大华继显发布研报称，银河娱乐(00027)2025年第二季正常化EBITDA按季增长7%，较低的赢率导致大 众市场份额略有增长。然而，季度至今赢率已正常化。随着嘉佩乐酒店开业，管理层预期在激烈市场竞 争中再投资效率将进一步优化。公司宣派中期股息每股0.7港元，意味着派息率为58%，管理层预期约 60%的支付比率可持续。该行将银娱2025/2026年EBITDA预测分别上调5%/4%;并基于12倍目标 EV/EBITDA比率，将目标价上调5%，从43港元升至45港元，维持对该股"买入"评级。 大华继显认为，2025年第二季，估计银娱的大众市场份额按季增长0.8个百分点至22%，投资者认为增 长幅度温和。此外，银行管理层承认当前市场竞争激烈，但预期今年不会进一步恶化。展望未来，管理 层旨在继续优化再投资，嘉佩乐酒店在试营运期间已展现正面影响，预期将进一步提升。 ...

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。 ...

据了解，中证香港300行业主题指数系列从中证香港300指数样本中选取银行、运输、资源、基建、物流 和休闲等行业主题上市公司证券作为指数样本，以反映香港市场不同主题上市公司证券的整体表现。该 指数以2004年12月31日为基日，以1000.0点为基点。 作者：行情君 从指数持仓来看，中证香港300休闲指数十大权重分别为：快手-W（11.02%）、腾讯控股（10.37%）、 网易-S（9.58%）、百度集团-SW（9.45%）、携程集团-S（9.27%）、百胜中国（8.7%）、美团-W （7.73%）、银河娱乐（5.88%）、哔哩哔哩-W（3.44%）、金沙中国有限公司（3.3%）。 金融界8月13日消息，上证指数高开高走，中证香港300休闲指数 (H300休闲，H30329)报3001.95点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情 ...

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]

高盛发表研究报告指，银河娱乐日前公布中期业绩，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。另外，中期息按年增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。 该行认为派息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%。据业绩表 现，该行微调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 Insights - The report from CICC highlights that Galaxy Entertainment's net revenue for Q2 reached HKD 12.044 billion, representing a year-on-year growth of 10% [1] - Adjusted EBITDA was HKD 3.569 billion, up 12% year-on-year, recovering to 82% of the Q2 2019 level, aligning closely with market expectations of HKD 3.54 billion [1] - The company's performance exceeded expectations primarily due to the opening of the Capella Hotel, which boosted market share, increased visitor numbers driven by entertainment activities, and stable daily operating costs due to effective cost control [1] - The interim dividend is set at HKD 0.7 per share, corresponding to a payout ratio of approximately 60% [1] - CICC has raised Galaxy Entertainment's adjusted EBITDA forecasts for the next two years by 5% and 3%, to HKD 14.524 billion and HKD 15.33 billion respectively [1] - The target price has been increased by 6% to HKD 44.8, while maintaining an "outperform" rating [1]

智通财经APP获悉，中金发布研报称，鉴于嘉佩乐表现优于预期，将银河娱乐(00027) 2025和2026年经 调整EBITDA预测上调5%和3%至145.24亿港元和153.30亿港元。当前股价对应10倍2025年EV/经调整 EBITDA(将金融资产视同现金)。该行维持跑赢行业评级，并基于盈利预测上调目标价6%至44.80港元， 对应11倍2025年EV/经调整EBITDA(将金融资产视同现金)，目标价较当前股价具备11%上行空间。 银河将继续致力于在中国澳门举办各种大型演唱会及娱乐活动，鉴于其看到了综合度假村作为整体的可 持续性以及回报率的提升。管理层预计2025年资本开支为70亿港元，1H25资本开支为30亿港元，管理 层预计，尽管嘉佩乐酒店开业，但公司日均运营成本将维持在1Q25相同水平; 星际酒店将继续向中场为 主物业转型，重点运营电子博彩机，此前的250张博彩桌中的100张已搬至澳门银河物业。 管理层预计，由于大多数卫星娱乐场将于2025年底关闭，星际酒店有望受益于卫星娱乐场的留存需求; 管理层仍有兴趣在泰国曼谷投资综合度假村，并将等待可能出现的外部环境变化。 2Q25业绩符合市场一致预期 银河娱 ...

