8月12日午间，银河娱乐在港交所公告，2025年上半年，集团录得净收益为232亿港元，按年上升8%； 股东应占溢利为52亿港元，按年上升19%；经调整EBITDA为69亿港元，较去年增加14%。第二季度， 集团净收益为120亿港元，按年增加10%，按季增加8%；经调整EBITDA为36亿港元，按年升12%，按 季升8%。董事会宣布中期股息每股0.70港元，将于2025年10月派发。 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" with a target price of HKD 49.50 [1][9][12] Core Views - The report highlights the positive impact of the concert economy on the company's performance, with expectations for continued growth in the second half of 2025 [6][8][12] - The company is benefiting from a diverse non-gaming portfolio and is expected to attract high-end clientele with the opening of the Capella hotel in September [6][12] - The overall gaming revenue (GGR) is projected to increase, with adjustments made to the EBITDA forecasts for 2025-2027 [9][12] Summary by Sections Financial Data - The closing price as of August 12 was HKD 40.18, with a market capitalization of HKD 175,783 million [2] - The average daily trading volume over the past six months was HKD 462.68 million [2] Revenue and Profit Forecasts - Revenue projections for 2024, 2025E, 2026E, and 2027E are HKD 43,432 million, HKD 47,205 million, HKD 53,662 million, and HKD 57,896 million respectively, reflecting growth rates of 21.71%, 8.69%, 13.68%, and 7.89% [5] - Net profit attributable to the parent company is forecasted to be HKD 8,759 million, HKD 10,110 million, HKD 10,504 million, and HKD 11,628 million for the same years, with growth rates of 28.29%, 15.42%, 3.90%, and 10.70% [5] Gaming Performance - The company's gaming revenue for Q2 2025 was HKD 12 billion, showing a year-on-year increase of 16% and a quarter-on-quarter increase of 10% [6] - The breakdown of gaming revenue includes VIP at HKD 2.4 billion (up 73% YoY), mass market at HKD 8.8 billion (up 6% YoY), and slots at HKD 800 million (up 19% YoY) [6] Entertainment and Customer Traffic - The company hosted 190 entertainment and sports events in the first half of 2025, resulting in a 65% increase in customer traffic [7] - Upcoming concerts and events are expected to further boost visitor numbers and spending in the second half of 2025 [8][12] Valuation and Market Position - The report suggests that the company deserves a valuation premium due to its strong market position and diverse offerings compared to competitors [9][12] - The target price of HKD 49.50 corresponds to a 10.6x EV/EBITDA multiple for 2026E, reflecting an upward adjustment from the previous target of HKD 39.50 [9][12]

Core Viewpoint - Macquarie's report indicates that Galaxy Entertainment (00027) has shown a 10% year-on-year increase in net revenue for the second quarter, with an 8% quarter-on-quarter growth, while gaming revenue rose by 16% year-on-year and 10% quarter-on-quarter, slightly below the firm's forecast [1] Financial Performance - Adjusted EBITDA increased by 12% year-on-year and 8% quarter-on-quarter, exceeding the firm's forecast by 2% [1] - The firm has adjusted its adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 down by 0.1% and 0.5%, respectively, but raised the 2027 forecast by 0.6% [1] Target Price and Rating - The target price for Galaxy Entertainment has been raised by 4%, from HKD 53.6 to HKD 55.6, while maintaining an "outperform" rating [1] Dividend Announcement - Galaxy Entertainment declared an interim dividend of HKD 0.7, with a payout ratio of 58%, an increase from 50% in the same period last year, surpassing market expectations [1] - The firm believes that due to strong free cash flow and net cash accumulation, Galaxy Entertainment is financially capable of maintaining this payout ratio, with an expected payout ratio of 60% for the year, translating to a cash dividend yield of 3.5% [1]

Core Insights - Macquarie's report indicates that Galaxy Entertainment's Q2 net revenue increased by 10% year-on-year and 8% quarter-on-quarter, with gaming revenue rising by 16% year-on-year and 10% quarter-on-quarter, slightly below the firm's forecast by 1% [1] - Adjusted EBITDA grew by 12% year-on-year and 8% quarter-on-quarter, exceeding the firm's forecast by 2% [1] - The firm has adjusted its adjusted EBITDA forecasts for Galaxy Entertainment down by 0.1% and 0.5% for 2025 and 2026, respectively, while increasing the 2027 forecast by 0.6% [1] - The target price for the group has been raised by 4%, from HKD 53.6 to HKD 55.6, while maintaining an "outperform" rating [1] Dividend and Financial Health - Galaxy Entertainment declared an interim dividend of HKD 0.7, with a payout ratio of 58%, up from 50% in the same period last year, exceeding market expectations [1] - The firm believes that due to the group's strong free cash flow and net cash accumulation capabilities, it can maintain this payout ratio [1] - The expected payout ratio for the group this year is 60%, translating to a cash dividend yield of 3.5% [1]

Core Viewpoint - The report from Daiwa Capital Markets indicates that Galaxy Entertainment (00027) is expected to see a 7% quarter-on-quarter growth in normalized EBITDA for Q2 2025, with a slight increase in market share due to lower win rates [1] Group 1: Financial Performance - The company declared an interim dividend of HKD 0.7 per share, resulting in a payout ratio of 58%, with management expecting a sustainable payout ratio of around 60% [1] - Daiwa has raised its EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 4% respectively [1] - The target price for the stock has been increased by 5%, from HKD 43 to HKD 45, while maintaining a "buy" rating [1] Group 2: Market Position and Strategy - In Q2 2025, Galaxy Entertainment's mass market share is estimated to grow by 0.8 percentage points to 22%, which investors perceive as moderate growth [1] - The management acknowledges the current intense market competition but does not expect further deterioration this year [1] - The opening of the Capella Hotel is anticipated to enhance reinvestment efficiency, with positive impacts already observed during its trial operation period [1]

