摩根大通发布研报称，在澳门博彩股偏好银河娱乐(00027)及金沙中国(01928)，均予"增持"评级，分别 予目标价24.5港元及54港元。 该行预测澳门在"十一黄金周"首五天日均博彩毛收逾11亿澳门元，对比去年10.8亿澳门元，且或可能追 上疫前水平的11.6亿澳门元。该行料今年尾端需求或较持久与强劲，推动十月第二周澳门博彩毛收日均 7.5亿至7.6亿澳门元，对比去年6.43亿澳门元。首两周澳门博彩毛收料达日均9.3亿澳门元，对比去年 8.46亿澳门元，全月博彩毛收料同比升11%至13%至逾230亿澳门元，创六年高。 澳门9月博彩毛收同比升6%至183亿澳门元，低于市场预期增长9%。上月受超强台风影响令赌场临时关 闭，且出现广泛航班及列车班次取消，估算台风导致月度博彩毛收减少5%至10%，意味澳门上月博彩 毛收在没有台风影响下应录得双位数同比增长。 ...

澳门9月博彩毛收同比升6%至183亿澳门元，低于市场预期增长9%。上月受超强台风影响令赌场临时关 闭，且出现广泛航班及列车班次取消，估算台风导致月度博彩毛收减少5%至10%，意味澳门上月博彩 毛收在没有台风影响下应录得双位数同比增长。 智通财经APP获悉，摩根大通发布研报称，在澳门博彩股偏好银河娱乐(00027)及金沙中国(01928)，均 予"增持"评级，分别予目标价24.5港元及54港元。 该行预测澳门在"十一黄金周"首五天日均博彩毛收逾11亿澳门元，对比去年10.8亿澳门元，且或可能追 上疫前水平的11.6亿澳门元。该行料今年尾端需求或较持久与强劲，推动十月第二周澳门博彩毛收日均 7.5亿至7.6亿澳门元，对比去年6.43亿澳门元。首两周澳门博彩毛收料达日均9.3亿澳门元，对比去年 8.46亿澳门元，全月博彩毛收料同比升11%至13%至逾230亿澳门元，创六年高。 ...

Core Viewpoint - The report from Credit Lyonnais highlights Galaxy Entertainment (00027) as having the most robust cash reserves among licensed gaming operators in Macau, with significant potential to leverage financial resources to enhance shareholder return on equity (ROE) [1][2] Group 1: Financial Position and Strategy - Galaxy Entertainment has a net cash position equivalent to 17% of its current market value, amounting to approximately HKD 30.3 billion (USD 3.9 billion) as of Q2 2025 [1] - The company is expected to deploy its capital flexibly, with potential strategies including investments in local opportunities and increasing dividends, which would enhance capital efficiency and ROE through financial leverage [1][2] - The forecasted annualized ROE for Galaxy Entertainment is projected to be around 13% for the period, which is lower than the 18-22% range observed from 2017 to 2019 [1][2] Group 2: Dividend Policy and Market Outlook - Investors have shown a preference for increased dividends, including special dividends, especially in light of the structural slowdown in industry growth [1] - Credit Lyonnais anticipates that Galaxy Entertainment will increase its dividend per share to HKD 1.434, HKD 1.503, and HKD 1.634 for the years 2025 to 2027, yielding dividend returns of 3.5%, 3.7%, and 4% respectively [2] - The company is also expected to retain funds to capitalize on investment opportunities in Thailand, where each gaming license entity is required to invest a minimum of THB 100 billion (approximately USD 3.1 billion) [2]

Group 1 - The core viewpoint of the reports indicates that Galaxy Entertainment (00027) has the strongest cash reserves among licensed gaming operators in Macau, allowing for effective financial leverage to enhance shareholder return on equity (ROE) [1] - The company has a net cash position of HKD 30.3 billion (approximately USD 3.9 billion), which represents 17% of its current market value, providing significant flexibility for capital deployment [1] - The report maintains a "Outperform" rating for Galaxy Entertainment with a target price of HKD 50.3, highlighting it as one of the top two picks in the Macau gaming sector [1] Group 2 - The DuPont analysis indicates that the lower asset turnover and financial leverage are impacting the ROE, as overall gaming revenue in Macau has not yet returned to 2019 levels [2] - The company is expected to increase dividends, including special dividends, to improve ROE, while also needing to retain funds for potential investment opportunities in Thailand [2] - Forecasted dividends per share for 2025 to 2027 are HKD 1.434, HKD 1.503, and HKD 1.634, yielding dividend returns of 3.5%, 3.7%, and 4% respectively, with projected ROE of 13.3%, 13.2%, and 13.7% for the same period [2]

大行评级｜里昂：银河娱乐现金储备稳健 维持"跑赢大市"评级并列为行业首选之一 大行评级｜大摩： 上调银河娱乐目标价至44港元 评级"与大市同步" 里昂发表报告指，在所有澳门持牌博彩公司当中，银河娱乐拥有最稳健的现金储备，最有条件运用财务 杠杆提升股东回报率(ROE)。该行维持对银河娱乐的"跑赢大市"评级及目标价50.3港元，是该行在澳门 博彩股的两大首选之一。里昂预计银娱2025年至2027年每股派息143.4港仙、150.3港仙及163.4港仙，提 供股息回报3.5厘、3.7厘及4厘，期内ROE分别为13.3%、13.2%及13.7%。 相关事件 ...

