Group 1 - The gaming stocks experienced a collective rise on November 12, with notable increases in share prices for several companies [2] - New World Development (00200.HK) saw a significant increase of 6.2%, reaching HKD 5.31 [2] - Galaxy Entertainment (00027.HK) rose by 3.86%, trading at HKD 42.48 [2] - MGM China (02282.HK) increased by 3.16%, with shares priced at HKD 16.64 [2] - Wynn Macau (01128.HK) experienced a 2.06% rise, reaching HKD 6.95 [2]

Group 1 - The core viewpoint of the news is that Galaxy Entertainment's Q3 2025 performance shows a year-on-year increase in net revenue and adjusted EBITDA, despite some quarterly declines due to various factors [1] - Galaxy Entertainment's net revenue for Q3 2025 reached HKD 12.2 billion, a 14% increase year-on-year and a 1% increase quarter-on-quarter [1] - Adjusted EBITDA for the group was HKD 3.3 billion, up 14% year-on-year but down 6% quarter-on-quarter, while the adjusted EBITDA for "Galaxy Macau™" was HKD 3.1 billion, reflecting a 20% year-on-year increase but an 8% quarterly decline [1] Group 2 - According to a report from Citi, the dividend payout ratio for Galaxy Entertainment is expected to rise from 32% in 2023 to 58% by the first half of 2025, with a stable assumption of 60% payout ratio [2] - The company has a strong cash position that can meet new investment demands and potential business impacts, maintaining flexibility in capital utilization [2] - Citi maintains a "Outperform" rating with a target price of HKD 50, highlighting that hosting major events will help the company secure stable market share revenue and that there is room for an increase in the dividend payout ratio [2]

Group 1 - The core viewpoint of the news is that Galaxy Entertainment has shown a positive performance in its Q3 2025 results, with a net revenue increase of 14% year-on-year and a slight increase of 1% quarter-on-quarter, despite some challenges faced during the quarter [1] - Galaxy Entertainment's adjusted EBITDA for Q3 2025 was HKD 33 billion, reflecting a 14% year-on-year increase but a 6% decrease quarter-on-quarter [1] - The adjusted EBITDA for "Galaxy Macau" reached HKD 31 billion, marking a 20% year-on-year increase, although it saw an 8% decline quarter-on-quarter [1] Group 2 - According to a report from Citi, the dividend payout ratio for Galaxy Entertainment is expected to rise from 32% in 2023 to 58% by the first half of 2025, maintaining a prudent approach to asset-liability management [2] - The report suggests that if the company returns all its recurring free cash flow to shareholders, the payout ratio could increase to at least 69% between 2025 and 2027 [2] - The company's cash position is robust enough to meet new investment demands and potential business impacts, with flexible capital utilization remaining ample [2]

Core Viewpoint - Galaxy Entertainment reported a net revenue of HKD 12.2 billion for Q3 2025, reflecting a year-on-year increase of 14% and a quarter-on-quarter increase of 1% [1] Group 1: Financial Performance - Adjusted EBITDA for the group was HKD 3.3 billion, up 14% year-on-year but down 6% quarter-on-quarter [1] - The adjusted EBITDA for "Galaxy Macau™" reached HKD 3.1 billion, marking a 20% year-on-year increase and an 8% quarter-on-quarter decline [1] - The net win rate normalized, leading to a 7% year-on-year and a 5% quarter-on-quarter increase in adjusted EBITDA [1] Group 2: Market Factors - The performance was impacted by several factors, including reduced contributions from the construction business, the impact of Typhoon Haikui in September, and a high VIP win rate [1] - Profit margins remained stable at 27.4%, as increased gaming volume offset additional costs [1] Group 3: Dividend Policy - From 2023, the dividend payout ratio increased from 32% to 58% by the first half of 2025, with a cautious approach to asset-liability management [2] - The company has the potential to increase the payout ratio to at least 69% between 2025 and 2027 if all recurring free cash flow is returned to shareholders [2] - The company's cash position is robust enough to meet new investment demands and potential business shocks, maintaining flexibility in capital utilization [2]

里昂发表研究报告指，自2023年起，银河娱乐的派息率由32%升至2025年上半年的58%，同时维持审慎 的资产负债管理方针。虽然该行假设派息率将稳定维持在60%水平，但如果公司将所有经常性自由现金 流反馈股东，派息率可于2025至27年间提高至最少69%。该行指，公司的现金状况稳健，足以应付新投 资需求以及潜在的业务冲击，资本运用灵活性依然充裕。 该行维持对其"跑赢大市"评级及目标价50港元，并续列为澳门博彩板块的首选之一，因举办盛事有助公 司争取稳健的市场份额收入，且派息率有提升空间。 ...

