GLONGHUI, January 11 | Goldman Sachs released a report saying that it communicated with Galaxy Entertainment's chief financial officer and investor relations representatives this Monday (8th), quoting the company's management as saying that although it has continued to see healthy traffic and potential gambling in recent months, its results for the fourth quarter of 2023 may be dragged down by poor luck rates in the VIP room and midmarket sectors, as well as the high costs of opening Andaz Macau in September last year. The bank expects GEG to record an EBITDA of 2.8 billion to HK$2.9 billion in the fourth quarter of 2023, which remained stable from quarter to quarter. It is estimated that its share of the Macau gaming market will drop to 17.1% (compared to 18.5% in the third quarter of 2023). Goldman Sachs pointed out that the average rebound in December of last year was about 15%, driven by better-than-expected gambling revenue data. However, the stock price of GEG is lagging behind. It is believed that the market is worried about the decline in its gambling market share, and it is estimated that when it announced last year's fourth quarter results in February, the stock price may still be under pressure in the short term. The bank indicated that various expansion and renovation projects of gaming facilities under the Bank Entertainment should better help the company prepare to recover its share of gaming revenue. The bank maintains the Bank Entertainment's “buy” rating and target price of HK$57.8.
大行评级|高盛:维持银河娱乐“买入”评级及目标价57.8港元
Bank Rating | Goldman Sachs: Maintaining Galaxy Entertainment's “Buy” Rating and Target Price of HK$57.8
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