Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 56.08, which represents a 41.44% upside from the current price [1]. Core Insights - The company's Q4 2023 performance met expectations, with net revenue increasing by 254% year-on-year and 7% quarter-on-quarter to HKD 10.3 billion, recovering to 80% of the 2019 level [1]. - The VIP gaming table turnover rose by 408% year-on-year and 6% quarter-on-quarter, while mass gaming revenue increased by 398% year-on-year and 5.2% quarter-on-quarter [1]. - The adjusted EBITDA for the group increased by 1.4% quarter-on-quarter to HKD 2.8 billion, with an EBITDA margin of 27% [1]. - The company declared a special dividend of HKD 0.30 per share, resulting in an annual payout ratio of 32%, exceeding expectations [1]. - The company has a strong balance sheet with net cash of HKD 23.5 billion, the strongest in the industry [1]. Financial Performance Summary - Total net revenue for 2023 was HKD 35,683.6 million, a 211% increase from 2022 [3]. - EBITDA for 2023 was HKD 9,955 million, a significant recovery from a loss of HKD 553 million in 2022 [3]. - Net profit for 2023 was HKD 6,828 million, compared to a loss of HKD 3,433.5 million in 2022 [3]. - The company expects total net revenue to reach HKD 46,147 million in 2024, with a projected EBITDA of HKD 14,299.6 million [4]. Business Development and Future Projects - The company plans to launch a high-end hotel in the third phase of "Galaxy Macau™" by 2025, targeting high-end mass and VIP customers [1]. - The fourth phase of "Galaxy Macau™" is under construction and is expected to be completed by 2027, featuring multiple high-end hotel brands and various entertainment facilities [1]. - Capital expenditures for 2024 are estimated at HKD 61 billion, with HKD 51 billion allocated for the third and fourth phases of "Galaxy Macau™" [1]. - The company is expanding its overseas presence by establishing offices in Tokyo and Seoul, with plans for Bangkok [1].

证券研究报告·公司点评报告·博彩业 银河 娱乐（0027.HK） [ 2T 0ab 2le 3_Ma年in] 四季报点评：业绩略低于预期，加码新物 [Table_Au2th0o2r4] 年 02月 29日 业以提升长期竞争力 分析师 买入（维持） 欧阳诗睿 (852) 3982 3217 ouyangshirui@dwzq.com.hk 盈利预测与估值 2022A 2023E 2024E 2025E 营业总收入（百万港元） 11,473.7 36,314.2 43,695.7 47,810.4 股[T价ab走le_势Pi cQuote] 同比 -43.3 216.5 20.3 9.4 经调整物业EBITDA（百万港元） -553.0 10,497.2 13,832.3 15,818.1 同比 - - 31.8 14.4 每股收益-最新股本摊薄（港元/股） -0.79 1.68 2.61 3.21 EV/经调整物业EBITDA - 17.34 13.16 11.50 数据来源：公司公告，东吴证券（香港） 投资要点 ◼ 业绩略低于预期，看好后续经调整物业EBITDA利润率恢复至2019年 数据来源：Wind 水平 ...

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） （股份代號：27） 截至二零二三年十二月三十一日止年度 之全年業績公佈 銀河娛樂集團有限公司（「銀娛」或「本公司」）主席的信 我很高興就二零二三年第四季及全年財務業績提供最新概況。在銀娛，我們繼續推動各項 業務發展，特別將焦點放在中場並繼續妥善分配資源以達至最有效運用。儘管澳門和區內 的競爭持續，地緣政治和經濟問題影響著消費者的情緒，但我們的努力反映在全年經調整 EBITDA達到100億港元，對比二零二二年為(6)億港元。 截至二零二三年十二月三十一日，我們的資產負債表仍然穩健，現金和流動投資總額為250 億港元，淨現金為235億港元。我們於二零二三年十月二十七日派發了每股0.20港元的特別 股息，我們很高興宣佈另一次特別股息為每股0.30港元，將約於二零二四年四月 ...

