vested
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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Galaxy Ent 0027 / Lui Chee Woo
Re: Galaxy Entertainment's 0027
by winston » Wed Mar 18, 2015 9:11 pm
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 Entertainment's 0027
by winston » Thu Mar 19, 2015 2:35 pm
vested
<Blue Chip Results>GALAXY ENT (00027.HK) 4Q adjusted EBITDA drops 25%
GALAXY ENT (00027.HK) announced its results for the fourth quarter ended 31 December 2014.
The group's adjusted EBITDA declined 25% from a year ago to $2.7 billion.
In particular, Galaxy Macau's adjusted EBITDA declined 19% to $2 billion.
The adjusted EBITDA for StarWorld Macau amounted to $645 million, down 38% from a year ago.
Galaxy Macau Phase 2 and Broadway at Galaxy Macau will open on 27 May 2015 as scheduled as the next major projects in Macau, taking Cotai investment to HK$43 billion of a total planned HK$100 billion.
Source: AAStocks Financial News
<Blue Chip Results>GALAXY ENT (00027.HK) 4Q adjusted EBITDA drops 25%
GALAXY ENT (00027.HK) announced its results for the fourth quarter ended 31 December 2014.
The group's adjusted EBITDA declined 25% from a year ago to $2.7 billion.
In particular, Galaxy Macau's adjusted EBITDA declined 19% to $2 billion.
The adjusted EBITDA for StarWorld Macau amounted to $645 million, down 38% from a year ago.
Galaxy Macau Phase 2 and Broadway at Galaxy Macau will open on 27 May 2015 as scheduled as the next major projects in Macau, taking Cotai investment to HK$43 billion of a total planned HK$100 billion.
Source: AAStocks Financial News
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Re: Galaxy Entertainment's 0027
by winston » Fri Mar 20, 2015 5:54 am
Galaxy expands as earnings up
Galaxy Entertainment Group (0027) reported a 3 percent growth in net profit to HK$10.3 billion last year, but earnings in the fourth quarter fell as the mainland's anti-corruption campaign deterred high-stakes gamblers from entering Macau.
Adjusted earnings before interest, taxes, depreciation and amortization rose 5 percent for the year to HK$13.2 billion.
But Ebitda in the fourth quarter slumped 25 percent to HK$2.7 billion from a year earlier, in line with forecasts.
The firm reported HK$2.41 earnings per share.
It also proposed a special dividend of 28 HK cents.
"The anti-corruption activities mean a lot of VIPs will not be going anywhere near Macau soon," said Tim Craighead, head of Asian research at Bloomberg Intelligence in Hong Kong.
The industry may face another 8 percent drop this year, a Bloomberg survey showed, after last year's 2.6 percent fall.
But chairman Lui Che-woo believes the industry will rebound in a year.
Casino operators now endeavor to diversify business by developing tourism and entertainment aspects, which will improve performance, he said.
His new projects Galaxy Macau Phase 2 and Broadway at Galaxy Macau will open on May 27 as scheduled and become a new driving force for the company, Lui said.
His son, deputy chairman Francis Lui Yiu-tung, said 2,500 employees have been recruited for the two projects.
Source: The Standard HK
Galaxy Entertainment Group (0027) reported a 3 percent growth in net profit to HK$10.3 billion last year, but earnings in the fourth quarter fell as the mainland's anti-corruption campaign deterred high-stakes gamblers from entering Macau.
Adjusted earnings before interest, taxes, depreciation and amortization rose 5 percent for the year to HK$13.2 billion.
But Ebitda in the fourth quarter slumped 25 percent to HK$2.7 billion from a year earlier, in line with forecasts.
The firm reported HK$2.41 earnings per share.
It also proposed a special dividend of 28 HK cents.
"The anti-corruption activities mean a lot of VIPs will not be going anywhere near Macau soon," said Tim Craighead, head of Asian research at Bloomberg Intelligence in Hong Kong.
The industry may face another 8 percent drop this year, a Bloomberg survey showed, after last year's 2.6 percent fall.
But chairman Lui Che-woo believes the industry will rebound in a year.
Casino operators now endeavor to diversify business by developing tourism and entertainment aspects, which will improve performance, he said.
His new projects Galaxy Macau Phase 2 and Broadway at Galaxy Macau will open on May 27 as scheduled and become a new driving force for the company, Lui said.
His son, deputy chairman Francis Lui Yiu-tung, said 2,500 employees have been recruited for the two projects.
Source: The Standard HK
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Re: Galaxy Entertainment's 0027
by winston » Fri Mar 20, 2015 1:41 pm
not vested
<Research Report>G Sachs maintains GALAXY ENT(00027.HK) at Buy with target cut to $55
Goldman Sachs, in its report, stated that GALAXY ENT(00027.HK) reported a 19% quarter-on-quarter decline in 4Q14 EBITDA to $2.67 billion, in concordance with estimates.
