The ultra-luxury hotel Jumeirah will be completed in mid-2025, while the fourth phase of Macau Galaxy will be completed in 2027, which may benefit the company.
According to the Securities Times APP, JPMorgan released a research report indicating a slight increase in the target price of Galaxy Ent (00027) by 2.1%, from HK$47 to HK$48. They believe that the performance in the third quarter of 2024 exceeded expectations, hence raising the EBITDA forecast for 2024-2025 by 1-2% and maintaining a "shareholding" rating. With strong performance in October, if this trend continues, it may boost the valuation in the coming months.
Galaxy Ent management stated that the company's performance during the Golden Week was strong, significantly surpassing competitors. There was a 50% increase in customer traffic compared to a mere 20-30% for other competitors. Despite a seasonal slowdown in the second half of the year, the strong performance during the Golden Week has propelled Galaxy Ent's gambling revenue market share well over 20%, compared to 18.8% in the third quarter. Additionally, the ultra-luxury hotel Jumeirah will be completed in mid-2025, and the fourth phase of Macau Galaxy will be completed in 2027, which may benefit the company.
