opening of Galaxy Macau Phase 2 and Broadway Macau.

GALAXY ENT's full-year turnover declined 29% to $50.99 billion. Adjusted EBITDA tumbled 34% yearly to $8.735 billion. The total gaming revenue on a management basis in 2015 decreased 32% year-on-year to $48.4 billion as total mass table games revenue decreased 6% year-on-year to $17.7 billion and total VIP revenue dropped 43% year-on-year to $28.9 billion.

GALAXY ENT stated that its adjusted EBITDA in the fourth quarter of 2015 rose 18% quarterly or fell 7% yearly to $2.5 billion.

The company said after spending almost $25 billion on the investment for Galaxy Macau Phase 2 and Broadway Macau, it still holds $7.7 billion of cash on hand and the net cash position was $6.5 billion.

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

Postby winston » Fri Feb 26, 2016 11:10 am

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4Q15: Results Slightly Above Expectations; Dividend Payout Of 29.7%

Galaxy Entertainment’s 4Q15 results were slightly better than expected mainly due to revenue improvements in the mass market.

Dividends for 2015 were cut by 60.3% (dividend payout ratio of 30%) but in line with our expectations.

We remain cautious as the slower-than-expected recovery of the industry and the gradual opening of other new properties may dampen earnings.

Maintain HOLD with a higher target price of HK$25.00, implying 10x 2016F EV/EBITDA.

Entry price: HK$21.30.

Source: UOBKH

https://research.uobkayhian.com/content ... efe9019ed2
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Re: Galaxy Entertainment's 0027

Postby winston » Fri Feb 26, 2016 1:03 pm

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<Research Report>BofAML: GALAXY ENT Remains Sector Top Pick; Target Lifted to $35.2

Bank of America Merrill Lynch said that GALAXY ENT (00027.HK) 4Q results topped estimates.

Adjusted EBITDA was better than expected, while margins improved 200 bps to 18.6%.

GALAXY ENT was the top pick of the research house and its 2016/17 EBITDA was revised upward by 5%/1%. The target price was raised to $35.2 from $34.3 and the rating was maintained at Buy.

The casino's balance sheet and FCF remain the strongest in the industry, with net cash of $6.5 billion and FCF yield of 4%. The stock is trading at 11.1x 2016 EV/EBITDA, below its long term average.

The group has achieved $500 million in cost savings in 2015 and expected to cut the spending by $300 million more this year. It also managed to reduce its phase 2 capex by $400-500 million.

Galaxy's Macau's retail mall opened fully in 4Q and received $269 million in rental income. The management felt quite positive about Macau's gambling revenue in February.

In addition, site investigation work on phase 3 and 4 is expected to commence this year, but the majority of its capex will not kick in during the next two years.

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

Postby winston » Tue Mar 01, 2016 10:39 am

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<Post-Result>Brokers' Latest Ratings & TPs for GALAXY ENT (Table)

GALAXY ENT (00027.HK) released its results yesterday (25 February). The company reported net profit of $4.161 billion last year, representing a year on year decrease of 60%, while the market had expected for $4.146-5.972 billion.

No final dividend was declared. However, a special dividend of $0.15 per share was declared.

The company's adjusted EBITDA saw a growth of 18% quarterly in the fourth quarter, while revenue delivered a quarterly growth of 8%.

Our website listed the investment ratings and target prices from 12 brokers, 7 of which have raised the target price of GALAXY ENT:

Broker/ Investment Rating/ Target Price (HK$)

Credit Suisse/ Outperform/ 35.7->37
CIMB Securities/ Accumulate/ 33.61->35.59
Bank of America Merrill Lynch/ Buy/ 34.3->35.2
JP Morgan/ Overweight/ 32.5
HSBC/ Buy/ 31.9
Citigroup/ Buy/ 29->31
Morgan Stanley/ Overweight/ 28->30
UBS/ Neutral/ 26.5
UOB Kay Hian/ Hold/ 23.7->25
Nomura/ Neutral/ 22.7->24.2
Deutsche Bank/ Hold/ 21
BOCOM International/ Sell/ 20.5


Source: AAStocks Financial News
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