Galaxy Ent 0027 / Lui Chee Woo

[winston]

vested

GALAXY ENT (00027.HK) rated Buy with target lifted to $33.8 by GS
Oct 26, 2012

Goldman Sachs noted in a report GALAXY ENT (00027.HK)'s 3Q results were satisfactory and the stock has further potential to go higher though it has stayed at high for a long time this year, as the management has plans to expand the mass market of high gross profit and the rapid growth.

In addition, the VIP market is expected to contribute about 50% of EBITDA in the final quarter.

The Bank lifted the 2012-13 earnings forecast by 1-3%, with target price raised from $33.3 to $33.8, and Buy rating reiterated.


Source: AAStocks Financial News

[winston]

vested

GALAXY ENT (00027.HK) reiterated CL-Buy by GS

Goldman Sachs expressed comfort after meeting the executives from Macau gaming companies.

Macau gaming sector has seen drastic slowdown since the fourth quarter in 2011, yet many executives believe that the industry has already been close to the cyclical trough.

They broadly think that gross profit from VIP gaming will record high-single to low double-digit growth in 2013.

Goldman Sachs reaffirms Conviction List-Buy on GALAXY ENT (00027.HK).


Source: AAStocks Financial News

[winston]

not vested

<Research Report>GALAXY ENT (00027.HK) target trimmed to $87, rated Buy - Citi

Citigroup, in its latest research report, reduced the full-year Macau VIP business growth to 2.5% in view of the recent adversity faced by the sector.

For the mass market business, the Bank maintained the growth forecast of 35%.

The Bank expects that the Galaxy Macau Phase 2 can be opened in mid 2015 as planned, becoming a short-term catalyst.

GALAXY ENT (00027.HK) was reiterated Buy with target cut from $89.98 to $87.


Source: AAStocks Financial News

[winston]

Macau's casino tycoon: I don't gamble

by Christine Tan

Source: CNBC

http://www.cnbc.com/id/101790993

[winston]

Expect recovery in July

Gross gaming revenue (GGR) reached MOP27.2bn in Jun (-4% yoy), in line with market expectations.

We expect yoy GGR growth to pick up in Jul and Aug due to higher seasonality, in addition to a gradually improving VIP segment.

We remain Overweight on the Macau gaming sector as we believe that most of the sector’s recent negative news is behind us.

Our top pick is Galaxy due to stronger earnings growth in 2015 relative to the sector from it likely having the only new capacity opening in 2015.

Source: CIMB

[winston]

May 20, 2014

GALAXY ENT (00027.HK) 1Q adjusted EBITDA rises 38% yoy
2014-05-20

GALAXY ENT (00027.HK) reported financial results for the first quarter ended 31 March.

Revenue increased 33% yearly, or 7% quarterly, to $20.2 billion. Adjusted EBITDA jumped 38% year-on-year, or 8% quarter-on-quarter, to $3.8 billion.

Galaxy Macau recorded adjusted EBITDA growth for the 11th consecutive quarter. Adjusted EBITDA escalated 44% yearly to $2.8 billion, and revenue expanded 44% year-on-year to $12.8 billion in 1Q.

For StarWorld Macau, revenue moved up 19% yearly or 8% quarterly to $6.8 billion, marking the highest quarterly revenue. Adjusted EBITDA reached $1.1 billion, up 26% year-on-year.

As at the end of March, net cash position of the group was $11.3 billion.

Source: AAStocks Financial News

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not vested

GALAXY rated Neutral by JP Morgan on worse-than-expected 1Q results
2014-05-21

JP Morgan, in its research report, said GALAXY ENT (00027.HK)'s 1Q14 EBITDA rose 8% quarterly to $3.83 billion, lower than the expectation of $3.98 billion, mainly due to poor win rate and high corporate expenses.

Despite the more-than-peers land reserve and good execution, the current stock price represents 2014 forecast P/E of 19 times, a Neutral rating is maintained with target $76, amid slowdown in VIP business growth.

Source: AAStocks Financial News

[winston]

not vested

C Suisse cuts GALAXY ENT target price after 1Q results
2014-05-21

In the latest research report, Credit Suisse said GALAXY ENT (00027.HK) first-quarter EBITDA rose 7.9% quarterly, but it missed the estimate, due to the worse-than-expected contribution of EBITDA margin of Galaxy Macau and the non-core operating construction materials business.

Credit Suisse lowered the 2014-16 earning forecast, and the target price was cut from $88.1 to $83, with Outperform rating remained.

Source: AAStocks Financial News

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not vested

G Sachs: 'Buy' GALAXY ENT (00027.HK) for target $75.3
2014-05-21

In the latest research report, Goldman Sachs noted that GALAXY ENT (00027.HK)'s 1Q revenue and EBITDA rose 7% and 8% quarterly to $20.2 billion and $3.83 billion, respectively, hinting EBITDA margin of 18.9%.

The revenue was in line with the expectation, but EBITDA was 7% lower than the estimate partially due to the low hold rate in the direct VIP business in Galaxy Macau and Starworld.

Goldman Sachs lowered the 2014-16 EBITDA forecast by 1% to 5%. The target price was cut from $76.1 to $75.3, with Buy rating remained, as the Cotai project will put into operation sooner than its peers, while it has more projects in general to come.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>GALAXY ENT kept Buy, target reduced to $86 - Citi

In the latest research report, Citigroup lowered 2014 Macau VIP growth forecast from 2.5% to -1% to reflect the impact from the World Cup, with mass market growth forecast unchanged at 35%.

The forecast for the overall gross gaming revenue growth in Macau was adjusted from 13% to 11%. In this connection, the target price for GALAXY ENT (00027.HK) was reduced from $87 to $86 to reflect the adjustment.

The Bank commented that the slowdown in the VIP business seems to have limited impact to GALAXY ENT. In the second quarter, the VIP rolling volumes at Galaxy Macau and StarWorld combined rose 27% yearly, materially outperforming in the market.

The Buy rating is reiterated. The Bank believes that the opening of Galaxy Macau Phase II will become the positive catalyst for the stock price.

Source: AAStocks Financial News