Galaxy Will Maintain Its Leadership With Phase 3&4 and Benefit From Infrastructure Improvement
Narrow-moat Galaxy is fairly valued with an unchanged fair value estimate of HKD 58 per share. In the fourth quarter, Galaxy’s overall VIP revenue was down 4% year over year (up 3% for the market) up 5% sequentially (5% for the market), while mass revenue increased 10% year over year (17% for the market) and 11% sequentially (9% for the market). Management saw some weakness in the premium segment, potentially attributed by weak macro and new smoking rules. This is consistent with our earlier pre...Galaxy Entertainment is an investment holding company, engaged in operation in casino games of chance or games of other forms, as well as the provision of hospitality and related services in Macau. In addition, Co. manufactures, sells and distributes construction materials through its Construction Materials Division across Mainland China, Hong Kong and Macau. Co.'s segments include gaming and entertainment, and construction materials.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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