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 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]

Core Viewpoint - CICC has raised its adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 3% to HKD 14.524 billion and HKD 15.330 billion respectively, due to better-than-expected performance from the Capella hotel [1] Group 1: Financial Performance - Galaxy Entertainment reported 2Q25 net revenue of HKD 12.044 billion, a year-on-year increase of 10% and a quarter-on-quarter increase of 8%, recovering to 91% of the 2Q19 level [2] - Adjusted EBITDA for 2Q25 was HKD 3.569 billion, up 12% year-on-year and 8% quarter-on-quarter, reaching 82% of the 2Q19 level, aligning closely with market expectations of HKD 3.540 billion [2] Group 2: Management Insights - The company declared an interim dividend of HKD 0.70 per share, corresponding to a payout ratio of approximately 60%, and plans to maintain this payout ratio [3] - The high-end mass gaming segment continues to outperform the standard mass segment, driven by the opening of the Capella hotel, which has increased customer daily theoretical win and spending levels [3] - Management anticipates capital expenditures of HKD 7 billion for 2025, with HKD 3 billion spent in the first half of 2025, while maintaining daily operating costs at the same level as in 1Q25 despite the opening of the Capella hotel [3] - The company is focusing on transitioning the StarWorld Hotel towards mass gaming, emphasizing electronic gaming machines, with 100 out of 250 gaming tables relocated to the Galaxy Macau property [3] - Management expects the StarWorld Hotel to benefit from the retention demand of satellite casinos, which are set to close by the end of 2025 [3] - The company is interested in investing in a resort in Bangkok, Thailand, and will monitor potential changes in the external environment [3]

Core Viewpoint - CICC has raised the adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 3% to HKD 14.524 billion and HKD 15.330 billion respectively, due to better-than-expected performance from the Capella hotel [1] Group 1: Financial Performance - Galaxy Entertainment reported 2Q25 net revenue of HKD 12.044 billion, a year-on-year increase of 10% and a quarter-on-quarter increase of 8%, recovering to 91% of the 2Q19 level [2] - Adjusted EBITDA for 2Q25 was HKD 3.569 billion, up 12% year-on-year and 8% quarter-on-quarter, reaching 82% of the 2Q19 level, aligning closely with market expectations of HKD 3.540 billion [2] Group 2: Management Insights - The company declared an interim dividend of HKD 0.70 per share, corresponding to a payout ratio of approximately 60%, and plans to maintain this payout ratio [3] - The high-end mass gaming segment continues to outperform the standard mass segment, driven by the opening of the Capella hotel, which has led to strong growth in customer daily theoretical win and spending levels [3] - Management anticipates capital expenditures of HKD 7 billion for 2025, with HKD 3 billion spent in the first half of 2025, while maintaining daily operating costs at the same level as in Q1 2025 [3] - The company is focused on hosting large concerts and entertainment events in Macau, recognizing the sustainability and return potential of integrated resorts [3]

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 ...

Group 1 - UBS report indicates that Galaxy Entertainment (00027) declared an interim dividend of HKD 0.7 per share, exceeding market expectations with a payout ratio of approximately 58%, compared to the expected 50%, which is viewed as a positive surprise [1] - The report states that Galaxy Entertainment's adjusted EBITDA for Q2 increased by 12% year-on-year to HKD 3.6 billion, and if adjusted for VIP room win rate factors, EBITDA grew approximately 7% quarter-on-quarter to HKD 3.2 billion [1] - Despite an increase in market share, the EBITDA margin (excluding construction business) declined by 10 basis points quarter-on-quarter to 29.6% due to rising reinvestment rates [1] Group 2 - Mass gaming revenue grew approximately 7% quarter-on-quarter, outperforming the industry average growth of 4% [1] - VIP room betting volume increased by approximately 20% quarter-on-quarter, primarily driven by the soft opening of the Capella Hotel in early May [1] - Operating expenses for the period rose by 2% quarter-on-quarter, with reinvestment rates increasing by 120 basis points, reflecting increased promotional activities related to concerts and hotel openings in Q2 [1]