风险提示：复苏进度不及预期;新物业放量慢于预期;竞争加剧或导致市场份额流失。 中金发布研报称，鉴于嘉佩乐表现优于预期，将银河娱乐(00027)2025和2026年经调整EBITDA预测上调 5%和3%至145.24亿港元和153.30亿港元。当前股价对应10倍2025年EV/经调整EBITDA(将金融资产视同 现金)。该行维持跑赢行业评级，并基于盈利预测上调目标价6%至44.80港元，对应11倍2025年EV/经调 整EBITDA(将金融资产视同现金)，目标价较当前股价具备11%上行空间。 中金主要观点如下： 2Q25业绩符合市场一致预期 银河娱乐公布2Q25业绩：净收入为120.44亿港元，同比增长10%，环比增长8%，恢复至2Q19水平的 91%。经调整EBITDA为35.69亿港元，同比增长12%，环比增长8%，恢复至2Q19水平的82%，与机构一 致预期的35.40亿港元基本一致。该行认为公司业绩超预期主要得益于：1)嘉佩乐酒店开业放量，带动 市场份额提升;2)娱乐活动驱动物业到访人数;3)得益于成本控制，公司日均运营成本稳定。 管理层业绩电话会议要点如下： 银河公布中期股息为0.70港元/股，对应约 ...

Major Events - Kangji Medical (09997) received a privatization offer at a premium of approximately 9.9% [1] - China Resources Pharmaceutical (03320) plans to participate in the establishment of a fund [1] - Ganfeng Lithium (01772) intends to jointly integrate a joint venture with LAR to develop the Pozuelos-Pastos Grandes salt lake basin in Argentina [1] - China Antibody-B (03681) signed a comprehensive strategic cooperation agreement with the Hong Kong Advanced Institute of Research at Sun Yat-sen University [1] - Mingyuan Cloud (00909) plans to acquire 100% equity of ASIOT Corporation for 700 million yen [1] - Weilu Group (01196) experienced unusual stock price and trading volume changes and is in preliminary discussions with an independent third party regarding a potential acquisition of mobile game rights [1] Operating Performance - China Unicom (00762) reported revenue exceeding 200 billion yuan in the first half of the year, with a profit attributable to equity holders of 14.484 billion yuan, a year-on-year increase of 5.01% [1] - China Unicom (00762) had approximately 1.208 billion cumulative "Ubiquitous Intelligent Connection" users in the second quarter [1] - Tencent Music (01698) achieved double growth in revenue and profit in the first half of the year, with a profit attributable to equity holders of 6.7 billion yuan, a year-on-year increase of 115.85% [1] - Galaxy Entertainment (00027) reported a mid-term profit attributable to shareholders of 5.24 billion HKD, a year-on-year increase of 19.44% [1] - WH Group (00288) reported a mid-term profit attributable to shareholders of 788 million USD, a year-on-year increase of 0.51%, with an interim dividend of 0.2 HKD per share [1] - Minmetals Resources (01208) reported a mid-term profit attributable to equity holders of 340 million USD, a year-on-year increase of 1511% [1] - China Literature Group (00772) reported a mid-term profit attributable to shareholders of 850 million yuan, a year-on-year increase of 68.5% [1] - Hong Kong Electric (02638) reported a mid-term profit attributable to unit holders of 1.001 billion HKD, a year-on-year increase of 5.7% [1] - 361 Degrees (01361) reported a mid-term profit attributable to equity holders of 858 million yuan, a year-on-year increase of 8.6% [1] - Eagle Precision (01286) reported a mid-term profit attributable to equity holders of 346 million HKD, a year-on-year increase of 13.7% [1] - China Everbright Water (01857) reported a mid-term profit attributable to equity holders of 564 million HKD, a year-on-year decrease of 2.99% [1] - FIT HON TENG (06088) reported a mid-term profit attributable to shareholders of 31.511 million USD, a year-on-year decrease of 3.11% [1] - China Lilang (01234) reported a mid-term profit attributable to equity holders of 243 million yuan, a year-on-year decrease of 13.4% [1] - Fudan Zhangjiang (01349) reported a mid-term profit attributable to shareholders of 5.715 million yuan, a year-on-year decrease of 91.89% [1] - Wharf Holdings (00004) reported a mid-term profit attributable to shareholders of 535 million HKD, returning to profitability [1] - China Resources Land (01109) reported a cumulative contract sales amount of approximately 123.6 billion yuan for the first seven months, a year-on-year decrease of 11.8% [1]

Q2 & Interim Results 2025 12 August, 2025 Mr. Francis Lui Yiu Tung, Chairman of GEG said: "Today I am pleased to report solid performance for the Macau market and GEG in Q2 and the first half of 2025. Despite global tariff disruptions, continued economic slowdown and regional competition, Macau remained resilient in Q2 2025 with Gross Gaming Revenue ('GGR') growing 8% year- on-year and 6% quarter-on-quarter to $59.3 billion. GEG delivered solid results and growth in market share under competitive market con ...