FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 銀河娛樂集團有限公司 呈交日期： 2025年11月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) | 00027 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | | | 佔有關事件前的現有已發 ...

Core Viewpoint - UBS reports a slowdown in Macau's average daily gaming revenue, which is approximately 643 million MOP over the past week, down from 671 million MOP in the previous week, attributed to lower VIP room win rates [1] Summary by Category Gaming Revenue - Average daily gaming revenue in Macau for the current month is about 678 million MOP, reflecting a month-on-month decline of approximately 13% but a year-on-year increase of about 10% [1] - Market forecasts for November's average daily gaming revenue are around 673 million MOP, suggesting that the remaining seven days of this month may see an average daily revenue of approximately 656 million MOP [1] Stock Recommendations - UBS identifies Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128) as preferred gaming stocks, all rated as "Buy" [1]

Core Viewpoint - UBS reports a slowdown in Macau's daily gaming revenue, with an average of approximately 643 million MOP over the past week, down from 671 million MOP in the previous week, attributed partly to lower VIP room win rates [1] Group 1: Gaming Revenue Analysis - Daily gaming revenue for the current month is approximately 678 million MOP, reflecting a month-on-month decline of about 13% but an annual increase of around 10% [1] - Market forecasts suggest that daily gaming revenue for November will be around 673 million MOP, indicating that the remaining days of this month may average about 656 million MOP [1] Group 2: Stock Recommendations - UBS identifies Galaxy Entertainment, MGM China, and Wynn Macau as top picks in the gaming sector, assigning a "buy" rating to each [1]

Core Viewpoint - Morgan Stanley's report indicates that Macau's total gaming revenue for the first 23 days of this month reached MOP 15.6 billion, averaging MOP 678 million per day, showing a year-on-year growth of over 10% compared to November last year, suggesting potential upside to the bank's forecast of a 13% year-on-year growth for Macau gaming in Q4 this year [1][1][1] Group 1 - The average daily revenue for the past week decreased by 4% to MOP 642 million due to high base effects [1] - Morgan Stanley maintains a positive outlook on gaming stocks for next year, despite current stock prices being slightly lower [1] - In the short term (approximately 6 months), the company is optimistic about Sands China, expecting it to increase dividends when announcing earnings at the end of February next year and gain greater market share and profits in Q4 this year [1][1][1] Group 2 - In the long term (over 12 months), Galaxy Entertainment remains Morgan Stanley's top pick, citing its strong value and long-term growth potential, along with the optionality of its Phase 4 project expected to open in 2027, which may reflect in the stock price sometime next year [1][1][1]

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 - UBS reports that Macau's average daily gaming revenue for the past week was approximately 671 million MOP, down from about 711 million MOP in the previous nine days, likely influenced by the Macau Grand Prix held from November 13 to 16 [1] Industry Summary - Average daily gaming revenue from the beginning of the month until now is around 694 million MOP, representing a month-on-month decline of approximately 11%, consistent with seasonal performance from 2015 to 2019 [1] - The market generally predicts that the average daily gaming revenue for November will be about 673 million MOP, with expectations that the remaining days of the month will see an average daily revenue of approximately 649 million MOP [1] Company Summary - UBS's preferred stocks include Galaxy Entertainment, MGM China, and Wynn Macau, all rated as "Buy" with target prices set at 46.9 HKD, 19.8 HKD, and 8.4 HKD respectively [1]

Core Viewpoint - From 2023, Galaxy Entertainment's dividend payout ratio is expected to increase from 32% to 58% by the first half of 2025, while maintaining a prudent approach to asset-liability management [1] Group 1: Dividend Policy - The assumption is that the dividend payout ratio will stabilize at around 60%, but if the company returns all recurring free cash flow to shareholders, the payout ratio could rise to at least 69% between 2025 and 2027 [1] - The company's cash position is robust enough to meet new investment demands and potential business shocks [1] Group 2: Capital Management - Capital utilization flexibility remains ample, allowing for strategic investments and shareholder returns [1] - The company is rated as "outperform" with a target price of HKD 50, positioning it as a preferred choice in the Macau gaming sector [1] Group 3: Market Position - Hosting major events is expected to help the company secure a stable market share revenue, indicating growth potential in the competitive landscape [1]