Core Insights - The company reported a net revenue increase of 14.0% year-on-year and 1.0% quarter-on-quarter, reaching HKD 12.16 billion, recovering to 95.7% of the same period in 2019 [1] - VIP gaming table turnover increased by 46.28% year-on-year and 16.6% quarter-on-quarter, recovering to 39.7% of the same period in 2019 [1] - Adjusted EBITDA grew by 13.6% year-on-year but decreased by 6.4% quarter-on-quarter to HKD 3.34 billion, recovering to 81.3% of the same period in 2019 [1] Financial Performance - The net revenue for "Galaxy Macau" and StarWorld Hotel increased by 20% and decreased by 6% year-on-year, respectively, with quarter-on-quarter growth of 1% and 8%, reaching HKD 10.1 billion and HKD 1.3 billion [2] - Adjusted EBITDA for "Galaxy Macau" and StarWorld Hotel was HKD 3.07 billion and HKD 370 million, showing year-on-year growth of 20% and a decrease of 7%, respectively [2] - The EBITDA margin for "Galaxy Macau" and StarWorld Hotel was 30.4% and 29.2%, respectively [2] Development Projects - The majority of facilities for the new hotel brand, Capella Hotels and Resorts, have opened, with positive customer feedback; remaining facilities, including a specialty restaurant, are expected to open early next year [2] - The fourth phase of "Galaxy Macau" construction is ongoing, expected to be completed by 2027, covering approximately 600,000 square meters and introducing several high-end hotel brands [2] - Capital expenditure for the year is expected to be significantly lower than the previously budgeted HKD 7 billion, with HKD 630 million spent during the period [2] Market Trends - The company recorded good performance in October and post-Golden Week, with retail performance showing quarter-on-quarter improvement [3] - Approximately 260 entertainment, sports, arts, culture, and exhibition events were held from January to September 2025, leading to a 41% year-on-year increase in foot traffic to "Galaxy Macau" [3] - The market share remained stable at around 19.6%, with short-term expectations to maintain above 20% [3] Investment Outlook - The company maintains a buy rating with a target price of HKD 50.06, equivalent to 13 times the 2026 EV/EBITDA [3] - Confidence in the company's long-term development is supported by strong product offerings, a solid balance sheet, and upcoming projects [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 50.06, representing a potential upside of 30.36% from the current stock price of HKD 38.40 [3]. Core Insights - The company's Q3 2025 performance met expectations, with net revenue increasing by 14.0% year-on-year and 1.0% quarter-on-quarter, reaching HKD 12.16 billion, recovering to 95.7% of the same period in 2019 [3]. - The VIP gaming table turnover increased by 46.28% year-on-year and 16.6% quarter-on-quarter, while mass gaming revenue grew by 12.8% year-on-year and 7.4% quarter-on-quarter [3]. - The adjusted EBITDA for the group grew by 13.6% year-on-year but decreased by 6.4% quarter-on-quarter to HKD 3.34 billion, recovering to 81.3% of the same period in 2019 [3]. - The company holds a strong balance sheet with net cash of HKD 34.8 billion, the strongest in the industry [3]. Financial Summary - Total net revenue is projected to grow from HKD 35,683.6 million in 2023 to HKD 55,764.5 million by 2027, reflecting a compound annual growth rate (CAGR) of 8.5% [2][4]. - EBITDA is expected to increase from HKD 9,955.0 million in 2023 to HKD 16,439.8 million in 2027, with an EBITDA margin improving from 27.9% to 29.5% over the same period [2][4]. - Net profit is forecasted to rise from HKD 6,828.0 million in 2023 to HKD 12,317.4 million in 2027, indicating a CAGR of 9.6% [2][4]. - The company plans to maintain a dividend payout, with dividends per share expected to increase from HKD 0.5 in 2023 to HKD 1.6 in 2027, resulting in a dividend yield of 4.3% by 2027 [2][4]. Operational Highlights - The performance of "Galaxy Macau™" and the StarWorld Hotel showed a net revenue increase of 20% and a decrease of 6% year-on-year, respectively, with hotel occupancy rates at 98% and 99% [3]. - The company is progressing with the construction of the fourth phase of "Galaxy Macau™," expected to be completed in 2027, which will introduce several high-end hotel brands and a theater with 5,000 seats [3]. - The company hosted approximately 260 entertainment, sports, arts, and cultural events from January to September 2025, leading to a 41% year-on-year increase in visitor traffic to "Galaxy Macau™" [3].

