Group 1 - Morgan Stanley reported that Galaxy Entertainment (00027) declared an interim dividend of HKD 0.7 per share, a 40% increase year-on-year, exceeding the bank's expectation of HKD 0.6 per share [1] - The dividend yield stands at 3.5%, which is less attractive compared to a payout ratio of 59%, up from the previous 50% [1] - Adjusted EBITDA for the second quarter was HKD 3.162 billion, a 1% decrease year-on-year but a 7% increase quarter-on-quarter, representing 79% of the EBITDA from the second quarter of 2019, falling short of both the bank's and market expectations [1] Group 2 - The reported EBITDA for Galaxy Entertainment was HKD 3.569 billion, reflecting an 8% quarter-on-quarter increase and a 12% year-on-year increase, which is 82% of the EBITDA from the second quarter of 2019, benefiting from a 4.4% increase in VIP room win rate [1] - Excluding the City Club, the mass gaming revenue increased by 7% quarter-on-quarter, reaching 130% of the second quarter of 2019, with market share increasing by 20 basis points to 19% [1] - Due to a business mix favoring VIP rooms and rising operating costs, the EBITDA margin was weak, with the reinvestment rate for mass gaming increasing by 150 basis points to 19.8% [1]

Core Viewpoint - UBS research report indicates that Galaxy Entertainment's adjusted EBITDA for the second quarter increased by 12% year-on-year, reaching HKD 3.6 billion [1] Financial Performance - Adjusted EBITDA, excluding the impact of VIP room win rates, grew approximately 7% quarter-on-quarter, amounting to HKD 3.2 billion [1] - Daily operating expenses for Galaxy Entertainment increased by 2% quarter-on-quarter [1] - Reinvestment rate rose by 120 basis points, indicating an increase in promotional activities related to concerts and hotel openings during the second quarter [1] Dividend Announcement - Galaxy Entertainment announced an interim dividend of HKD 0.7 per share, exceeding market expectations, with a payout ratio of approximately 58% [1] Analyst Rating - UBS maintains a "Buy" rating for the company, with a target price set at HKD 43.9 [1]

Group 1 - The core point of the article is the announcement of a change in company secretary at Galaxy Entertainment [1] - Ms. Sin Li Mei Wah will resign as the company secretary and authorized representative effective from August 13, 2025 [1] - Mr. Chuang Hui Sheng will be appointed as the new company secretary and authorized representative effective from August 13, 2025 [1]

Group 1 - The core point of the article is the announcement of a change in the company secretary position at Galaxy Entertainment Group [1] - Xian Li Mei Hua will resign as the company secretary and authorized representative effective from August 13, 2025 [1] - Zhuang Hui Sheng will be appointed as the new company secretary and authorized representative effective from August 13, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 （於香港註冊成立之有限公司） 於本公佈日期，銀娛之執行董事為呂耀東先生（主席）、徐應強先生、鄧呂慧瑜女士 及呂慧玲女士；銀娛之非執行董事為張惠彬博士；以及銀娛之獨立非執行董事為顏志 宏先生、葉樹林博士、黃龍德教授及萬卓祺先生。 冼女士已確認，彼與董事會並無意見分歧，亦無知悉有任何與彼退任有關的事宜須促請聯 交所及銀娛股東注意。 董事會並宣佈莊惠生先生（「莊先生」）將獲委任為銀娛之公司秘書及根據上市規則第3.05 條所規定之授權代表，由二零二五年八月十三日起生效。 莊先生為香港合資格律師及於公司及商業法律諮詢及對香港上市公司合規事宜以及公司秘 書實務方面擁有逾二十年的豐富經驗。 董事會謹藉此機會感謝冼女士於其任內對銀娛作出之服務及寶貴貢獻，並對莊先生之委任 表示歡迎。 承董事會命 銀河娛樂集團有限公司 主席 呂耀東 ...