The company's management said in the analyst meeting that GM Phase 2 and Broadway Macau will open on time on 27 May.
It is expected that 150 tables will be awarded in this year and next respectively. The addition of non-gaming facilities is likely to diversify the risks associated to mass-market.
In order to reflect the GGR trend from early 2015, the research house trimmed Galaxy Entertainment's 2015-17 EBITDA forecast by 2% to 7%.
The target price was lowered from $58.9 to $55. It is believed that Galaxy is better positioned to defend/compete market share as compared with its counterparts and the rating was maintained at Buy.
The company's 2015-17 EPS forecast was trimmed by 2.1%, 4.5% and 6.9% to $2.42, $2.83 and $3.15 respectively.
Source: AAStocks Financial News
<Research Report>G Sachs maintains GALAXY ENT(00027.HK) at Buy with target cut to $55
Goldman Sachs, in its report, stated that GALAXY ENT(00027.HK) reported a 19% quarter-on-quarter decline in 4Q14 EBITDA to $2.67 billion, in concordance with estimates.
The company's management said in the analyst meeting that GM Phase 2 and Broadway Macau will open on time on 27 May.
It is expected that 150 tables will be awarded in this year and next respectively. The addition of non-gaming facilities is likely to diversify the risks associated to mass-market.
In order to reflect the GGR trend from early 2015, the research house trimmed Galaxy Entertainment's 2015-17 EBITDA forecast by 2% to 7%.
The target price was lowered from $58.9 to $55. It is believed that Galaxy is better positioned to defend/compete market share as compared with its counterparts and the rating was maintained at Buy.
The company's 2015-17 EPS forecast was trimmed by 2.1%, 4.5% and 6.9% to $2.42, $2.83 and $3.15 respectively.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Galaxy Entertainment's 0027
by winston » Fri Mar 20, 2015 1:43 pm
vested
GALAXY ENT (00027.HK) submits gaming tables application; confident of GGR in 2H15
GALAXY ENT (00027.HK) chairman Lui Che Woo said on the annual results press conference that the easing growth or even decline on its business in Macau was reasonable due to the recent policies.
As a businessman, he understood there are always ups and downs.
The deputy chairman Lui Yiu Tung Francis commented that he was confident of Macau's GGR in the second half of 2015.
Without the high base effect, there will be a higher opportunity to see a growth at that time.
Francis Lui continued that the group had submitted the application for gaming tables the day before.
He would like to receive an adequate number of tables in order to look for a reasonable return.
Source: AAStocks Financial News
GALAXY ENT (00027.HK) submits gaming tables application; confident of GGR in 2H15
GALAXY ENT (00027.HK) chairman Lui Che Woo said on the annual results press conference that the easing growth or even decline on its business in Macau was reasonable due to the recent policies.
As a businessman, he understood there are always ups and downs.
The deputy chairman Lui Yiu Tung Francis commented that he was confident of Macau's GGR in the second half of 2015.
Without the high base effect, there will be a higher opportunity to see a growth at that time.
Francis Lui continued that the group had submitted the application for gaming tables the day before.
He would like to receive an adequate number of tables in order to look for a reasonable return.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Galaxy Entertainment's 0027
by winston » Mon Mar 23, 2015 3:20 pm
vested
Margin compression
Galaxy Entertainment Group’s (GEG) 4Q14 EBITDA was 4% below consensus estimates due to changes in the revenue mix, as growth in the
lower-margin VIP segment outpaced the higher-margin mass gaming segment in addition to higher operating costs.
The next catalysts for GEG’s share price are likely to come from newsflow on the table allocation for Galaxy Phase 2.
Given the new capacity, we expect GEG’s FY15 earnings to be more resilient than its competitors.
Maintain Add rating but reduce our FY15-16 EPS forecasts by 10-13% to factor in lower margins.
Our target price is also lowered by 10%, based on SOP, with 13x EV/EBITDA for Galaxy’s current operations and HK$7.06/share for Galaxy Phases 3-4.
Key highlights from 4Q14 results GEG achieved 4Q14 adjusted EBITDA of HK$2.7bn, (-25% yoy, -19% qoq).
The 25% yoy decline in GEG’s 4Q EBITDA was slightly better than the sector average of a 27% decline.
EBITDA margin for the quarter fell to 16.6% (-2.9% pts yoy, -2.3% pts qoq) as a result of negative operating leverage from weaker gaming revenue,
changes in revenue mix and higher operating costs.
Galaxy Macau’s 4Q VIP revenue rose 2% qoq but fell 10% yoy, although both metrics outpaced the overall sector’s VIP performance (-29% yoy, -2% qoq).