澳门银河及星际酒店业绩概况 第一上海发布研报称，维持银河娱乐(00027)"买入"评级，目标价50.06港元，集团拥有良好的产品和服 务，资产负债状况在行业里最稳健，未来银河还有路凼第四期项目、横琴项目及潜在海外项目的推出， 随着更多产品的推出和优化(尤其是嘉佩乐酒店及度假村的投入)，该行相信集团的市场份额将能继续提 升。 期内澳门银河和星际酒店的净收益分别同比增长20%及减少6%，环比增长1%和增长8%到101亿和13亿 港元(分别恢复到2019年同期的108%及50%);经调整EBITDA分别为30.7和3.7亿港元(分别同比增长20%和 减少7%，环比减少8%及增长22%，恢复到2019年同期的97%及45%)。EBITDA率分别为30.4%及 29.2%，澳门银河及星际酒店的酒店入住率分别为98%和99%。 第一上海主要观点如下： 澳门银河第三和四期的更新 25年第三季度业绩概况 澳门银河的第十个酒店品牌—嘉佩乐酒店及度假村大部分的设施均已开放，客户的反应良好;剩下的设 施包括一间特色餐厅预计在明年初会投入服务。集团也在继续推进;澳门银河第四期的建筑工程，预计 在2027年完工。此项目发展面积约为60 ...

澳门银河的第十个酒店品牌—嘉佩乐酒店及度假村大部分的设施均已开放，客户的反应良好;剩下的设 施包括一间特色餐厅预计在明年初会投入服务。集团也在继续推进;澳门银河第四期的建筑工程，预计 在2027年完工。此项目发展面积约为60万平方米，将引入多间高端并首度进驻澳门的酒店品牌，拥有 5,000个座位的剧院、多元化的餐饮、零售、非博彩设施、绿化园林和水上玩乐园区。全年的资本开支 预计会大幅少于之前70亿元的预算，期内投入了6.3亿元，而明年的预算约为70亿元。 近期表现 第一上海主要观点如下： 第三季度零售的表现也有环比改善。于2025年1-9月，集团举办了约260场娱乐、体育、艺术与文化、以 及会展活动，促进澳门银河的客流量同比增长41%。行业的竞争维持在可控范围。华都娱乐场已于2025 年10月31日终止营运。期内每天的经营开支环比增加了8%到37百万元。第三季度的市场占有率维持稳 定(约19.6%)，短期预期能维持在20%+左右。百老汇项目的改造将在稍后的时间。 25年第三季度业绩概况 银河净收益同比增长14.0%，环比增长1.0%到121.6亿港元(恢复到2019年同期的95.7%)。贵宾赌枱转码 数同比增 ...

Core Viewpoint - The Hong Kong gaming stocks are experiencing a rebound, with significant increases in share prices for major companies in the sector [1] Company Performance - Wynn Macau (01128.HK) has risen by 4.31%, reaching HKD 6.53 [1] - MGM China (02282.HK) has increased by 3.96%, now priced at HKD 15.74 [1] - Melco International Development (00200.HK) has seen a rise of 3.68%, trading at HKD 4.79 [1] - Galaxy Entertainment (00027.HK) has grown by 2.71%, with a current price of HKD 39.44 [1]

Group 1 - The gaming stocks have rebounded today, with Wynn Macau rising by 4.31% to HKD 6.53, MGM China up by 3.96% to HKD 15.74, Melco International Development increasing by 3.68% to HKD 4.79, and Galaxy Entertainment gaining 2.71% to HKD 39.44 [1] - The Macau government estimates the total gross gaming revenue for next year to be MOP 236 billion [1] - Jefferies has adjusted its revenue outlook for the remainder of this year and next year to year-on-year growth rates of 9.1% and 3.6%, respectively [1] Group 2 - Jefferies raised its Macau gaming revenue forecast for this year from USD 28.217 billion to USD 30.777 billion [1] - The forecast for next year's revenue was lowered from USD 32.917 billion to USD 31.878 billion, with the year-on-year growth rate revised down from 5% to 3.6% [1]

