HONG KONG: Galaxy reported EBITDA of HK$2.30bn for 1Q15, in line with Barclays’ estimate of HK$2.27bn.
According to a research note from Barclays, EBITDA was down 40% y/y and down 14% q/q.
Barclays said it leaves its EBITDA unchanged as it make tweaks to our other estimates, and its SOTP-based price target stays at HK$44.60.
Barclays noted that it reiterates its Overweight rating on Galaxy because of its growth prospects for 2H15 and 2016, driven by the opening of Galaxy Macau Phase 2.
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