Core Viewpoint - Goldman Sachs has adjusted its EBITDA forecast for Galaxy Entertainment (00027) for 2025 to 2027 by 0% to 1%, raising the target price from HKD 49.6 to HKD 50.1, reaffirming it as an industry favorite and maintaining a "Buy" rating [1] Group 1: Financial Performance - The company reported a second-quarter adjusted EBITDA of HKD 3.6 billion, an 8% quarter-on-quarter increase, aligning with Goldman Sachs' expectations, primarily benefiting from an increase in VIP net win rate [1] - Excluding the impact of the VIP net win rate and increased contributions from the construction business, the gaming EBITDA rose 5% quarter-on-quarter to HKD 2.9 billion [1] - The EBITDA margin is expected to remain around 28.1%, with growth in gaming volume offset by an increase in average daily operating expenses [1] Group 2: Market Share and Dividends - The company's total gaming gross revenue (GGR) market share increased by 0.7 percentage points quarter-on-quarter to 20.5% [1] - The interim dividend increased by 40% year-on-year to HKD 0.7 per share, with a payout ratio of 58%, higher than last year's 50% and the historical average of 30%, as well as exceeding some peers' payout ratios of 40% to 50% [1] - Management expressed confidence in the outlook for Macau and the company's long-term prospects, indicating that future dividends could be sustainable, projecting an annual dividend of HKD 1.58 based on a 60% payout ratio, resulting in a dividend yield of 3.9% at the current price [1]

Core Viewpoint - The report from Daiwa Capital Markets indicates that Galaxy Entertainment (00027) is expected to see a 7% quarter-on-quarter growth in normalized EBITDA for Q2 2025, driven by a slight increase in market share despite lower win rates [1] Group 1: Financial Performance - The company declared an interim dividend of HKD 0.7 per share, resulting in a payout ratio of 58%, with management expecting a sustainable payout ratio of around 60% [1] - Daiwa has raised its EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 4% respectively [1] - The target price for the stock has been increased by 5%, from HKD 43 to HKD 45, while maintaining a "buy" rating [1] Group 2: Market Position and Strategy - In Q2 2025, Galaxy Entertainment's mass market share is estimated to grow by 0.8 percentage points to 22%, which investors perceive as moderate growth [1] - The management acknowledges the current intense market competition but does not expect further deterioration this year [1] - The opening of the Capella Hotel is anticipated to enhance reinvestment efficiency, with positive impacts already observed during its trial operation period [1]

该行早前预测银河娱乐将录得最强劲的季度EBITDA增长，受惠于嘉佩乐酒店开幕及多场巨星演唱会。 事实上，集团日前公布中期业绩，次季经调整EBITDA达36亿港元，按季升8%，符合该行预期，主要受 惠于VIP净赢率提升。若剔除该因素及建材业务贡献增加，博彩业务EBITDA按季升5%至29亿港元。该 行料EBITDA利润率维持约28.1%，博彩量增长部分被日均营运开支上升抵消。而集团次季博彩总收入 (GGR)市场份额则按季升0.7个百分点至20.5%。 另外，中期息同比增40%至每股0.7港元，派息比率达58%，高于去年全年的50%及过往的30%，亦高于 部分同行的40%至50%派息比率。该行认为此举再次反映管理层对澳门前景、集团长期展望及强劲自由 现金流的信心。管理层亦指引未来派息可持续，如以60%派息率推算，该行料全年股息可达1.58港元， 按现价计股息率达3.9%。 智通财经APP获悉，高盛发布研报称，据业绩表现，微调银河娱乐(00027)2025至27年EBITDA预测0%至 1%，目标价由49.6港元上调至50.1港元，重申其为行业首选，维持"买入"评级。 ...

Core Viewpoint - The China Securities Hong Kong 300 Leisure Index has shown significant growth, with a year-to-date increase of 16.34% and a recent monthly rise of 1.86% [2] Group 1: Index Performance - The China Securities Hong Kong 300 Leisure Index reported a value of 3001.95 points [1] - The index has increased by 8.25% over the past three months [2] - The index is based on a sample of companies from various sectors, including banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic stocks in the Hong Kong market [2] Group 2: Index Composition - The top ten weighted stocks in the index include Kuaishou-W (11.02%), Tencent Holdings (10.37%), NetEase-S (9.58%), Baidu Group-SW (9.45%), Trip.com Group-S (9.27%), Yum China (8.7%), Meituan-W (7.73%), Galaxy Entertainment (5.88%), Bilibili-W (3.44%), and Sands China Ltd. (3.3%) [2] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [2] - The sector breakdown of the index holdings shows that leisure services account for 41.47%, digital media for 38.68%, cultural entertainment for 11.92%, alcohol for 6.84%, and marketing and advertising for 1.09% [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3]

Core Viewpoint - The report from Daiwa Capital Markets indicates that Galaxy Entertainment's normalized EBITDA for Q2 increased by 7% quarter-on-quarter, with a slight growth in market share due to lower win rates [1] Group 1: Financial Performance - Galaxy Entertainment's Q2 normalized EBITDA grew by 7% compared to the previous quarter [1] - The company declared an interim dividend of HKD 0.7 per share, resulting in a payout ratio of 58% [1] - Management anticipates a sustainable payout ratio of approximately 60% [1] Group 2: Future Outlook - With the opening of the Capella Hotel, management expects further optimization of reinvestment efficiency amid intense market competition [1] - EBITDA forecasts for 2025 and 2026 have been raised by 5% and 4% respectively [1] - The target price has been increased from HKD 43 to HKD 45 based on a 12x target EV/EBITDA ratio, maintaining a "Buy" rating [1]