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2026-07-03 15:50:05 Goldman Sachs met with the management of GALAXY ENT (00027.HK) yesterday (July 2). The company attributed the temporary weakness in Macau GGR in June (down 12% YoY, vs 7% growth in May) to a greater-than-expected gambling spending diversion on gaming spending caused by the World Cup. In addition, the comparison base in June to July 2025 was relatively high due to Jacky Cheung concerts held during that period. Looking ahead, the company expected the GGR trend in July to improve as there will be fewer World Cup matches this month. GALAXY ENT is also strengthening its event lineup, having invited Cantonese singers Eason Chan and Joey Yung to participate in "The Music of Chan Fai Young : King of Pop" from July 24 to 26. Assuming average daily GGR remains at about MOP600 million before the World Cup ends on July 19, and rebounds to about MOP700-800 million during the remainder of July, the broker estimated July GGR will range MOP20-21 billion, with the YoY decline narrowing to 5-11% (vs a 12% decline in June). The broker maintained its Buy rating on GALAXY ENT with a TP of HKD53.2. ~ AASTOCKS Financial News Website: www.aastocks.com | |