Business Expansion and Development - Galaxy Entertainment Group reported a significant expansion with the opening of the third phase of Galaxy Macau, which includes the Galaxy International Convention Center and the Galaxy Theatre in 2023[19]. - The total area of Galaxy Macau is 1.4 million square meters, featuring six world-class hotels with approximately 4,050 rooms, suites, and villas[19]. - The upcoming "Andaz Macau" hotel is set to open in September 2023, featuring over 700 rooms and suites[23]. - The fourth phase of development will expand the area by 600,000 square meters, including six new high-end hotel brands and a 4,000-seat theater[24]. - The group expanded its non-gaming facilities, including the Galaxy International Convention Center and Galaxy Arena, which began trial operations in April 2023[35]. Financial Performance - The group's net revenue reached HKD 15.7 billion, a year-on-year increase of 141%[26]. - Adjusted EBITDA was HKD 4.4 billion, up 2,193% year-on-year[26]. - Shareholders' profit attributable was HKD 2.9 billion, compared to a loss of HKD 850 million in the first half of 2022[26]. - Non-gaming revenue for "Galaxy Macau™" was HKD 2.026 billion, a year-on-year increase of 104%[26]. - The group reported a total gaming revenue of HKD 13.724 billion in the first half of 2023, up from HKD 4.774 billion in the same period of 2022[29]. Market Strategy and Insights - Galaxy's business strategy focuses on local market insights and a demand-driven approach, leveraging its understanding of Asian and Chinese customer preferences[8]. - The company aims to position itself as a leading operator of integrated gaming, leisure, and entertainment facilities in Asia[8]. - The company continues to monitor market developments closely to expand its operations prudently and in a timely manner[8]. Corporate Social Responsibility - The group has a strong commitment to corporate social responsibility, reflecting its dedication to sustainable business practices[12]. - The company is actively involved in corporate social responsibility initiatives, promoting responsible gaming and community engagement[67]. - Galaxy Entertainment Group Foundation has been actively promoting cultural and artistic education, arranging for 800 local students and teachers to participate in workshops and exhibitions from September 2022 to February 2023[73]. - The company organized a series of community and charity activities in the first half of 2023, including a donation of MOP 300,000 to the Macao Charity Association, marking the 11th consecutive year of support for this initiative[75]. Employment and Workforce Development - The group plans to create 1,100 new local jobs as part of its 2023 recruitment plan, focusing on local employment[58]. - The group has successfully hired all necessary staff for its hotels by the end of Q2 2023, with all hotel rooms available for use[36]. - In the first half of 2023, Galaxy Entertainment Group conducted nearly 900 training courses, providing over 500,000 hours of classroom, online, and on-the-job training, with more than 17,500 team members participating[70]. Environmental Initiatives - The company replaced plastic items such as combs and toothbrushes in its hotels with bamboo products, contributing to environmental sustainability efforts[82]. - The company recycled approximately 425.05 tons of cardboard and paper, 25.65 tons of plastic, 35.60 tons of metal, 23.62 tons of glass bottles, 31.48 tons of waste oil, and 0.32 tons of ink cartridges in the first half of 2023[84]. - The company received the "Macao Green Hotel Award - Gold Award" for its hotel brands, including Banyan Tree Macau, JW Marriott Hotel Macau, and The Ritz-Carlton, Macau, recognizing its commitment to environmental protection[84]. Financial Management and Investments - The group's cash and liquid investments amounted to HKD 24.4 billion as of June 30, 2023[26]. - The group maintained a strong balance sheet with cash and liquid investments of HKD 24.375 billion and net cash of HKD 22 billion as of June 30, 2023[30]. - The investment in Wynn Resorts, valued at HKD 4.305 billion, represents 5.1% of the group's total assets as of June 30, 2023[60]. - The company reported a total of HKD 2,296,148 thousand in revenue from hotel, shopping center, and other operations in 2023, compared to HKD 1,078,501 thousand in 2022[108]. Shareholder Returns - A special dividend of HKD 0.20 per share is expected to be distributed on October 27, 2023[26]. - The group announced a special dividend of HKD 0.20 per share, to be distributed on October 27, 2023[35]. - The company declared a special dividend of HKD 0.20 per share, totaling approximately HKD 870 million, expected to be paid on October 27, 2023[140][141]. Gaming License and Regulatory Compliance - The company has been awarded a new gaming license valid from January 1, 2023, to December 31, 2032, ensuring its operational continuity in the Macau gaming market[18]. - The new gaming license contract signed with the Macau government is valid for ten years, from January 1, 2023, to December 31, 2032, with an annual fixed payment of MOP 30 million (approximately HKD 29.13 million)[97]. - The group confirmed an intangible asset and corresponding financial liabilities of MOP 2.79 billion (approximately HKD 2.71 billion) related to the rights to operate gaming in Macau as of January 1, 2023[98].

