On July 8, Galaxy Entertainment rose 3.02% in regular trading, trading at HK$31.38/share, with turnover of HK$380 million. The rally came amid broad strength across the Macau gaming sector.

On the news front, Goldman Sachs published a research note on July 6 following a meeting with Galaxy Entertainment management on July 2. The bank maintained its Buy rating with a target price of HK$53.2, implying significant upside from current levels. Management attributed the transient weakness in June Macau GGR — which fell 12% year-over-year to MOP 18.5 billion — to the World Cup diversion effect exceeding expectations, with the expanded 48-team tournament spanning 39 days. The company expects July GGR trends to improve as match frequency drops to 32 games versus 72 in June. Goldman Sachs estimates July GGR at MOP 20 billion to 21 billion, narrowing the year-over-year decline to 5%-11%. Galaxy Entertainment is also boosting its entertainment lineup with Eason Chan and Joey Yung concerts scheduled for late July. Separately, CLSA reiterated Galaxy Entertainment as its sector top pick with an Outperform rating and HK$41.4 target price.

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