GALAXY ENT(00027) 东吴证券国际·2024-11-10 08:58Investment Rating - The report maintains a "Buy" rating for Galaxy Entertainment [1] Core Views - The company's performance in Q3 2024 met expectations, with a net revenue of HKD 10.67 billion, recovering to 83.9% of Q3 2019 levels. The adjusted property EBITDA was HKD 3.1 billion, also recovering to 71.5% of the same period in 2019 [1][2] - The management is optimistic about the future market share growth, supported by strong performance during the Golden Week and the upcoming openings of new luxury properties [3] Financial Forecasts and Valuation - Total revenue projections for 2024, 2025, and 2026 are HKD 45.62 billion, HKD 50.31 billion, and HKD 53.49 billion, respectively, with year-on-year growth rates of 27.8%, 10.3%, and 6.3% [1][3] - Adjusted property EBITDA forecasts for the same years are HKD 12.75 billion, HKD 15.38 billion, and HKD 16.66 billion, with corresponding growth rates of 34.5%, 20.6%, and 8.3% [1][3] - The current stock price corresponds to EV/EBITDA multiples of 11.5, 9.5, and 8.8 for 2024, 2025, and 2026, respectively [3]