Galaxy Entertainment's Operating Expenses Likely to Rise -- Market Talk

Dow Jones2023-11-14

0536 GMT - Galaxy Entertainment's daily operating-expense run rate is expected to rise in 4Q to better meet growing demand with higher front-line headcount, UOB Kay Hian analysts say in a note. The brokerage lowers its 2024 and 2025 Ebitda projections for the casino operator by 8% and 7%, respectively, on higher opex assumptions, but keeps its 2023 forecasts unchanged. It trims its target on the stock to HK$57.00 from HK$60.50 while maintaining a buy rating. UOB KH likes Galaxy for its premium mass positioning and strong cash position, and thinks its strong position in premium nongaming amenities should attract visitors in the coming months. Growth in Galaxy's gross gaming revenue outperformed the market in 3Q due to new property launches and the number of concerts held, UOB KH notes. (hoishan.chan@wsj.com)

(END) Dow Jones Newswires

November 14, 2023 00:36 ET (05:36 GMT)

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The ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999013486.USD","symbol_name":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (USD) INC A","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2383309673","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2383309673","pubTimestamp":1699940160,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0536 GMT - Galaxy Entertainment's daily operating-expense run rate is expected to rise in 4Q to better meet growing demand with higher front-line headcount, UOB Kay Hian analysts say in a note. 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The brokerage lowers its 2024 and 2025 Ebitda projections for the casino operator by 8% and 7%, respectively, on higher opex assumptions, but keeps its 2023 forecasts unchanged. It trims its target on the stock to HK$57.00 from HK$60.50 while maintaining a buy rating. UOB KH likes Galaxy for its premium mass positioning and strong cash position, and thinks its strong position in premium nongaming amenities should attract visitors in the coming months. Growth in Galaxy's gross gaming revenue outperformed the market in 3Q due to new property launches and the number of concerts held, UOB KH notes. 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