[ET Net News Agency, 11 December 2017] Deutsche Bank lifted its target price for Galaxy
Entertainment (00027) to HK$70 from HK$58.6, and upgraded its rating to "buy" from "hold"
on strong VIP performance and its leading VIP market share (25%).
The research house lifted its 2018 VIP GGR growth forecast from 15% to 21%, and lifted
its 2018 mass GGR growth forecast from 9% to 13%.
DB believes a key spillover effect from the strong VIP growth and strong property market
in China is stronger growth in premium mass in Macau. As such, it believes all casino
operators will focus their attention on grabbing a higher share of this premium mass
segment. By attracting more high-end mass players, it thinks Macau's average mass table
yield will improve by 10% in 2018.
In particular, it thinks casino operators with stronger focus on customer segmentation
and player analytics can outperform peers on this front. As such, DB thinks Wynn Palace,
Galaxy, MGM Cotai will be key beneficiary of higher mass table yield in 2018. (KL)
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