[ET Net News Agency, 19 March 2021] Morgan Stanley lifted its target price for Galaxy
Entertainment (00027) to HK$71 from HK$64 and maintained its "equal-weight" rating.
The research house increased Galaxy's 2022 EBITDA by 2%. Morgan raised its Mass revenue
by 6% (to +26% versus 2019) but keep its 2022 opex unchanged (to -4% versus 2019). Thus,
its 2022 EPS was also largely unchanged.
Morgan now expects Galaxy's Phase 3A's 700 rooms and potential new gaming capacity from
Phase 3B&C to open in 3Q 2021 and 4Q 2022 (previously in 4Q 2021), due to disruption from
COVID-19.
Also, Morgan believes Phase 4 with 2,000 rooms and more MICE (meetings, incentives,
conventions and exhibitions) and gaming capacity to open beyond 2023. (KL)
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00027 GALAXY ENT
Nominal 
35.050 +0.050 (+0.143%) Research Report
19/03/2021 15:43
{I-bank focus}Morgan ups Galaxy Ent (00027) to HK$71
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
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