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<Research>UOB Kay Hian Trims GALAXY ENT (00027.HK) TP to $43, Rating Buy
Recommend 7 Positive 13 Negative 6 |
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GALAXY ENT (00027.HK) charted a 9% QoQ shrinkage in adjusted EBITDA for 1Q25, UOB Kay Hian’s research report noted. The adjusted EBITDA margin was 26.5%, down 2.5 ppts QoQ. However, the 1Q25 hold rate was lower than 2H24 levels. If normalized, adjusted EBITDA would have increased by HKD300 million. According to management, the company achieved a above-peers GGR growth rate during the May Day holiday, suggesting an increase in market share. Unlike the long-tail effect of the Lunar New Year, post-May Day holiday revenue typically subsided, consistent with historical patterns. Looking ahead, the company plans to host a series of entertainment events in 2Q25 to boost business growth. UOB Kay Hian chopped its EBITDA forecasts for the company by 6% for 2025 and 8% for 2026, axing the target price by 4% from HKD45 to HKD43. AAStocks Financial News |
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