[ET Net News Agency, 26 February 2021] Citi Research lifted its target price for Galaxy
Entertainment (00027) to HK$88 from HK$72 and maintained its "buy" rating.
The research house said Galaxy delivered a solid performance in 4Q 2020, with an
adjusted EBITDA of HK$1,010m (getting an extra boost from HK$100m insurance claim but
offset by HK$59m negative luck impact).
The operator returned to profitability after just two loss-making quarters, largely
attributed to its market-share gains in the Premium business, Citi added.
The recent signing of a letter of intent regarding GM Phase 4 tells that Galaxy is the
Macau casino operator with the longest investment tail amongst the six operators, Citi
said. (KL)