Rivals Nissan and Honda surprised markets with the announcement of a future collaboration on EVs and software. While it is still early days, the two companies seem keen to take advantage of scale and synergies in the highly competitive EV space. Given the industry’s rapid transition towards new mobility, analyst Julie Boote investigates whether a more comprehensive alliance or a merger could be possible and beneficial.
Galaxy reported in-line results. The company’s market share decline reversed qtd, and current run rate exceeded the average market share in the past three and six months. We stay cautiously optimistic on the company’s near-term margins due to gradual market share gains and stabilised operating expenses, while the significant efficiency benefits from implementing smart gaming tables should only be seen in early-25. Maintain BUY but cut target price by 9% to HK$51.00.
KEY HIGHLIGHTS Results Alibaba Group (9988 HK/BUY/HK$82.65/Target: HK$98.00) Alibaba delivered in-line 4QFY24 results. Revenue grew 7% yoy to Rmb221.9b, in line with street estimates. Non-GAAP net profit was Rmb24.4b, down 11% yoy and is 7% below street estimates, with net margin of 11%. In FY24, Alibaba has approved the two-part dividend of US1.66 per ADS, representing an aggregate of US$4b and 18% dividend payout ratio. We remain optimistic on the double-digit revenue growth target for the ...
GREATER CHINA Results Alibaba Group (9988 HK/BUY/HK$82.65/Target: HK$98.00): 4QFY24: Rewarding dividend payout; reigniting cloud revenue growth in 2H24. Galaxy Entertainment Group (27 HK/BUY/HK$36.80/Target: HK$51.00): 1Q24: Results within expectations; launch of smart gaming tables in Jul 24. Miniso (MNSO US/NOT RATED/US$24.15): 1Q24: 20-25% revenue guidance for 2Q24; raises TOP TOY store opening target for 2024. Tencent Holdings (700 HK/BUY/HK$381.80/Target: HK$454.00): 1Q24: Strong earnings b...
Galaxy Entertainment Group Selected Unaudited Q1 2024 Financial Data Q1 2024 GROUP ADJUSTED EBITDA OF $2.8 BILLION, UP 49% YEAR-ON-YEAR, UP 1% QUARTER-ON-QUARTER ANNOUNCED THE BRANDING OF CAPELLA AT GALAXY MACAU PAID A SPECIAL DIVIDEND OF $0.30 PER SHARE ON 26 APRIL 2024 HONG KONG, May 14, 2024 (GLOBE NEWSWIRE) -- Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three-month period ended 31 March 2024. (All amounts are expressed in Hong Kong dollars unless otherwise stated) Dr. Lui Che Woo, Chairman of GEG said: “Thank y...
银河娱乐集团2024年第一季度未经审核之财务数据 2024年第一季度经调整EBITDA为28亿元按年上升49%,按季上升1% 宣布新品牌澳门银河 嘉佩乐 已于2024年4月26日派发每股0.30元的特别股息 香港, May 14, 2024 (GLOBE NEWSWIRE) -- 银河娱乐集团 (「银娱」、「公司」或「集团」)(香港联合交易所股份代号:27)今天公布截至2024年3月31日止三个月期间未经审核之财务数据。(除另有注明以外,所有金额以港元列示) 银河娱乐集团主席吕志和博士表示: 「感谢各位让我有机会报告市场整体概况并银娱在2024年第一季度的财务表现。于2024年首季,我们在『澳門銀河TM』博彩区的布局进行了大规模调整,因而令一月和二月初的业务受到短期影响,有关工程在农历新年前竣工。随着工程的完成,我们见到顾客在整个博彩区的流动有了显著改善。 在我们旗下的娱乐场,我们正在引入电子娱乐桌,这将进一步提高整个博彩区的效率。此外,我们正在更新旗下的角子机并为澳门星际酒店进行一系列升级改造。 接下来是我们的财务表现,2024 年第一季集团净收益为 106 亿元,按年上升50%,按季上升2%,经调整EBITDA为28亿元,按年上升49%,按...