Group 1 - The core viewpoint is that Macau's gaming industry is expected to maintain strong momentum due to various factors such as major events, wealth effects from the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, leading more mainland tourists to choose Hong Kong and Macau as destinations [1][2] - The overall industry anticipates strong growth momentum to continue for the remainder of the year, with a projected 9% year-on-year increase in Macau's total gaming revenue (GGR) for 2025, translating to a 14% year-on-year growth from September to December this year, and a 7% growth in 2026 [1] - The company Goldman Sachs has a "buy" rating for Sands China (01928), citing that the stock price has not fully reflected its ability to regain market share and potential for dividend growth, with a target price set at HKD 24.8 [1] Group 2 - Galaxy Entertainment (00027) is also favored by the company, with expectations of increased market share driven by the new hotel Capella and numerous major events, and a target price of HKD 55.9 with a "buy" rating [2] - MGM China (02282) is noted for its attractive valuation, with expectations to maintain a market share of 15% to 16% and a dividend yield of 5.1%, also anticipated to absorb some gaming volume from the upcoming closure of satellite casinos, with a target price of HKD 20.4 and a "buy" rating [2]

Group 1 - The core viewpoint of the article is that Macau's gaming companies attribute the strong performance of gross gaming revenue (GGR) in recent months to several factors, including major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, which have led more mainland travelers to choose Hong Kong and Macau as destinations [1] - For the upcoming Golden Week, gaming companies expect strong demand based on nearly full hotel bookings and communication with clients, while the National Games are not anticipated to have a significant impact on gaming revenue [1] - Overall, the industry expects strong growth momentum to continue for the remainder of the year, with Goldman Sachs projecting a 9% year-on-year increase in Macau's total gaming revenue for 2025, implying a 14% year-on-year growth from September to December this year, and a 7% growth in 2026 [1] Group 2 - Sands China (01928) is favored by Goldman Sachs as the stock price has not fully reflected its ability to regain market share and potential for dividend growth, despite recent adjustments in promotional activities and reinvestment rates that may pressure profit margins in Q3, with a target price of HKD 24.8 and a "Buy" rating [1] - Galaxy Entertainment (00027) is also viewed positively, with expectations of increased market share driven by the new hotel Capella and major events, receiving a target price of HKD 55.9 and a "Buy" rating [1] - MGM China (02282) is considered to have the most attractive valuation, with expectations to maintain a 15% to 16% market share and a dividend yield of 5.1%, also expected to absorb some gaming volume from the upcoming closure of satellite casinos, with a target price of HKD 20.4 and a "Buy" rating [1]

Core Viewpoint - Goldman Sachs reports that Macau gaming companies attribute the strong performance of gross gaming revenue (GGR) in recent months to a combination of major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, leading more mainland travelers to choose Hong Kong and Macau as destinations [1] Industry Summary - The gaming industry anticipates strong growth momentum to continue for the remainder of the year, with expectations of a 9% year-on-year increase in Macau's total gaming revenue for 2025, translating to a 14% year-on-year growth from September to December this year, and a 7% growth in 2026 [1] Company Summary - Sands China (01928) is favored by Goldman Sachs due to its stock price not fully reflecting its ability to regain market share and potential for dividend growth, despite potential short-term profit margin pressure from recent promotional adjustments and reinvestment rates; target price set at HKD 24.8 with a "Buy" rating [1] - Galaxy Entertainment (00027) is also viewed positively, with expectations of market share growth driven by the new hotel Capella and major events; target price set at HKD 55.9 with a "Buy" rating [1] - MGM China (02282) is considered the most attractively valued, expected to maintain a 15% to 16% market share with a dividend yield of 5.1%, and likely to absorb some gaming volume from the upcoming closure of satellite casinos; target price set at HKD 20.4 with a "Buy" rating [1]

(Stock Code: 27) （股份代號：27） NOTIFICATION LETTER 通 知 函 件 Dear Non-registered holder(Note), Galaxy Entertainment Group Limited (the "Company") – Notice of Publication of 2025 Interim Report ("Current Corporate Communication") (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） 各位非登記持有人附註： 銀河娛樂集團有限公司（「本公司」） – 2025 中期報告（「本次公司通訊」）之發佈通知 本公司的本次公司通訊的英文及中文版本已上載於本公司網站www.galaxyentertainment.com及香港交易及 結算所有限公司（「香港交易所」）網站www.hkexnews.hk。 閣下可在本公司網站主頁「投資者關係」一 欄內或在香港交易所網站開啟並瀏覽本次公司通訊。 閣下須使用Adobe® Reader®開啟有關文件。 ...

(Stock Code: 27) （股份代號：27） (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） 本公司的本次公司通訊的英文及中文版本已上載於本公司網站www.galaxyentertainment.com及香港交易及 結算所有限公司（「香港交易所」）網站www.hkexnews.hk。 閣下可在本公司網站主頁「投資者關係」一 欄內或在香港交易所網站開啟並瀏覽本次公司通訊。 閣下須使用Adobe® Reader®開啟有關文件。 NOTIFICATION LETTER 通 知 函 件 Dear Shareholder, Galaxy Entertainment Group Limited (the "Company") – Notice of Publication of 2025 Interim Report ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Comm ...