Underlying fundamentals remain appealing
• 2Q22 below as COVID-19 resurgence in Greater China hit visitations, revenue and cashflow
• 3Q22 so far has been affected by casino closures and Macau lockdown in Jul 2022. Management anticipates a gradual yet choppy rebound for 2H22
• Cotai Phase 3 likely to launch by 2023. Galaxy also stays optimistic in its gaming license re-tender and Macau’s medium-term outlook • Maintain BUY with new TP of HK$52.10
