4Q23: Market Share Shrank Within Expectations; Expanding Share In 2024
Galaxy’s 4Q23 luck-adjusted EBITDA is in line with consensus estimates. Galaxy’s mass drop and mass GGR exceeded 20% vs 2019 levels during the CNY holidays. In our view, its market share decline could be reversed as it reconfigured its gaming areas at Galaxy Macau and aims to increase focus on the high-end premium mass customers. We expect to see higher operating leverage from 2Q24 onwards. Maintain BUY with unchanged target price of HK$56.00.
