Guangfa Securities: Give Galaxy Entertainment (00027) a "buy" rating with a target price of HK$35.99 per share.

According to the China Securities Journal app, Guangfa Securities has released a research report stating that the prosperity of the Macau gaming industry is expected to continue, with Galaxy Entertainment (00027) showing significant investment effects in concerts, hotels, and other areas, and its market share is expected to continue to rise. The bank predicts that the company's adjusted EBITDA for 2026/2027 will be 15.175/16.034 billion Hong Kong dollars respectively. Based on the company's adjusted EBITDA for 2026, the company is valued against comparable companies, considering Galaxy Entertainment's active layout in both gaming and non-gaming businesses, its better asset-liability situation compared to other gaming companies in Macau, and the fourth phase of new properties still to be developed, which is expected to bring potential growth. The bank gives the company a 10.0x EV/EBITDA (adjusted EBITDA) valuation for 2026, corresponding to a fair value of 35.99 Hong Kong dollars per share, and a "buy" rating.