Macau (MNA) – ‘Galaxy continues to improve its Mass operations at Galaxy Macau and Star World while maintaining a leadership position in VIP,’ said analysts of brokerage and research firm Bernstein in a report today.
The brokerage claimed Galaxy Q3 results also released today performed accordingly to the expectations.
Bernstein also stated that ‘over the medium term, the key value driver is operating leverage improvement and improving business mix which will enhance margins. Should VIP growth be stronger and more sustained than expected, it would disproportionately benefit the company as it retains a strong junket network and VIP product offering.’
The analysis also indicated the current stock price reflects ‘fair value’. However, they warned that Galaxy Macau Phases 3 and 4 could impact over the long run, claiming though it is too early to take this factor into consideration in regard to the stock exchange.
[Edited by Sheyla Zandonai]