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Morgan Stanley: Upgrades galaxy ent to "Outperform" with a target price of HK$50.7.
Morgan Stanley released a research report stating that galaxy ent (00027) recorded a 50% year-on-year increase in mid-stage gambling revenue during the October gold period, exceeding competitors such as mgm china (02282), mgm resorts international, and wynn macau (01128). In response, the bank slightly raised the target price for galaxy ent by about 0.2%, from HK$50.6 to HK$50.7, with a rating of "outperform the market". The report pointed out that galaxy ent's total gambling revenue has recovered to 71% of the 2019 level, with VIP, mid-stage gambling, and slot machine revenues recovering to 17%, 115%, and 104% respectively. In addition, non-gambling.
Goldman Sachs: Maintains a "buy" rating on Galaxy Ent, with the target price raised to 54.2 Hong Kong dollars.
Goldman Sachs released a research report stating a slight increase in the target price of galaxy ent (00027) by 0.7%, rising from 53.8 Hong Kong dollars to 54.2 Hong Kong dollars, maintaining a "buy" rating. The bank slightly raised its EBITDA forecast for galaxy ent for the fiscal years 2024-2026 by 1%. The bank believes that compared to other peers, galaxy ent has more players in the mid- to high-end middle market, but generally lacks players in the low-end and high-end markets. The company's management believes that the mid-2025 fiscal year launch of the Kempinski Hotel with 100 suites will fill the gap in its super luxury product offerings. In addition, the company is expected to announce its 2024 financial year third quarter results.
Macau casino stocks rose, with Wynn Macau (01128) up 2.52%. Total consumer spending by tourists in the first three quarters increased by 8% annually. However, Goldman Sachs believes that Macau's gambling revenue growth will slow down in the future.
Kin Wu Financial News | Macau casino stocks collectively rise, Wynn Macau (01128) up by 2.52%, Paradise Ent (01180) up by 2.2%, Melco Int'l Dev (00200) up by 1.76%, Sands China (01928) up by 1.66%, MGM China (02282) up by 1.37%. According to statistics from the Macau Special Administrative Region government's Statistics and Census Service, total consumer spending by tourists in the first three quarters of 2024 increased by 8% year-on-year to 56.21 billion Macau patacas, mainly driven by a significant 30.1% growth in tourist arrivals in the first three quarters compared to the same period last year. Among these, total consumer spending by overnight tourists and non-overnight tourists
Macau Gaming Revenue Jumps 6.6% in October, Beats Estimates
Express News | Macau Says October Gambling Revenue up 6.6 Pct From a Year Earlier to 20.8 Bln Patacas
MGM China's Controlling Shareholder Logs Rise in Q3 EBITDA
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