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Goldman ups Galaxy Ent (00027) to HK$88

  Goldman Sachs lifted its target price for Galaxy 
Entertainment (00027) to HK$88 from HK$86, and reiterated its "buy" rating.
  The research house said Galaxy's 4Q 2017 results came in at the high end of consensus
expectations (EBITDA of HK$3.7-4.0bn), with EBITDA +13% qoq or +46% yoy to HK$4.1bn on a 
win-rate adjusted basis, driven by strong VIP rolling volume (+20% qoq or 48% yoy) and 
mass-market GGR (+10% qoq or +19% yoy), outperforming the industry.
  Coupled with effective cost control, it gained +1.1% EBITDA share to 24% in 4Q 2017. 
Goldman said the results reaffirmed its thesis that with its critical mass in VIP GGR, 
Galaxy Macau is set to benefit from the spillover effect to the premium mass segment 
(after Wynn Palace) - its mass-market table yield has outperformed and exceeded most 
adjacent properties in Cotai.

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