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） （股份代號：27） 截至二零二三年六月三十日止六個月 之中期業績公佈 銀河娛樂集團有限公司（「銀娛」或「本公司」）主席的信 我想藉今日機會，向大家報告銀娛的最新概況以及二零二三年第二季度及上半年財務業 績。澳門的業務於期內繼續復甦，集團首要集中於執行營運、招聘員工以及項目發展。我 們相信非博彩元素能為澳門未來吸引更長逗留時間和更闊的旅客客源，這正配合澳門政府 將澳門打造成世界旅遊休閒中心的願景，而我們投資興建世界級的非博彩設施，如銀河國 際會議中心和銀河綜藝館，正是支持此願景。銀娛是全澳所有博彩營運商中，在通關後第 一間宣佈恢復派息以回饋股東的博企，藉此顯示我們對澳門投下信心的一票。 於二零二三年第二季度，集團淨收益為87億港元，按年上升257%，按季上升23%。集 ...

願景 銀娛的願景是： 成為亞洲首屈一指的博彩及娛樂企業。 通過實踐我們的經營理念，我們將可以達成我們所訂下的 願景。 銀娛的經營理念 洞悉本地市場 深明中華文化，對亞洲及中國旅客喜好有透徹了解， 為銀娛一大競爭優勢 專業經驗 透過審慎的資本開支計劃、憑著在建築及酒店業的 專業經驗及嚴密監控的發展計劃， 致力為股東帶來投資回報 定位清晰 將銀娛定位為領先的綜合博彩及 休閒娛樂設施營運商 需求主導策略 密切注意市場發展並迅速作出謹慎的應變 目錄 02 公司資料 04 公司簡介 07 財務及營運摘要 12 主席報告 ...

銀 河 娛 樂 集 團 有 限 公 司 Galaxy Entertainment Group Limited Stock Code 股份代號 : 27 2022 INTERIM REPORT 中期報告 星除米酒店 StarWorld Hotel OUR VISION Galaxy's vision is to be: Globally recognized as Asia's leading gaming and entertainment corporation. This vision will be achieved through adhering to our proven business philosophy. GALAXY'S BUSINESS PHILOSOPHY LOCAL MARKET INSIGHTS Leveraging Chinese heritage and deep understanding of Asian and Chinese customer preferences PROVEN EXPERTISE Focus on ROI (return on investment ...

| --- | --- | --- | |-------------|--------------------------------------------------------------------------------|-------| | | | | | | | | | | | | | | 銀娱GEG | | | | 銀 河 娛 樂 集 團 有 限 公 司 Galaxy Entertainment Group Limited 股份代號 : 27 | | | | 20 | | | 澳 門 銀 河 | 星座 澳門 首 > 米肉た Star World Hotel | | 願景 銀娛的願景是： 成為亞洲首屈一指的博彩及娛樂企業。通過實踐我們 的經營理念，我們將可以達成我們所訂下的願景。 銀娛的經營理念 洞悉本地市場 深明中華文化，對亞洲及中國旅客喜好有透徹了解，為銀娛一大競爭優勢 專業經驗 透過審慎的資本開支計劃、憑著在建築及酒店業的專業經驗及嚴密監控的發展計劃， 致力為股東帶來投資回報 定位清晰 將銀娛定位為領先的綜合博彩及休閒娛樂設施營運商 需求主導策略 密切注意市場發展並迅速作出謹慎的應變 目錄 ...