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Morgan ups Galaxy Entertainment to HK$80

  Morgan Stanley lifted its target price for Galaxy 
Entertainment (00027) to HK$80 from HK$64, and reiterated its "overweight" rating.
  The research house said the price target upgrade reflects the strong 4Q 2017 result. It
said that Galaxy adds growth optionality in the medium term, including Phase 3 & 4 (more 
than 10m sq. ft of GFA), Hengqin, the Philippines Boracay casino with a total investment 
of US$500m, and a potential license in Japan (working together with Wynn Resorts after 
acquiring 5% stake in it.
  Morgan raised Galaxy revenue and EBITDA forecasts by 4%-9% in 2018/19 from the strong
4Q 2017 run-rate.

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