<div id="readability-page-1"><div><p>Morgan Stanley issued a research report updating its risk-reward assessment on GALAXY ENT (00027.HK)<span> </span><span> -0.260 (-0.785%)  </span> <span> Short selling $157.04M; Ratio 27.211%  </span> . The broker lowered its TP from HKD39 to HKD37, implying around 12% potential upside from the current share price. The investment rating is maintained at Equalweight.</p><p>The report noted that the TP cut was mainly due to a 4% reduction in its 2026 forecast for free cash flow to equity (FCFE), reflecting a 4% downward revision to its full-year EBITDA forecast. The adjustment incorporates actual results for 1Q26, while the lower full-year EBITDA forecast reflects reduced revenue assumptions and higher promotional expenses, among other factors.</p><p>Morgan Stanley currently forecasts property EBITDA for GALAXY ENT at HKD15.2 billion, HKD16.9 billion and HKD18.2 billion for 2026, 2027 and 2028, representing YoY changes of -3%, +11% and +8%, respectively. Its EBITDA forecasts for 2026 to 2028 are 5%, 2% and 4% below market consensus, respectively. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-20 16:25.)</p></div></div>

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<p>Morgan Stanley has lowered its target price for GALAXY ENTfrom HKD39 to HKD37, maintaining an Equalweight rating. This adjustment reflects a 4% reduction in the 2026 forecast for free cash flow to equity, influenced by lower revenue assumptions and increased promotional expenses. The broker forecasts property EBITDA for GALAXY ENT at HKD15.2 billion, HKD16.9 billion, and HKD18.2 billion for 2026, 2027, and 2028, respectively.</p>

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GALAXY ENT

Galaxy Entertainment Group

Morgan Stanley

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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M Stanley Cuts GALAXY ENT  TP to HKD37, Maintains Equalweight