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Research Report

24/05/2021 17:18

{I-bank focus}Morgan upgrades Galaxy Ent to "overweight"

[ET Net News Agency, 24 May 2021] Morgan Stanley tweaked its target price for Galaxy
Entertainment (00027) to HK$70 from HK$71 but upgraded its rating to "overweight" from
"equal-weight" for its justified valuation relative to peers, upcoming catalysts and
better premium segment product offerings.
The research house cut its 2021/22/23 EBITDA forecasts by 40%/13%/8% for slower industry
GGR recovery as well as the delay in Galaxy Macau Phase 3 & 4. Morgan now expects Galaxy
to open its Phase 3A in 2022 (450 Raffles suites), 3B&C by 4Q 2022 while Phase 4 may not
happen till 2024. Consequently, Morgan's estimates for Galaxy's 2021/22/23 EPS were
49%/10%/5% lower. (KL)

Remark: Real time quote last updated: 22/10/2021 17:59
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