Galaxy Macau’s VIP revenue was relatively resilient due a new junket room coupled with strong relationships with tier 1 junkets.
GEG declared a special dividend of 28 HKcts per share. Including the previous two special dividends for 2014, GEG is expected to pay out HK$6bn in dividends for FY14, representing a payout ratio of 59% in FY14 compared to 29% in FY13.
Our main concerns
As a percentage of revenue, FY14 employee benefit expenses jumped to 7.8% (vs. 6.8% in FY13) and rose 25% yoy on an absolute basis
(vs. 10% growth in FY13). As we expect staff costs to continue increasing, we raise our employee expense forecasts (as a percentage of revenue)
from 7.2% to 8.5% in FY15 and from 7.5% to 9% in FY16.
Another concern is the table allocation for Phase 2.
Based on our channel checks, Galaxy Macau has not received any table allocation notification from the Macau government yet.
We believe that an allocation of less than 200 tables signals further headwinds in terms of restrictive policies in Macau, which could put pressure on GEG’s share price.
Source: CIMB
http://www.remisiers.org/cms_images/Res ... _Daily.pdf
Margin compression
Galaxy Entertainment Group’s (GEG) 4Q14 EBITDA was 4% below consensus estimates due to changes in the revenue mix, as growth in the
lower-margin VIP segment outpaced the higher-margin mass gaming segment in addition to higher operating costs.
The next catalysts for GEG’s share price are likely to come from newsflow on the table allocation for Galaxy Phase 2.
Given the new capacity, we expect GEG’s FY15 earnings to be more resilient than its competitors.
Maintain Add rating but reduce our FY15-16 EPS forecasts by 10-13% to factor in lower margins.
Our target price is also lowered by 10%, based on SOP, with 13x EV/EBITDA for Galaxy’s current operations and HK$7.06/share for Galaxy Phases 3-4.
Key highlights from 4Q14 results GEG achieved 4Q14 adjusted EBITDA of HK$2.7bn, (-25% yoy, -19% qoq).
The 25% yoy decline in GEG’s 4Q EBITDA was slightly better than the sector average of a 27% decline.
EBITDA margin for the quarter fell to 16.6% (-2.9% pts yoy, -2.3% pts qoq) as a result of negative operating leverage from weaker gaming revenue,
changes in revenue mix and higher operating costs.
Galaxy Macau’s 4Q VIP revenue rose 2% qoq but fell 10% yoy, although both metrics outpaced the overall sector’s VIP performance (-29% yoy, -2% qoq).
Galaxy Macau’s VIP revenue was relatively resilient due a new junket room coupled with strong relationships with tier 1 junkets.
GEG declared a special dividend of 28 HKcts per share. Including the previous two special dividends for 2014, GEG is expected to pay out HK$6bn in dividends for FY14, representing a payout ratio of 59% in FY14 compared to 29% in FY13.
Our main concerns
As a percentage of revenue, FY14 employee benefit expenses jumped to 7.8% (vs. 6.8% in FY13) and rose 25% yoy on an absolute basis
(vs. 10% growth in FY13). As we expect staff costs to continue increasing, we raise our employee expense forecasts (as a percentage of revenue)
from 7.2% to 8.5% in FY15 and from 7.5% to 9% in FY16.
Another concern is the table allocation for Phase 2.
Based on our channel checks, Galaxy Macau has not received any table allocation notification from the Macau government yet.
We believe that an allocation of less than 200 tables signals further headwinds in terms of restrictive policies in Macau, which could put pressure on GEG’s share price.
Source: CIMB
http://www.remisiers.org/cms_images/Res ... _Daily.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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winston - Billionaire Boss
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Re: Galaxy Entertainment's 0027
by winston » Thu Apr 02, 2015 10:05 am
vested
20 Mar, 2015
Brokers' latest ratings & target prices for GALAXY ENT (00027.HK) (Table)
GALAXY ENT (00027.HK) announced yesterday that its net profit hit a fresh high at $10.34 billion last year, up 2.87% from a year ago, which was in line with market estimates.
The latest ratings and target prices given by 19 securities brokers are listed as follows:
Broker | Investment Rating | Target Price (HK$)
Jefferies | Buy | 65
Goldman Sachs | Buy | 58.9->55
CICC | Buy | 75.4->54.8
Barclays?Overweight ?48.6
Citigroup?Buy?46
JP Morgan?Overweight?44.5
Union Gaming?Buy?52->44
CIMB?Overweight?47.59->43.03
Morgan Stanley?Overweight?41
Nomura?Neutral?41
BofA Merrill Lynch?Neutral?48.3->40.8
UBS?Neutral?39.9
Credit Suisse?Neutral?39.1
HSBC?Neutral?39.9->38.5
Daiwa?Hold?37
UOB Kay Hian?Hold?33.4->33.6
Kim Eng?Buy->Hold?48.25->31.2
Deutsche Bank?Sell?30
Macquarie?Underperform?28.2->26.4
Source: AAStocks Financial News
20 Mar, 2015
Brokers' latest ratings & target prices for GALAXY ENT (00027.HK) (Table)
GALAXY ENT (00027.HK) announced yesterday that its net profit hit a fresh high at $10.34 billion last year, up 2.87% from a year ago, which was in line with market estimates.
