[ET Net News Agency, 14 August 2019] Citi Research lowered its target price for Galaxy
Entertainment (00027) to HK$66 from HK$69.5 and maintained its "buy" rating.
The research house cited Galaxy management at the earnings call indicating that all the
components of GM Phase 3 should open in around early 2021. Management continues to guide a
total capex at HK$45-50bn.
Citi left its FY2019-20 earnings largely unchanged after 2Q results. However, after it
revised the expected opening timeline (GM Phase 3 by end-1Q 2021 and Phase 4 in 2023) and
capex for the new phases of GM, Citi lowered its FY2021 earnings by 13%. (KL)