Core Viewpoint - UBS reports that the average daily gross gaming revenue (GGR) in Macau for the first nine days of November is approximately 711 million MOP, which is roughly in line with the average of 715 million MOP during the National Day Golden Week, indicating a strong demand environment [1] Industry Summary - The average daily GGR for the first nine days reflects a seasonal increase of about 1% compared to the post-National Day period, suggesting robust demand [1] - In terms of market segments, the average daily mass gaming revenue has decreased by approximately 7% to 9% compared to the previous month, while VIP betting amounts have declined by about 4% to 6% [1] - The VIP win rate is estimated to be between 3.2% and 3.5% [1] - Market consensus anticipates an average daily GGR of around 673 million MOP for November, implying that the remaining 21 days will average about 657 million MOP [1] - The current industry valuation is approximately 8.6 times the expected enterprise value to EBITDA (EV/EBITDA) for 2026, which is 0.7 standard deviations below the two-year average [1] Company Preferences - The industry’s preferred stocks include Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128) [1]

Core Viewpoint - UBS reports that Macau's average daily gross gaming revenue (GGR) for the first nine days of November is approximately 711 million MOP, which is roughly in line with the average of 715 million MOP observed after the National Day Golden Week, indicating a strong demand environment [1] Industry Summary - The average daily GGR for the first nine days of November reflects a seasonal increase of about 1% compared to the average after the National Day Golden Week [1] - The average daily GGR for the mass market has decreased by approximately 7% to 9% compared to the previous month, while VIP betting amounts have declined by about 4% to 6% [1] - The VIP win rate is estimated to be between 3.2% and 3.5% [1] - Market consensus anticipates an average daily GGR of around 673 million MOP for November, suggesting that the remaining 21 days of the month will see an average daily GGR of approximately 657 million MOP [1] - The current industry valuation is equivalent to an expected enterprise value to EBITDA (EV/EBITDA) multiple of 8.6 times for 2026, which is 0.7 standard deviations below the two-year average [1] Company Preferences - The industry’s preferred stocks include Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128) [1]

Group 1 - The core viewpoint of the article highlights a positive trend in the Hong Kong gaming stocks, with significant increases in share prices for major companies such as Melco International Development and Galaxy Entertainment, driven by encouraging data on Macau's gaming revenue [1] - Citigroup's research report indicates that Macau's gaming revenue for the first nine days of November is approximately 6.4 billion MOP, resulting in an average daily revenue of about 711 million MOP, which is seen as a positive sign given the transitional month between October's Golden Week and December's holidays [1] - The report conservatively maintains a forecast of 20.5 billion MOP for November's total gaming revenue, suggesting an expected average daily revenue of around 671 million MOP for the remaining days of the month [1] Group 2 - The Macau Statistics and Census Service reported that non-gaming consumption by tourists reached 20.38 billion MOP in Q3 2025, representing a year-on-year increase of 10.7%, with overnight and non-overnight visitors contributing to the growth [1] - Spending by overnight visitors totaled 16.76 billion MOP, up 7.6%, while spending by non-overnight visitors surged by 27.6% to 3.62 billion MOP [1]

Core Viewpoint - The company reported Q3 2025 operating performance with revenue of HKD 12.2 billion, a year-on-year increase of 14% [1] - Adjusted EBITDA reached HKD 3.3 billion, also up 14% year-on-year [1] - The company hosted approximately 260 entertainment, sports, arts, and cultural events in the first three quarters, with plans for significant performances and sports projects in Q4 2025 [1][3] Financial Performance - Q3 2025 revenue was HKD 12.2 billion, a 14% increase year-on-year [1] - Adjusted EBITDA for Q3 2025 was HKD 3.3 billion, reflecting a 14% year-on-year growth [1] - The overall net gaming revenue for Q3 2025 was HKD 9.707 billion, recovering to 91.6% of the 2019 level, with a quarter-on-quarter increase of 4.9 percentage points [2] Business Recovery - The company's mass gaming segment showed a recovery rate of 129.3%, with an 8.0 percentage point increase quarter-on-quarter [2] - The mass gaming revenue for Galaxy Macau in Q3 2025 recovered to 108.3% of the 2019 level, with a quarter-on-quarter increase of 3.4% [2] - The company continues to enhance its non-gaming offerings, supporting Macau's goal of becoming a "City of Entertainment" [2][3] Investment and Future Outlook - The company maintains a strong balance sheet with total cash and liquid investments of HKD 36.8 billion and net cash of HKD 34.8 billion [3] - Significant investments in technology have been made, including electronic gaming tables and data analytics capabilities [3] - Upcoming luxury projects, including the Galaxy Macau's ultra-luxury offerings, are expected to attract customers and enhance revenue streams [3]

Core Viewpoint - UBS report indicates that the average daily gross gaming revenue (GGR) in Macau for the first nine days of November is approximately 711 million MOP, which is roughly in line with the average of 715 million MOP during the National Day Golden Week, reflecting a strong demand environment [1] Industry Summary - The average daily GGR for November is expected to be around 673 million MOP, suggesting that the remaining 21 days of November will see an average daily GGR of approximately 657 million MOP [1] - The current industry valuation is at 8.6 times the expected enterprise value to EBITDA (EV/EBITDA) for 2026, which is 0.7 standard deviations below the two-year average [1] Company Preferences - The industry’s preferred companies are Galaxy Entertainment, MGM China, and Wynn Macau [1]