Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Equity Bottom-Up

<p>Based on our research and checks, we estimate that the average daily revenue (ADR) in Macau was ~738 mn MOP during the period of Aug 1-13, up 25% year-over-year. The growth trajectory is similar to that of last week. We estimate that VIP and mass segment grew ~35% and 6% year-over-year in August respectively.  VIP rolling at Sun City remains extremely robust at 44% yoy MTD, excluding luck factor.   We estimate that for the entire month of Aug, overall GGR should be up ~21% yoy.  Last August was…</p>

Based on our research and checks, we estimate that the average daily revenue (ADR) in Macau was ~738 mn MOP during the period of Aug 1-13, up 25% year-over-year. The growth trajectory is similar to that of last week. We estimate that VIP and mass segment grew ~35% and 6% year-over-year in August respectively.  VIP rolling at Sun City remains extremely robust at 44% yoy MTD, excluding luck factor.   We estimate that for the entire month of Aug, overall GGR should be up ~21% yoy.  Last August was…

Macau Gaming August Update: MTD ADR Up 25+% YoY Driven by Robust VIP Demand

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Galaxy Entertainment Group / Equity Bottom-Up

<ul>
<li>The company's performance clearly shows its mass segment focus is paying off.</li>
<li>Underlevered is MICE target on its Phase 3 and 4 expansions will reward shareholders. Beijing will like its appeal to family tourism.</li>
<li>The SBM deal could bring the Monte Carlo brand to Japan or other new markets.</li>
</ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/031/554/original/Galaxy-Entertainment-Group-Mr.-Francis-Lui-Vice-Chairman.jpg?1502713984" class="editor-image img-responsive" data-smartkarma-image-id="31554"></figure><div class="content-caption">Mr. Francis Lui, Vice Chairman, CEO, Galaxy</div><p>For all its dominance as the global giant of casino gaming, Macau is a market controlled by 6 concessionaires. And within that charmed circle, only a handful of…</p>


The company's performance clearly shows its mass segment focus is paying off.
Underlevered is MICE target on its Phase 3 and 4 expansions will reward shareholders. Beijing will like its appeal to family tourism.
The SBM deal could bring the Monte Carlo brand to Japan or other new markets.
Mr. Francis Lui, Vice Chairman, CEO, GalaxyFor all its dominance as the global giant of casino gaming, Macau is a market controlled by 6 concessionaires. And within that charmed circle, only a handful of…

Galaxy's Mass Focus Worthy of Stronger Valuations Even if Macau Recovery Slows Against 2016 Comps

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

Galaxy Entertainment Group / Technical Analysis

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/027/364/original/Galaxy%20Ent%2027%20HK.JPG?1496727477" class="editor-image img-responsive" data-smartkarma-image-id="27364"></figure><p>Should you have any questions and wish to speak with one of our analysts, please don’t hesitate to contact us.<br>Equity Asia: + (65) 6735 3040 or asia@bbsp.sg<br>Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorised use, dissemination, distribution or copying of this document, in whole or in part, is strictly prohibited. This document is provided solely for information purposes. Under no circumstances is the…</p>

Should you have any questions and wish to speak with one of our analysts, please don’t hesitate to contact us. Equity Asia: + (65) 6735 3040 or asia@bbsp.sg Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorised use, dissemination, distribution or copying of this document, in whole or in part, is strictly prohibited. This document is provided solely for information purposes. Under no circumstances is the…

Protect Position with Trailing Pivot at 41.75

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/026/567/original/BBSP%2027%20HK%20Galaxy%20Entertain.JPG?1495525597" class="editor-image img-responsive" data-smartkarma-image-id="26567"></figure><h2>
<br>Bullish above 39.00</h2><table class="table table-striped"><tbody><tr><td>
<div id="dtd_titreCas1_pre"><strong>Preferred case:<br><br></strong></div>
<div id="dtd_titreCas1_suf"><strong>Bullish</strong></div>
<ul><li>
<strong>39.00</strong> support, rise expected to <strong>51.00</strong>, max <strong>59.50</strong>.</li></ul>
</td></tr></tbody></table><div id="dtd_kelTitre">Key elements:</div><ul>
<li>Back to channel support at 39.00</li>
<li>Back to <strong>100day MA</strong> where the stock reacted off in the past</li>
<li>Back to support on RSI where the stock reacted off in the past.</li>
</ul><div class="content-remarks"><p>Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorized use, dissemination, distribution or copying of this document, in whole or in part, is strictly…</p></div>


 Bullish above 39.00
Preferred case:  
Bullish

39.00 support, rise expected to 51.00, max 59.50.
Key elements:
Back to channel support at 39.00
Back to 100day MA where the stock reacted off in the past
Back to support on RSI where the stock reacted off in the past.
Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorized use, dissemination, distribution or copying of this document, in whole or in part, is strictly…

Galaxy Entertainment 27 HK Bullish Above 39.00

<ul><li>Las Vegas Sands announced last week it was selling its Bethlehem, PA casino hotel for $1.3 billion to the MGM REIT, MGM Growth Properties.</li><li>With other possible asset sales on the block, LVS could build a cash hoard to finance integrated resort expansion in Japan, Vietnam, and Korea.</li><li>Stock at US$55 is undervalued against these prospects not that far away. </li></ul>

Las Vegas Sands announced last week it was selling its Bethlehem, PA casino hotel for $1.3 billion to the MGM REIT, MGM Growth Properties.With other possible asset sales on the block, LVS could build a cash hoard to finance integrated resort expansion in Japan, Vietnam, and Korea.Stock at US$55 is undervalued against these prospects not that far away. 

Las Vegas Sands Takes Giant Steps in Amassing a Possible $12 Billion War Chest for Asian Expansion

Hong Kong

Galaxy Entertainment Group is a leading hospitality and gaming company that develops and operates integrated resorts, hotels, and casinos in Macau. Its key properties include Galaxy Macau, Broadway Macau, and StarWorld Macau, offering casino games, entertainment, and related hospitality services. The company is headquartered in Hong Kong and was established in 2002.

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Galaxy Entertainment Group (27 HK)

Macau Gaming August Update: MTD ADR Up 25+% YoY Driven by Robust VIP Demand

Based on our research and checks, we estimate that the average daily revenue (ADR) in Macau was ~738 mn MOP during the period of Aug 1-13, up 25%...

JL Warren Capital

Galaxy's Mass Focus Worthy of Stronger Valuations Even if Macau Recovery Slows Against 2016 Comps

The company's performance clearly shows its mass segment focus is paying off. Underlevered is MICE target on its Phase 3 and 4 expansions will...

Howard J Klein

Protect Position with Trailing Pivot at 41.75

Should you have any questions and wish to speak with one of our analysts, please don’t hesitate to contact us.Equity Asia: + (65) 6735 3040 or...

BBSP Asia

Galaxy Entertainment 27 HK Bullish Above 39.00

Bullish above 39.00Key elements: Back to channel support at 39.00 Back to 100day MA where the stock reacted off in the past Back to support on RSI...

BBSP Asia

Las Vegas Sands Takes Giant Steps in Amassing a Possible $12 Billion War Chest for Asian Expansion

Las Vegas Sands announced last week it was selling its Bethlehem, PA casino hotel for $1.3 billion to the MGM REIT, MGM Growth Properties. With...

Howard J Klein

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