CICC: Maintain Outperform rating on Galaxy Entertainment (00027) with a target price of HK$44.80.

According to the news obtained from the Securities Times APP, Zhongjin released a research report stating that considering the increase in operating expenses of Galaxy Entertainment (00027), the company's adjusted EBITDA forecasts for 2025 and 2026 have been respectively lowered by 1% and 3% to HK$14.031 billion and HK$14.923 billion. The current stock price of the company corresponds to 9 times the 2026 EV/adjusted EBITDA (treating financial assets as cash). The bank maintains a "outperform industry" rating for the company with a target price of HK$44.80, which corresponds to 11 times the 2026 EV/adjusted EBITDA (treating financial assets as cash), indicating a 16% upside potential compared to the company's current stock price.