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Friday, April 29, 2011

Galaxy Entertainment Corporation Ltd:-Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

1)Scripscan:Galaxy Entertainment Corporation Ltd

Story:This is one company which has been a very early entrant in the organised leisure and entertainment business -- running restaurants, a bowling alley and gaming centres. Galaxy was already into these businesses when they were just about picking up momentum in 2004. Over the next few years, thanks to favourable demographics, economic expansion, changing lifestyle and an increasingly prosperous younger generation, lifestyle, leisure and entertainment sectors have boomed. An overwhelming majority of the companies in this segment is unlisted. Galaxy is one of the rare ones which is listed and must attract attention. The business consists of several properties; all, except one, are in Mumbai. The biggest is The Bowling Company, a bowling concourse and video-game arcade spread across 30,000 sq ft which claims to offer “multiple, novel and unique leisure and entertainment options in an international setting with quality services in a secure environment”. Galaxy also runs the Sports Bar, which features a giant screen as well as regular TV sets screening sports events, pool tables and memorabilia of famous sports personalities; the Brew Bar, a premium beer lounge; the Rain Bar + Eatery, famous for its cocktails and exotic menu; a restaurant business at Regal Theatre, Lush, a restaurant and Chamosa, a chain of snack foods. Galaxy has also launched its first venture outside Mumbai - F-123 Leisure & Entertainment Centre at Indore which houses four bowling lanes, a video-game arcade and a cafĂ©. However, despite a head start and ambitious growth plans, Galaxy has not been able to grow at all. Inspite of the strong bull market over the last few years the stock has been a big laggard owing to lack of management focus. The company was controlled by Purnendu Chatterjee and run by Satish Chunder a former banker from Citibank. Unfortunately, Chunder died suddenly and the company became rudderless.The company changed hands in early 2006; one of the largest and most experienced organised retailing chains, Pantaloon, bought 15.73% stake in it(now it holds around 31% stake).It amalgamated Pan India Restaurants with itself which has food courts in Pantaloon malls, especially in southern India. Galaxy’s financial performance has not been great.If Pantaloon starts taking interest, which it should, the company will record exponential growth and then stock can be a 10-15 bagger.

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