Core Viewpoint - Citi's report indicates that the profitability preview for Macau gaming stocks in Q4 last year shows that operational leverage in the industry should have significantly improved, excluding additional operational expenses related to the NBA China Games and the 15th National Games, as well as costs associated with the closure of satellite casinos by SJM Holdings (00880) [1] Group 1: Industry Performance - The industry’s EBITDA is expected to increase by 13% year-on-year to $2.246 billion, supported by a 15% year-on-year rise in gross gaming revenue [1] - The EBITDA margin for the industry is projected to rise by half a percentage point year-on-year to 27.5% [1] Group 2: Company-Specific Insights - Galaxy Entertainment (00027) and MGM China (02282) are likely to see the largest quarter-on-quarter improvement in market share among operators [1] - Sands China (01928) is also expected to see a quarter-on-quarter increase in market share, while SJM is anticipated to experience the largest market share loss due to the closure of satellite casinos [1] - Wynn Macau's market share is expected to remain stable quarter-on-quarter [1] Group 3: EBITDA Projections - Among the six gaming operators, Galaxy Entertainment is expected to show the most significant EBITDA improvement, with a year-on-year increase of 31% to HKD 4.239 billion, benefiting from concert events and favorable VIP win rates [1] - Sands China’s EBITDA is projected to grow by 8% year-on-year to $616 million, which is about 5% lower than market expectations, primarily due to additional operational expenses from the NBA China Games in October and the National Games in November last year [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry is experiencing significant growth, with a 15% increase in gaming revenue, and an expected EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - The report anticipates that the revenue shares of Galaxy Entertainment (00027), Sands China (01928), and MGM China (02282) will increase compared to the previous year [1] - Investors are expected to focus on EBITDA profit margins and dividends ahead of the earnings releases [1] Group 2 - The target price for Wynn Macau (01128) has been revised down from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5 [1] - Both Galaxy Entertainment and MGM China are highlighted as preferred stocks in the industry [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry experienced a 15% increase in gaming revenue, leading to an expected EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - The report anticipates that the market share of Galaxy Entertainment (00027), Sands China (01928), and MGM China (02282) will increase compared to the previous year [1] - Investors are expected to focus on EBITDA profit margins and dividends ahead of the earnings releases [1] Group 2 - The company has revised its earnings forecasts by incorporating actual gaming revenue data for the fourth quarter of 2025 and adjusting market share and profit margin predictions [1] - The target price for SJM Holdings (01128) has been lowered from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5, maintaining an outperform rating for both companies [1] - Galaxy Entertainment and MGM China remain the preferred stocks in the industry [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry is expected to see a year-on-year EBITDA growth of 14% in the fourth quarter of last year, with Galaxy Entertainment's EBITDA growing by 31% during the same period [1] - The growth in Galaxy Entertainment's EBITDA is attributed to multiple concerts being held at Galaxy Macau and improved performance in the VIP gaming segment [1] - Citi believes that Galaxy Entertainment's potential EBITDA growth is above the industry average, which is likely to drive the stock price up in the short term; the target price is set at HKD 54 with a "Buy" rating [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry experienced a 15% increase in gaming revenue, leading to an expected year-on-year EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - EBITDA margins and dividends are highlighted as key focus areas for investors ahead of earnings releases [1] - Galaxy Entertainment and MGM China are identified as the preferred stocks in the industry [1] Group 2 - The target price for Wynn Macau has been lowered from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5 [1] - Both companies continue to receive a "outperform" rating from the firm [1]

Core Viewpoint - Goldman Sachs reports an improvement in high-end luxury goods consumption in Hong Kong, Hainan, and other cities in China, which is expected to support the recovery of retail sales for Galaxy Entertainment (00027) with a projected adjusted EBITDA of HKD 3.6 billion for the last quarter, potentially exceeding this figure, maintaining a "Buy" rating with a target price of HKD 53.7 [1] Group 1 - Recent improvements in high-end luxury goods consumption in specific regions are noted, indicating a positive trend for the retail sector [1] - Galaxy Entertainment's management revealed an increase in market share during the fourth quarter, with an estimated quarterly rise of 1.4 percentage points to 21.8%, surpassing previous targets [1] - The increase in market share is believed to be partially driven by higher-than-normal VIP room win rates [1]

Core Viewpoint - Goldman Sachs reports an improvement in high-end luxury goods consumption in Hong Kong, Hainan, and other Chinese cities, which is expected to support Galaxy Entertainment's retail sales recovery and year-on-year growth [1] Group 1: Financial Performance - The adjusted EBITDA for Galaxy Entertainment is projected to reach HKD 3.6 billion for the last quarter, with actual performance potentially exceeding this estimate [1] - The target price for Galaxy Entertainment is set at HKD 53.7, maintaining a "Buy" rating [1] Group 2: Market Share and Management Insights - During a recent event, Galaxy Entertainment's management indicated that their market share increased in the fourth quarter, with an estimated quarterly rise of 1.4 percentage points to 21.8%, surpassing the previous target of approximately 21% by year-end [1] - The increase in market share is believed to be partially driven by higher-than-normal VIP room win rates [1]

Group 1 - The core viewpoint of the report indicates that Galaxy Entertainment's management revealed an increase in market share in the fourth quarter of last year, with Goldman Sachs estimating a quarterly rise of 1.4 percentage points to 21.8%, surpassing the previous target of approximately 21% by year-end [1] - The increase in market share is believed to be partially driven by higher-than-normal VIP room win rates, contributing to the overall performance of the company [1] - Recent improvements in high-end luxury goods consumption in Hong Kong, Hainan, and other cities are expected to support the recovery of Galaxy Entertainment's retail sales, which are projected to show year-on-year growth [1] Group 2 - The adjusted EBITDA for the last quarter is expected to reach HKD 3.6 billion, with actual performance potentially exceeding this estimate [1] - Goldman Sachs maintains a "Buy" rating for Galaxy Entertainment, with a target price set at HKD 53.7 [1]

Group 1 - The Hong Kong gaming stocks are experiencing a downturn, with notable declines in shares such as Melco International Development down nearly 4%, Sands China down 3%, and others like Wynn Macau and Amax Holdings down over 2% [1] - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue for December 2025 reached 20.89 billion MOP, representing a year-on-year increase of 14.8% [1] - Cumulative gross gaming revenue for the first 12 months of 2025 in Macau was 247.404 billion MOP, reflecting a year-on-year growth of 9.1% [1] Group 2 - Citigroup's research indicated that the December 2025 gaming revenue in Macau was 20.888 billion MOP, averaging approximately 674 million MOP per day, which is a 15% increase year-on-year and about 91% of the levels seen in December 2019 [1] - The reported figures were approximately 5% lower than Citigroup's forecast and about 3% below market expectations [1] - Some institutions noted that while the performance of the Macau gaming industry in Q4 2025 and for the entire year was strong, there has been a profound structural change, leading to a cautious outlook for growth in 2026 [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 銀河娛樂集團有限公司 | | | 呈交日期: | 2026年1月7日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 銀河娛樂集團有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00027 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,379,240,712 ...