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00027 GALAXY ENT
RTNominal up35.050 +0.050 (+0.143%)
Research Report

22/07/2020 09:32

{I-bank focus}HSBC ups Galaxy Entertainment (00027) to HK$57

[ET Net News Agency, 22 July 2020] HSBC Global Research raised its target price for
Galaxy Entertainment (00027) to HK$57 from HK$53.5 and maintained its "hold" rating.
The research house said, similar to Sands China (01928), under current unusual
circumstances, a bigger asset and cost base makes Galaxy more vulnerable to negative
operating leverage amid a sharp drop in GGR (gross gaming revenue). However, a strong
management team with a solid track record should help the operator navigate through the
tough operating environment.
The opening timeline for phase 3 in FY2021, which has been delayed by COVID-19, is the
key focus for investors. HSBC cut its FY2020 and FY2021 EBITDA by 76% and 8%. (KL)

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