[ET Net News Agency, 16 January 2018] Morgan Stanley lifted its target price for Galaxy
Entertainment (00027) to HK$64 from HK$60, and maintained its "overweight" rating.
The research house said it is ahead of consensus by 4% and 10% for 2017 and 2018 EBITDA.
Galaxy owns about 4,400 hotel rooms (3Q 2017), the second-highest among peers after Sands
China. The company will develop Galaxy Macau phase 3 and 4 in the next few years with
around 4,000 new hotel rooms, thus close to doubling its current capacity.
Morgan sees further earnings upside if the company can get clearance for more gaming
tables from the government for the new phases. The company has the strongest balance sheet
in Morgan's coverage with net cash of US$3bn (1H 2017) and FCFE (free cash flow to equity)
yield of 6.4% (2019). (KL)
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00027 GALAXY ENT
Nominal 
33.650 -0.400 (-1.175%) Others
16/01/2018 18:01
[I-bank focus]Morgan ups Galaxy Ent (00027) to HK$64
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