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HSBC ups Galaxy Entertainment (00027) to HK$83
HSBC Global Research lifted its target price for
Galaxy Entertainment (00027) to HK$83 from HK$70.5, and maintained its "buy" rating.
  The research house estimated 4Q 2017 mass exceeded its expectations and rebounded by 9%
q-o-q outpacing VIP for the first time in three quarters. Premium and grind mass drove the
recovery collectively.
  HSBC believes the accelerating VIP growth has finally begun to spill over into premium 
mass, translating into stronger volume and spent. Grind mass saw a strong uptick, too, 
driven in part by growing visitations.
  In short, HSBC said the acceleration in mass growth surprised on the upside, pointing to
the fact that a structural recovery is under way. HSBC lifted its FY2018/19 mass revenue 
growth estimates to 18%/16% from 14%/12% as it expects to see further upside to mass 
growth upon the completion of the Hong Kong-Macau-Zhuhai bridge in mid-2018

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