Goldman Sachs: lowers Galaxy Entertainment target price to HK$47.6, reiterates "buy" rating.

According to the Zhito Finance APP, Goldman Sachs released a research report stating that Galaxy Entertainment (00027.HK) recorded an adjusted EBITDA of 3.3 billion yuan in the first quarter of this year, slightly higher than expected, benefiting from the VIP room net win rate increasing from 3% in the fourth quarter of last year to 4.3% in the first quarter of this year. As for the May Day Golden Week, the group stated that its total gaming revenue growth outperformed peers by 12%, based on steady high-end gaming volume and high net win rate in the VIP room. The bank expects the group's total gaming revenue market share to be higher than 20% during the Golden Week, compared to about 20% during the same period last year. Based on the first quarter performance, the bank adjusted the group's EBITDA forecast for 2025-2027 by lowering it by 3% to increasing it by 1%, with the target price lowered from 48.1 Hong Kong dollars to 47.6 Hong Kong dollars; reiterating a "buy" rating.