Core Viewpoint - The gaming stocks in Macau have shown a rebound, with notable increases in share prices for major companies such as Wynn Macau, MGM China, Melco International Development, and Galaxy Entertainment, following the government's revenue forecast for the gaming industry in 2024 [1] Group 1: Stock Performance - Wynn Macau (01128) increased by 4.31%, trading at HKD 6.53 [1] - MGM China (02282) rose by 3.96%, trading at HKD 15.74 [1] - Melco International Development (00200) saw a 3.68% increase, trading at HKD 4.79 [1] - Galaxy Entertainment (00027) grew by 2.71%, trading at HKD 39.44 [1] Group 2: Revenue Forecasts - The Macau government estimates the total gross gaming revenue for next year to be MOP 236 billion [1] - Jefferies adjusted its revenue outlook for the remainder of this year and next year to year-on-year growth rates of 9.1% and 3.6%, respectively [1] - Jefferies raised its forecast for Macau's gaming revenue this year from USD 28.217 billion to USD 30.777 billion [1] - The forecast for next year's revenue was revised down from USD 32.917 billion to USD 31.878 billion, with the year-on-year growth rate adjusted from 5% to 3.6% [1]

Core Viewpoint - The gaming stocks in Macau experienced a significant decline in early trading, with major companies like Sands China, Wynn Macau, MGM China, and Galaxy Entertainment all reporting losses. The Macau government anticipates a stable growth in the tourism sector, projecting a gross gaming revenue of 236 billion MOP for the next year, despite uncertainties in the external environment and economic conditions [1]. Group 1: Stock Performance - Sands China (01928) fell by 5.33%, trading at 19.2 HKD [1] - Wynn Macau (01128) decreased by 5.12%, trading at 6.3 HKD [1] - MGM China (02282) dropped by 3.67%, trading at 15.47 HKD [1] - Galaxy Entertainment (00027) declined by 3.15%, trading at 38.76 HKD [1] Group 2: Gaming Revenue Insights - The total gaming revenue for the first ten months of this year reached 2,054.27 million MOP, reflecting an 8% year-on-year increase [1] - Morgan Stanley reported that the gaming revenue for October was 240 million MOP, marking a 16% year-on-year growth and a 32% month-on-month increase, the strongest performance in six years [1] - The bank forecasts a slowdown in growth for November, estimating an increase of 8% to 10%, but expects a rebound in December with growth accelerating to 15% to 17% [1]

Group 1 - The Hong Kong gaming stocks experienced a collective decline, with specific companies like Galaxy Entertainment and Sands China seeing drops of over 5% [1][2] - The Macau government anticipates that the tourism industry will continue to develop in the next fiscal year (2026), estimating the total gaming revenue for next year to be 236 billion MOP [1] - Earlier, the government had revised its gaming revenue forecast for 2025 from 240 billion MOP down to 228 billion MOP [1] Group 2 - Morgan Stanley's report indicates that the growth rate for November may slow down to between 8% and 10% compared to October due to a more challenging base [1]

摩根大通此前发布研报称，澳门10月博彩总收入为240亿澳门元，同比增长16%，环比增长32%，是六 年以来最强劲的博彩表现。展望近期，该行认为11月面临的基数较10月更严峻，增长幅度可能放缓至 8%至10%。不过，12月起基数将转趋宽松，预期博彩收入增长将加速至15%至17%，而明年首季亦至少 有低十位数增长。 智通财经APP获悉，博彩股早盘普跌，截至发稿，金沙中国(01928)跌5.33%，报19.2港元；永利澳门 (01128)跌5.12%，报6.3港元；美高梅中国(02282)跌3.67%，报15.47港元；银河娱乐(00027)跌3.15%，报 38.76港元。 消息面上，澳门特区政府预期2026年度在各项利好因素下，澳门旅游业可望延续发展。因应须考虑外部 环境及经济形势的不确定性，并综合考量各项因素，以及建基于审慎理财的原则，估算明年全年博彩毛 收入为2,360亿澳门元。数据显示，今年首10个月赌收累计达2054.27亿澳门元，同比增长8%。 ...