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<Research> Haitong International Cuts GALAXY ENT (00027.HK) TP to HKD41.5; 1Q26 Results In Line, Rated Outperform
Haitong International issued a report stating that GALAXY ENT (00027.HK)'s 1Q26 results were in line with expectations, with continued growth in its premium segment. In 1Q26, the c...
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<Research> Haitong International Cuts GALAXY ENT (00027.HK) TP to HKD41.5; 1Q26 Results In Line, Rated Outperform
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Haitong International issued a report stating that GALAXY ENT (00027.HK)  -0.740 (-2.188%)    Short selling $169.42M; Ratio 33.743%   's 1Q26 results were in line with expectations, with continued growth in its premium segment. In 1Q26, the company recorded net revenue of HKD12.4 billion, up 10.7% YoY. Adjusted EBITDA reached HKD3.58 billion, up 8.5% YoY, implying an adjusted EBITDA margin of 28.8%, down 0.6 ppts YoY. Overall, 1Q26 results met market expectations.

In 1Q26, GALAXY ENT's GGR amounted to HKD12.73 billion, up 16.4% YoY, outperforming the industry growth rate of 14%. During the period, the premium segment continued to expand, with VIP and premium mass currently accounting for 53% of GGR. Within the mass segment, the split between base mass and premium mass was approximately 55:45. GALAXY ENT's market share in 1Q26 was 19.9%, down 1.8 ppts QoQ but up 0.4 ppts YoY, returning to a normalized level.

Related News CICC: GALAXY ENT (00027.HK) 1Q Results In Line; Reiterates Outperform with TP HKD44.1
The broker noted that during the Labour Day Golden Week, GALAXY ENT's hotels, catering operations and visitor traffic delivered strong performance. Results in the next quarter may be impacted by the World Cup from June to July, and the company is adding concerts and UFC events to attract footfall.

Haitong International forecast net revenue of HKD51.723 billion, HKD56.205 billion and HKD61.62 billion for 2026 to 2028, representing YoY growth of 5%, 8.7% and 9.6%, respectively. Adjusted EBITDA is projected at HKD14.72 billion, HKD16.019 billion and HKD17.428 billion, with adjusted EBITDA margins of 28.5%, 28.5% and 28.3%. Based on comparable company valuations, the broker assigned an 8.5x EV/EBITDA for 2026 and lowered the TP from HKD47.3 to HKD41.5, while maintaining an Outperform rating.(da/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.)

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