Group 1 - The core viewpoint of the article is that the Macau gaming industry experienced a 15% increase in gaming revenue, leading to an expected EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - The report anticipates that the market share of Galaxy Entertainment (00027), Sands China (01928), and MGM China (02282) will increase compared to the previous year [1] - Investors are expected to focus on EBITDA profit margins and dividends ahead of the earnings releases [1] Group 2 - The company has revised its earnings forecasts by incorporating actual gaming revenue data for the fourth quarter of 2025 and adjusting market share and profit margin predictions [1] - The target price for SJM Holdings (01128) has been lowered from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5, maintaining an outperform rating for both companies [1] - Galaxy Entertainment and MGM China remain the preferred stocks in the industry [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry is expected to see a year-on-year EBITDA growth of 14% in the fourth quarter of last year, with Galaxy Entertainment's EBITDA growing by 31% during the same period [1] - The growth in Galaxy Entertainment's EBITDA is attributed to multiple concerts being held at Galaxy Macau and improved performance in the VIP gaming segment [1] - Citi believes that Galaxy Entertainment's potential EBITDA growth is above the industry average, which is likely to drive the stock price up in the short term; the target price is set at HKD 54 with a "Buy" rating [1]

Core Viewpoint - Goldman Sachs reports an improvement in high-end luxury goods consumption in Hong Kong, Hainan, and other cities in China, which is expected to support the recovery of retail sales for Galaxy Entertainment (00027) with a projected adjusted EBITDA of HKD 3.6 billion for the last quarter, potentially exceeding this figure, maintaining a "Buy" rating with a target price of HKD 53.7 [1] Group 1 - Recent improvements in high-end luxury goods consumption in specific regions are noted, indicating a positive trend for the retail sector [1] - Galaxy Entertainment's management revealed an increase in market share during the fourth quarter, with an estimated quarterly rise of 1.4 percentage points to 21.8%, surpassing previous targets [1] - The increase in market share is believed to be partially driven by higher-than-normal VIP room win rates [1]

Core Viewpoint - Goldman Sachs reports an improvement in high-end luxury goods consumption in Hong Kong, Hainan, and other Chinese cities, which is expected to support Galaxy Entertainment's retail sales recovery and year-on-year growth [1] Group 1: Financial Performance - The adjusted EBITDA for Galaxy Entertainment is projected to reach HKD 3.6 billion for the last quarter, with actual performance potentially exceeding this estimate [1] - The target price for Galaxy Entertainment is set at HKD 53.7, maintaining a "Buy" rating [1] Group 2: Market Share and Management Insights - During a recent event, Galaxy Entertainment's management indicated that their market share increased in the fourth quarter, with an estimated quarterly rise of 1.4 percentage points to 21.8%, surpassing the previous target of approximately 21% by year-end [1] - The increase in market share is believed to be partially driven by higher-than-normal VIP room win rates [1]

Group 1 - The core viewpoint of the report indicates that Galaxy Entertainment's management revealed an increase in market share in the fourth quarter of last year, with Goldman Sachs estimating a quarterly rise of 1.4 percentage points to 21.8%, surpassing the previous target of approximately 21% by year-end [1] - The increase in market share is believed to be partially driven by higher-than-normal VIP room win rates, contributing to the overall performance of the company [1] - Recent improvements in high-end luxury goods consumption in Hong Kong, Hainan, and other cities are expected to support the recovery of Galaxy Entertainment's retail sales, which are projected to show year-on-year growth [1] Group 2 - The adjusted EBITDA for the last quarter is expected to reach HKD 3.6 billion, with actual performance potentially exceeding this estimate [1] - Goldman Sachs maintains a "Buy" rating for Galaxy Entertainment, with a target price set at HKD 53.7 [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 銀河娛樂集團有限公司 | | | 呈交日期: | 2026年1月7日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 銀河娛樂集團有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00027 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,379,240,712 ...

Group 1 - The gaming stocks are generally declining, with Galaxy Entertainment (00027.HK) down by 2.74% to HKD 37.58 [1] - Melco International Development (00200.HK) has decreased by 2.56% to HKD 4.19 [1] - MGM China (02282.HK) is down by 2.38% to HKD 12.69 [1] - Sands China (01928.HK) has fallen by 1.8% to HKD 19.62 [1]

Core Viewpoint - The gaming stocks in Macau are experiencing a decline, with major companies like Galaxy Entertainment, Melco International Development, MGM China, and Sands China all reporting losses in their stock prices [1] Group 1: Stock Performance - Galaxy Entertainment (00027) decreased by 2.74%, trading at HKD 37.58 [1] - Melco International Development (00200) fell by 2.56%, priced at HKD 4.19 [1] - MGM China (02282) dropped by 2.38%, with a share price of HKD 12.69 [1] - Sands China (01928) saw a decline of 1.8%, trading at HKD 19.62 [1] Group 2: Revenue Data - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue for December 2025 is projected to be MOP 20.89 billion, reflecting a year-on-year increase of 14.8% [1] - For the first 12 months of 2025, the total gross gaming revenue in Macau is expected to reach MOP 247.404 billion, which is a 9.1% increase compared to the previous year [1] - Citigroup's research indicates that the December 2025 gaming revenue is approximately MOP 20.88 billion, averaging about MOP 674 million per day, which is a 15% year-on-year growth and about 91% of the levels seen in December 2019 [1] Group 3: Market Analysis - The reported revenue figures are below Citigroup's forecast by approximately 5% and also fall short of market expectations by about 3% [1] - The lower-than-expected revenue is attributed to unusually low win rates in VIP rooms, which are likely to be below 3% [1]

Group 1 - The core viewpoint of the article indicates a general decline in gaming stocks, with notable drops in companies such as Galaxy Entertainment, Melco International Development, MGM China, and Sands China [1] - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue for December 2025 is projected to be 20.89 billion MOP, reflecting a year-on-year increase of 14.8% [1] - For the first 12 months of 2025, the cumulative gross gaming revenue in Macau reached 247.404 billion MOP, representing a year-on-year growth of 9.1% [1] Group 2 - Citigroup's research report indicates that the gaming revenue for December 2025 is estimated at 20.888 billion MOP, averaging approximately 674 million MOP per day, which is a 15% year-on-year increase and about 91% of the levels seen in December 2019 [1] - The reported figures are approximately 5% lower than Citigroup's forecast and about 3% below market expectations, attributed mainly to unusually low win rates in VIP rooms, likely below 3% [1]

Group 1 - The core viewpoint of the report indicates that Macau's gaming revenue in December last year was 20.9 billion MOP, approximately 2.61 billion USD, representing a year-on-year increase of 14.8%, but a quarterly decline of 1%, which was below market expectations [1] - In the fourth quarter, Macau's gaming revenue reached 66.1 billion MOP, about 8.26 billion USD, with a year-on-year growth of 15% and a quarterly increase of 5.6% [1] - The report forecasts that Macau's total gaming revenue for 2025 will be 247 billion MOP, around 31 billion USD, reflecting a year-on-year growth of 9% and reaching 85% of the 2019 levels [1] Group 2 - The report highlights that the mass market revenue has already exceeded 120% of the 2019 levels [1] - The enterprise value to EBITDA ratio for Macau gaming stocks is currently at 8.5 times, compared to the 15-year average of 12.8 times, indicating that the sector remains attractive [1] - The report expresses a preference for Galaxy Entertainment (00027) and Sands China (01928), while downgrading MGM China (02282) to "in line with the market" and maintaining a sell rating on SJM Holdings (00880) [1]