[ET Net News Agency, 14 August 2020] HSBC Global Research raised its target price for
Galaxy Entertainment (00027) to HK$58 from HK$57 and maintained its "hold" rating.
The research house said Galaxy's group EBITDA came in at HK$1,370m loss, down 584% QoQ
or down 132% YoY, versus HSBC's estimate of HK$1,528m loss. Galaxy sits on HK$49.8bn in
cash and liquid investments as at 30 June.
Looking forward, management continues to believe that pent-up demand led by the premium
end will drive the recovery, as IVS (individual visit scheme) and group tour reopens in
phases in mainland China.
HSBC continues to like Galaxy for its solid balance sheet, strong execution track record
and encouraging long-term growth prospects. (KL)