[ET Net News Agency, 16 March 2021] Guotai Junan International lifted its target price
for Galaxy Entertainment (00027) to HK$56 from HK$39.1 and upgraded its rating from "sell"
to "reduce".
The research house said Galaxy's 4Q 2020 normalized adjusted EBITDA of HK$1.07bn
(decreased 72.4%) was better than it had expected. Guotai Junan forecasted 2021-23 total
net revenue of HK$33.13bn, HK$43.48bn, and HK$48.93bn, respectively, representing growth
of 157.3%, 31.2%, and 12.6%.
Galaxy said that it will open its upscale 450 suite tower, Raffles at Galaxy Macau, in
2H. Guotai Junan expects this will result in a higher market share for Galaxy as the
sector continues to recover. It forecasted 2021-23 adjusted EBITDA of HK$7.7bn, HK$11.2bn,
and HK$13.5bn, respectively, reflecting growth of 46.1% and 20.6% in 2022 and 2023,
respectively. (KL)
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00027 GALAXY ENT
Nominal 
31.000 +0.650 (+2.142%) Research Report
16/03/2021 10:35
Guotai Junan lifts Galaxy Entertainment (00027) to HK$56
| Remark: | Real time quote last updated: 24/09/2024 11:54 |
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