Citi lowered its target price for Galaxy Entertainment (00027) to HK$60 from HK$66 and maintained its "buy" rating.
The research house said they lowered the TP to reflect their lowered GGR and casino EBITDA forecasts. They like Galaxy as the other long-term top pick as it has a long
tail in its expansion plan. Management recently announced that Galaxy Macau Phase 3 is scheduled to open in early 2021. Phase 3 will feature Galaxy International Convention Centre (with 40,000 sqm of MICE space), a 16,000-seat Galaxy Arena and a couple of luxury hotels totalling ~1,600 rooms. Given the group's strong execution track record, Galaxy is expected to regain market share from 2021 onwards and earnings growth re-acceleration should follow.
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