DaMao released a research report stating that it gives a 'in line with the market' rating to galaxy ent (00027), with a target price of 39.5 Hong Kong dollars, currently more bullish on Sands China (01928) among the Macau gambling stocks. The company's third-quarter performance is basically in line with expectations.

The report states that the company's third-quarter adjusted EBITDA fell by 7% quarter-on-quarter to 2.94 billion yuan, reaching 71% of the same period in 2019, exceeding Daiwa and market expectations by 2%. During the period, excluding CityClubs' midfield market share, it increased by 50 basis points quarter-on-quarter, and the midfield gambling revenue also increased by 1% year-on-year. However, DaMao pointed out that the third-quarter overall cost increase of Yin Yu was also higher than the industry average, reaching 6%.