During the Labour Day holiday, tourism and catering continued to record strong performances, while DF per capita spending showed a downward trend. We reiterate our key theses for the consumer sector, highlighting companies with: a) overseas expansion or turnaround prospects, b) upside potential of improving operating efficiency, or c) near-term catalysts. We keep Anta, CR Beer, CTGDF, Haidilao, Haier, Midea and Shenzhou as our most preferred stocks, but remove Galaxy from the stock picks. Mainta...
GREATER CHINA Strategy Alpha Picks: May Conviction Call: Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Slight Outperformance In A Bear Market: Our picks are BSDE, TLKM, ACES, BBTN, CMRY, SIDO, JSMR and AKRA. MALAYSIA Strategy Alpha Picks: Well-Positioned For 1Q Results Season: Our April picks again beat the KLCI. May 24 picks: GENM, Inari, Mah Sing, MrDIY, MYEG, Press Meta...
Apr 24 GGR was in line with our estimate but 2% above consensus forecast. While we expect a GGR surge in the coming May Golden Week, we see margin pressures for companies under our coverage in the coming quarters, given higher marketing expenses and labour costs rising from the intensifying industry competition, and potential market share losses from the ongoing facility upgrades. Downgrade the sector to MARKET WEIGHT.
We see the strong travel booking momentum continuing into 2Q24, with: a) the Qingming festival recording resilient travel growth; and b) robust bookings for the coming Labour Day Holiday, amid travel consumption upgrade and unfolding demand for outbound travel. We expect the travel enthusiasm to continue despite the high base in 2023. We still prefer TCOM as it is well-positioned to seize travel demand emerging from international and outbound travel. Maintain MARKET WEIGHT.
SC’s adjusted EBITDA missed the street’s estimates, impacted by its ongoing renovations and a lower hold rate. Management expects the renovations to continue to disrupt operations throughout the year, especially during the summer holidays. We foresee pressure on SC’s EBITDA margin due to its ongoing facility upgrades, the industry’s persistently intensive promotional activities, and uncertainty in China’s economic recovery. Maintain BUY with a lower target price of HK$26.80. 1Q24 results belo...
A director at Wynn Macau Ltd sold 1,190,000 shares at 7.776HKD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
In this report, we have summarised what we read from consumer companies’ 2023 results, the 2024 outlook and recent updates. We think companies: a) with overseas expansion or turnaround prospects, b) that have upside potential of improving operating efficiency, c) that will benefit from near-term catalysts (eg event-driven), and d) have increasing dividend payout will outperform. Anta, CR Beer, CTGDF, Galaxy, Haidilao, Haier, Midea and Shenzhou are our most preferred stocks. Maintain OVERWEIGHT.
Given the stabilising revenue growth and abundant cash on hand, mega-cap internet companies have been focusing on offering generous shareholder returns. For 2024, we expect consumption behaviour to switch to service and experience, which will continue to benefit OTA players. We believe other China internet names will outperform with overseas expansion and SFV players will continue to gain market shares with potential for take rate increases. Maintain MARKET WEIGHT.
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. INDONESIA Strategy Alpha Picks: Outperformance In Mar 24 and 1Q24: Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. MALAYSIA Strategy Alpha Picks: Expanding The Variety Of Events Bets: Our Alpha Picks trounced the KLCI in Mar 24. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MY...
The sequential uptick in Mar 24’s GGR, which surpassed our and the street’s estimates, implies a sustained and resilient gaming demand after the CNY holiday. Notably, this marks another milestone as the industry’s GGR peaked at MOP19.5b after the reopening, marginally above Oct 23’s level. We are confident on the industry’s growth momentum. May 24 Golden Week is a potential catalyst for the sector. Maintain OVERWEIGHT. Top pick: Galaxy Entertainment (27 HK).
ASEAN has long been considered one of the global auto markets with the best growth prospects, but expectations have not been met. With China in trouble and ASEAN auto sales lacklustre, Japanese automakers need to review their positioning in Asia. Analyst Julie Boote provides a short-term outlook for the ASEAN auto market, and discusses Japanese assemblers’ options within this context.
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
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