Core Viewpoint - UBS reported that Galaxy Entertainment's adjusted EBITDA for Q2 increased by 12% year-on-year to HKD 3.6 billion, indicating strong operational performance despite rising reinvestment rates [1] Financial Performance - Adjusted EBITDA, excluding VIP room win rate factors, grew approximately 7% quarter-on-quarter to HKD 3.2 billion [1] - EBITDA margin (excluding construction business) decreased by 10 basis points quarter-on-quarter to 29.6% due to increased reinvestment rates [1] - Daily operating expenses increased by 2% quarter-on-quarter, reflecting higher promotional activities related to concerts and hotel openings [1] Dividend Announcement - Galaxy Entertainment declared an interim dividend of HKD 0.7 per share, exceeding market expectations [1] - The payout ratio reached approximately 58%, compared to the market expectation of 50%, which is viewed as a positive surprise [1] Investment Rating - UBS maintains a "Buy" rating for Galaxy Entertainment with a target price of HKD 43.9 [1]

Core Viewpoint - Morgan Stanley has upgraded its forecast for the Macau gaming industry for the third time in three months, indicating a positive outlook for the sector [1] Group 1: Company Ratings and Target Prices - Galaxy Entertainment's target price has been raised from HKD 42 to HKD 53, maintaining an "Overweight" rating [1] - MGM China’s target price increased from HKD 15 to HKD 23, also with an "Overweight" rating [1] - Sands China’s target price has been adjusted from HKD 18 to HKD 24.5, retaining an "Overweight" rating [1] - SJM Holdings' target price rose from HKD 2.2 to HKD 3, with a "Neutral" rating [1] - Melco International's target price increased from HKD 2.6 to HKD 4.5, but the rating is "Underweight" [1] Group 2: Industry Growth Projections - The total gaming revenue (GGR) is projected to grow by 13% in the second half of 2025, with a 4% increase in the first half [1] - Strong cash flow is expected to drive accelerated EBITDA growth, with forecasts of a 12% increase in Q3 and a 16% increase in Q4, surpassing market expectations [1] - Continuous positive revisions and normalization of price-to-earnings multiples suggest a potential average stock price increase of approximately 35% for the industry [1]

Core Viewpoint - Morgan Stanley has upgraded its forecast for the Macau gaming industry for the third time in three months, indicating a positive outlook for the sector [1] Company Summaries - Galaxy Entertainment's target price has been raised from HKD 42 to HKD 53, maintaining an "Overweight" rating [1] - MGM China’s target price increased from HKD 15 to HKD 23, also with an "Overweight" rating [1] - Sands China’s target price has been adjusted from HKD 18 to HKD 24.5, retaining an "Overweight" rating [1] - SJM Holdings' target price rose from HKD 2.2 to HKD 3, with a "Neutral" rating [1] - Melco International's target price increased from HKD 2.6 to HKD 4.5, but the rating is "Underweight" [1] Industry Insights - The total gaming revenue (GGR) is projected to grow by 13% in the second half of 2025, with a 4% increase in the first half [1] - Strong cash flow is expected to drive EBITDA growth, with forecasts of a 12% increase in Q3 and a 16% increase in Q4, surpassing market expectations [1] - Continuous positive revisions and normalization of price-to-earnings multiples suggest a potential average stock price increase of approximately 35% for the industry [1]

业绩受新酒店项目独家预览和银河综艺馆的演唱会带动，录得强劲表现和单日客流新高。公司财务状况 稳健，现金及流动投资达307亿港元。董事会宣布派发每股0.70港元的中期股息。 银河娱乐公布2025年上半年业绩，净收益为232亿港元，同比上升8%；经调整EBITDA为69亿港元，同 比上升14%。第二季度净收益120亿港元，同比及环比均增长。 ...

Core Viewpoint - Galaxy Entertainment Group reported a net revenue of HKD 23.2 billion for the first half of 2025, representing an 8% year-on-year increase [1] Financial Performance - Adjusted EBITDA for the first half of 2025 was HKD 6.9 billion, an increase of 14% compared to the previous year [1] - In the second quarter, net revenue reached HKD 12 billion, marking a 10% year-on-year increase and an 8% quarter-on-quarter increase [1] - Adjusted EBITDA for the second quarter was HKD 3.6 billion, up 12% year-on-year and 8% quarter-on-quarter [1] Operational Highlights - The new luxury hotel project, Galaxy Macau Capella, provided exclusive previews in May, contributing to strong performance during the Golden Week [1] - The Galaxy Arena hosted performances by popular artists G-Dragon and Jacky Cheung in June, leading to a record daily footfall of over 123,000 visitors at Galaxy Macau [1] Financial Stability - As of June 30, 2025, the company maintained a robust balance sheet with cash and liquid investments totaling HKD 30.7 billion and very low debt levels [1] - The strong financial position enables the company to fund its development plans, explore overseas expansion opportunities, and distribute dividends to shareholders [1] - The board announced an interim dividend of HKD 0.70 per share, which will be distributed in October 2025, following the previously declared final dividend of HKD 0.50 per share paid in June [1]