Damo released a research report stating that Galaxy Entertainment (00027) was rated “in sync with the market”, and the target price remained at HK$39.5. Currently, it is more optimistic about Sands China (01928) among Hao Gaming stocks. The company's third-quarter results were generally in line with expectations.
According to the report, the company's adjusted EBITDA fell 7% quarterly to 2.94 billion yuan in the third quarter, reaching 71% in the same period in 2019, which is 2% higher than Daimo and market expectations. Excluding CityClubs' midfield market share during the period, midfield gaming revenue also increased 1% year over year. However, Damo pointed out that the overall cost increase of GEG in the third quarter was also higher than that of its peers, reaching 6%.
