Movement Alert｜Galaxy Entertainment Falls 3.1% in Regular Trading, Sector Pressured by Weak Macau June GGR Data

Market Focus07-09

On July 9, Galaxy Entertainment fell 3.1% in regular trading, trading at HK$30.72 per share, with turnover of HK$84.81 million. The stock gave back most of the previous session's 3.74% gain as ongoing sector headwinds weighed on sentiment.

The decline comes amid continued market digestion of Macau's weak June gross gaming revenue, which fell 12% year-over-year to MOP 18.5 billion — the first monthly decline in 17 months. JP Morgan noted the data, driven partly by the World Cup's larger-than-expected diversion of gaming demand, has dampened market sentiment and may trigger a new round of Q2 earnings estimate downgrades. The broker estimates Q2 industry EBITDA will decline 4%-5% sequentially while still growing 1%-3% year-over-year.

The broader Casinos and Gaming sector declined in tandem, with Sands China down 1.7%, Melco International down 2.06%, NagaCorp down 1.6%, SJM Holdings down 1.32%, and MGM China down 0.29%. Multiple brokers including JP Morgan, CLSA, and Jefferies continue to name Galaxy Entertainment as their sector top pick, with JP Morgan maintaining an Overweight rating and HK$52 target price.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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