The latest ratings and target prices given by 19 securities brokers are listed as follows:
Broker | Investment Rating | Target Price (HK$)
Jefferies | Buy | 65
Goldman Sachs | Buy | 58.9->55
CICC | Buy | 75.4->54.8
Barclays?Overweight ?48.6
Citigroup?Buy?46
JP Morgan?Overweight?44.5
Union Gaming?Buy?52->44
CIMB?Overweight?47.59->43.03
Morgan Stanley?Overweight?41
Nomura?Neutral?41
BofA Merrill Lynch?Neutral?48.3->40.8
UBS?Neutral?39.9
Credit Suisse?Neutral?39.1
HSBC?Neutral?39.9->38.5
Daiwa?Hold?37
UOB Kay Hian?Hold?33.4->33.6
Kim Eng?Buy->Hold?48.25->31.2
Deutsche Bank?Sell?30
Macquarie?Underperform?28.2->26.4
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Galaxy Entertainment's 0027
by winston » Tue May 12, 2015 2:41 pm
<Research Report>Citi maintains GALAXY ENT(00027.HK) at Buy with target lifted to $46
Citigroup has reduced Macau's gross gaming revenue forecast from a year-on-year drop of 16% to a fall of 24%, and lowered the 2016 gaming revenue growth forecast from 20% to 10%.
Accordingly, the broker has also made some adjustments to GALAXY ENT(00027.HK).
Given the new hotel supply will help increase the mass-market business, but the VIP and high-end mass consumers growth will still decrease, Citigroup has cut the 2016-2017 earnings forecast by 9%-10%.
Target price was raised from $45.66 to $46, and the rating was maintained at Buy.
Source: AAStocks Financial News
Citigroup has reduced Macau's gross gaming revenue forecast from a year-on-year drop of 16% to a fall of 24%, and lowered the 2016 gaming revenue growth forecast from 20% to 10%.
Accordingly, the broker has also made some adjustments to GALAXY ENT(00027.HK).
Given the new hotel supply will help increase the mass-market business, but the VIP and high-end mass consumers growth will still decrease, Citigroup has cut the 2016-2017 earnings forecast by 9%-10%.
Target price was raised from $45.66 to $46, and the rating was maintained at Buy.
Source: AAStocks Financial News
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 Entertainment's 0027
by winston » Wed May 27, 2015 4:34 pm
not vested
GALAXY ENT Hopes to Record Double-Digit Growth for Non-Gaming Revenue
GALAXY ENT (00027.HK) -0.400 (-1.031%) Short selling $31.91M; Ratio 25.397% 's Galaxy Macau Phase 2 and Broadway Macau are opened today.
The group's deputy chairman Lui Yiu Tung believed that the group can record a double digit growth from non-gaming revenue in the future.
Source: AAStocks Financial News
GALAXY ENT Hopes to Record Double-Digit Growth for Non-Gaming Revenue
GALAXY ENT (00027.HK) -0.400 (-1.031%) Short selling $31.91M; Ratio 25.397% 's Galaxy Macau Phase 2 and Broadway Macau are opened today.
The group's deputy chairman Lui Yiu Tung believed that the group can record a double digit growth from non-gaming revenue in the future.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 112008
- Joined: Wed May 07, 2008 9:28 am
Re: Galaxy Entertainment's 0027
by winston » Wed May 27, 2015 4:34 pm
not vested
GALAXY ENT Hopes to Record Double-Digit Growth for Non-Gaming Revenue
GALAXY ENT (00027.HK) -0.400 (-1.031%) Short selling $31.91M; Ratio 25.397% 's Galaxy Macau Phase 2 and Broadway Macau are opened today.
The group's deputy chairman Lui Yiu Tung believed that the group can record a double digit growth from non-gaming revenue in the future.
Source: AAStocks Financial News
GALAXY ENT Hopes to Record Double-Digit Growth for Non-Gaming Revenue
GALAXY ENT (00027.HK) -0.400 (-1.031%) Short selling $31.91M; Ratio 25.397% 's Galaxy Macau Phase 2 and Broadway Macau are opened today.
The group's deputy chairman Lui Yiu Tung believed that the group can record a double digit growth from non-gaming revenue in the future.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 112008
- Joined: Wed May 07, 2008 9:28 am
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